Monthly Market Snapshot:

Introducing the February 2025 edition of our Monthly Market Snapshot, where we examine the latest trends and developments in the Northern Ireland housing market.&nbsp;&nbsp;The full report can be viewed below or accessed here: <a href="https://content-hub.propertypal.com/media/Monthly_Snapshot_Feb25_ed747e0a17/Monthly_Snapshot_Feb25_ed747e0a17.pdf">Download PDF</a>

Sales Enquiries

+ 5%

New Build Price Growth

+ 7%

Website Traffic

+ 8%

Key highlights from the report include:

Northern Ireland’s housing market has sustained its relatively strong start to 2025, according to our latest monthly report, with sales enquiries and website traffic both up in February compared to the same month in 2024.The volume of sales enquiries was 5% higher than the previous year, while website traffic increased by 8% over the same period. February also saw PropertyPal’s busiest day in almost four years, with 167,463 users visiting the site on 19th February, the highest number recorded since 2021.Properties also moved through the sales process more quickly, with the typical time to reach sale agreed averaging 48 days in February 2025, two days faster than the same month last year.Meanwhile, house prices have continued their upward trend, particularly for new builds. The average price of a new build home reached £259,249 in February, marking over a 7% increase from the previous year.Key findings (vs. February 2024):<ul><li>PropertyPal website traffic: +8%</li><li>Sales enquiries: +5%</li><li>Total house sales: 2,190</li><li>Average new build price: £259,249 (+7.3%)</li><li>Time to sale agreed: 48 days (2 days faster) &nbsp;</li></ul><blockquote>Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market: The housing market has started 2025 on a stable footing, with approximately 2,200 newly agreed sales, aligning with long-term average levels. Despite subdued economic growth, unemployment remains low, and wage growth continues to outpace inflation, providing underlying support for housing demand.Looking ahead, borrowing costs are expected to ease further, with markets anticipating at least two more interest rate cuts this year. As affordability pressures gradually ease, this should help sustain buyer confidence in the months ahead.&nbsp;</blockquote>

Introducing the February 2025 edition of our Monthly Market Snapshot, where we examine the latest trends and developments in the NI housing market.

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Monthly Market Snapshot: February 2025

NI Housing Market Update:

Introducing the Q1 2025 edition of our Northern Ireland Housing Market Update, where we examine the latest trends and developments in the Northern Ireland housing market.&nbsp;&nbsp;The full report can be viewed below or accessed here: <a href="https://content-hub.propertypal.com/media/Housing_Market_Trends_Q1_2025_73878924aa/Housing_Market_Trends_Q1_2025_73878924aa.pdf">Download PDF</a>

