Monthly Market Snapshot: January 2025

Published 11 Feb 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. 

The full report can be viewed below or accessed here: Download PDF

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):

• Properties reached 'sale agreed' seven days faster on average (58 days vs. 65 days)
• House prices increased 7.3%
• PropertyPal website visitors increased 6%
• Sales enquiries increased 4%
• Average new build price reached £258,277
• 1,753 house sales, a 4.7% decrease
   

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.