Northern Ireland’s housing market has sustained its relatively strong start to 2025, according to PropertyPal’s 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.
Jordan Buchanan, chief executive officer at PropertyPal, commented: “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.”
Key findings (vs February 2024):
+ PropertyPal website traffic: +8%
+ Sales enquiries: +5%
+ Total house sales: 2,190
+ Average new build price: £259,249 (+7.3%)
+ Time to sale agreed: 48 days (2 days faster)
Read the orginal article: https://propertyindustryeye.com/property-portal-has-busiest-day-in-four-years/
