Business

HMRC: Home sales in Northern Ireland down by 5,660 in a year

HMRC recorded 28,520 residential property sales in the north last year, 5,660 fewer than in 2021.

HOME sales in the north fell by 5,660 year-on-year in 2022, official figures show.

The Northern Ireland housing market recorded 28,520 residential transactions in the past 12 months, according to HMRC.

Although 17 per cent down on the 34,180 properties sold in 2021, annual sales were still up on both 2018 and 2019.

However, transactions trailed off toward the end of the year amid weakening consumer confidence and a shortage of available housing stock.

The peak in activity last year occurred during September, when 2,740 residential properties were exchanged.

Sales dropped month-on-month, dropping to 2,290 deals in December, 280 fewer than December 2021 and 780 down on December 2020.

But Northern Ireland’s commercial property sector ended the year in a stronger fashion.

The 360 non-residential transactions recorded by HMRC in December 2022 made it the joint third best month for the commercial property sector since April 2008.

HMRC’s figures showed deals increased month-on-month from August 2022 onward, ending at 3,380 deals for the entire year.

While down on the 3,660 deals from 2021, it put non-residential property sales on par with pre-pandemic levels from 2019.

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