The Northern Ireland housing market made a strong start to 2025, with approximately 6,200 agreed sales in the first three months of the year and homes reaching 'sale agreed' 16 days faster than the historical average, according to PropertyPal’s latest quarterly report.The situation with house prices is also robust, with the price of an average home in Northern Ireland increasing by 8% on an annual basis when comparing Q1 2025 against Q1 2024. Price growth was seen across all council areas on both a yearly and quarterly basis, with Derry City &amp; Strabane experiencing the highest rise as average prices increased by 14% over the year.In the rental market, the average rent reached £960 per month in the quarter, an increase of 8.5% on last year, and interest continued to be strong, with an average of 49 enquiries for each advertised rental property. All council areas saw rents increase on a quarterly and annual basis, with Lisburn &amp; Castlereagh seeing the highest regional rent price growth at 10.5%.<blockquote>Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market:The Northern Ireland housing market has made a strong start to 2025, with approximately 6,200 agreed sales in the first three months of the year, broadly in line with the long-term average. Encouragingly, homes are selling faster than usual, taking an average of 47 days to secure a buyer and more than two weeks quicker than the historical average. This points to continued strength in underlying demand. Supporting this, buyer enquiries per property increased by 15% compared to the previous quarter, signalling strong momentum that is likely to carry into Q2.On the pricing front, the market has seen further acceleration. The average property now stands at £226,000, marking an 8% annual increase. Recent figures from Nationwide also place Northern Ireland at the top of the UK regional growth rankings, underlining the relative strength of the local market.Looking ahead, the outlook remains mixed as economic uncertainty clouds the medium-term picture. The Office for Budget Responsibility has recently halved its UK growth forecast, and new tax policies introduced by the Labour government are increasing business costs from this month. In addition, rising global trade tensions may further impact economic confidence and market sentiment. However, on the positive side, the labour market remains resilient, with earnings continuing to outpace inflation. This, combined with expectations of further interest rate reductions, should help improve affordability and sustain activity in the months ahead.</blockquote>&nbsp;<blockquote>Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the rental market:The rental market in Northern Ireland has continued its multi-year trend of demand significantly outpacing available supply. The average rent now stands at £960 per month, reflecting an 8.5% annual increase and a 1.9% rise over the last three months.This upward pressure on rents has been felt across all regions and property types, confirming that supply constraints are not isolated, but widespread throughout the market.There are tentative signs that demand may be easing, albeit from historically high levels. Improvements in the sales market, supported by better borrowing conditions, may be encouraging some renters to consider a move into homeownership, helping to slightly relieve pressure on the rental sector.Looking ahead, the outlook for the rental market suggests continued growth in rents, though likely at a more modest pace than recent years, as market conditions gradually begin to rebalance.</blockquote><hr>The areas of Northern Ireland with the most properties sale agree in Q1 2025 were:<ul><li>Botanic, Belfast: 182</li><li>Lurgan: 175</li><li>Titanic, Belfast: 175</li><li>Craigavon: 171</li><li>Castle, Belfast: 161</li><li>Newtownards: 152</li><li>Ormiston, Belfast: 151</li><li>Lisnasharragh, Belfast: 135</li><li>Bangor Central: 128</li><li>Ards Peninsula: 128</li></ul>

Introducing the Q1 2025 edition of our NI Housing Market Snapshot, where we examine the latest trends and developments in the NI housing market.

NI Housing Market Update: Q1 2025

Introducing the January 2025 edition of our Monthly Market Snapshot, where we examine the latest trends and developments in the Northern Ireland housing market.&nbsp;&nbsp;The full report can be viewed below or accessed here: <a href="https://content-hub.propertypal.com/media/Monthly_Snapshot_Jan25_v3_ac81550745/Monthly_Snapshot_Jan25_v3_ac81550745.pdf">Download PDF</a>

Northern Ireland’s housing market began 2025 with notable activity, as properties reached 'sale agreed' on average seven days faster than in January 2024. According to the latest report from PropertyPal, the average time to reach 'sale agreed' was 58 days, down from 65 days the previous year. This quicker turnaround reflects a broader increase in market activity. Sales enquiries increased by 4% and visitors to the PropertyPal website grew by 6%.There were 1,753 house sales in January, a decrease of approximately 5% from the same period last year. While sales volumes saw a slight decline, overall market engagement and buyer interest remained strong, supported by increased enquiries and online activity.Key Findings (vs. January 2024):<ul><li>Properties reached 'sale agreed' seven days faster on average (58 days vs. 65 days)</li><li>House prices increased 7.3%</li><li>PropertyPal website visitors increased 6%</li><li>Sales enquiries increased 4%</li><li>Average new build price reached £258,277</li><li>1,753 house sales, a 4.7% decrease &nbsp;</li></ul><blockquote>Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market: The year has started with strong momentum in the sales market, with house prices rising by 7.3% year-on-year. Search activity on PropertyPal is up 6%, and enquiries to estate agents have increased by 4%, reaching multi-year highs and reflecting sustained buyer demand.The recent interest rate cut from the Bank of England has likely boosted consumer confidence, with mortgage rates beginning to ease. While affordability remains a challenge for many, the market continues to show notable resilience.Looking ahead, the economic outlook for 2025 remains highly uncertain. The Bank of England has revised down its growth projections, signalling a more cautious economic climate. Modest growth is expected in the short term, but weaker labour market demand is forecast, which will most likely lead to further interest rate cuts in the coming months.</blockquote>

Introducing the January 2025 edition of our Monthly Market Snapshot, where we examine the latest trends and developments in the NI housing market.

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Monthly Market Snapshot: February 2025
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