A property website has produced startling figures giving an insight into the frenzied rental market.

Property Pal, which looks at the housing market in Northern Ireland, says in its July market snapshot that it’s receiving 89 enquiries per rental property that becomes available. This is despite a five per cent fall on stock compared to summer 2022 and a whopping 41 per cent reduction on stock compared to the middle of 2019.

The time it takes for an available home to be ‘let agreed’ is now 26 days, some 13 days quicker than in the normal pre-pandemic market.

On the sales side it found transactions in Northern Ireland during July down some 18 per cent on pre-Covid levels, thanks to there 14 successive interest rate rises. 

Enquiries for properties to buy were up 35 per cent on pre-pandemic July 2019, but down 19 per cent on last year.

The average price of a new-build home was £233,800, an increase of 2.8 per cent; re-sales of existing homes saw an average rise of 6.6 per cent.

You can see these and more figures from the portal here.