Business

HMRC: Home sales fall for third successive month in Northern Ireland

Official figures show home sales in the north fell for the third month running in November.
Official figures show home sales in the north fell for the third month running in November. Official figures show home sales in the north fell for the third month running in November.

HOME sales in the north fell for the third month running in November, official government data shows.

HMRC’s monthly record of residential property transactions revealed 2,450 sales were completed in Northern Ireland during November.

House sales have fallen steadily since September amid a shortage in available stock and weakening consumer confidence.

HMRC’s provisional figures suggest November 2022 was the weakest November for the north’s housing market since 2016.

Some 7,660 home sales were recorded in the three months to November 2022.

That was 1,260 down on the same three months in 2021 and 630 fewer than the same period in 2020.

Last month’s survey from the Royal Institution of Chartered Surveyors (RICS) suggested demand for housing is at the lowest level here since mid-2020.

HMRC’s data also showed a year-on-year fall in non-residential property sales.

A total of 300 transactions were recorded in November 2022, the weakeast for that month in three years.

However, sales have improved month-on-month in Northern Ireland since the 240 registered in August 2022.