Monthly Market Snapshot: January 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. This report offers a thorough analysis of market performance, providing essential insights for buyers, sellers, and industry professionals.

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.

Thank you for reading! If you're interested in learning more about PropertyPal's market reports or need additional information on the Northern Ireland housing market, please reach out to us at [email protected]. A member of our team will be happy to assist you.

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