Northern Ireland’s housing market has rebounded sharply, with 2024 marking a turning point after

two years of subdued activity. According to the latest Northern Ireland Residential Market Overview

July 2025, by Northern Ireland leading estate agency, Simon Brien, the region led the UK in price

growth, housing completions, and transaction activity—momentum that has continued into early

2025.

Average house prices in Northern Ireland rose by 9.5% year-on-year in Q1 2025, reaching £185,037—

the fastest rate since late 2022. The number of residential properties sold in Q1 2025 hit 5,467, up

13% from the same period last year. In 2024, a total of 23,447 homes changed hands, a 6% increase

over 2023.

Simon Brien, Managing Director of Simon Brien, said the figures reflect a “resilient and responsive

market,” driven by falling borrowing costs and pent-up demand:

“We’re seeing a confident market return, underpinned by reduced interest rates and a rush to beat

stamp duty changes in April. The demand is real and sustained, particularly from first-time buyers and

up-sizers who have been waiting in the wings since 2022.”

Northern Ireland also defied national trends, becoming the only UK region to record growth in housing

completions last year. 6,026 new homes were delivered in 2024, up 12% year-on-year. This included

a strong recovery in house and apartment completions as well as a rebound in new housing starts,

which rose to 6,432 units—an 11% increase from 2023.

Despite the positive outlook, the report highlights persistent structural issues threatening longer-term

sustainability. These include a shortfall in new housing relative to demand, constraints caused by

inadequate wastewater infrastructure, and labour shortages due to record low unemployment.

“While we’re making headway on completions, we’re still falling short of what’s needed,” Brien noted.

“Stormont’s Housing Supply Strategy targets 100,000 new homes by 2039, which means we should bePress Release

delivering at least 6,667 homes each year. Falling short—especially on social housing—risks further

inflating prices and widening the affordability gap.”

Indeed, only 111 social homes were completed in Q1 2025, and budget reductions are expected to

result in 1,000 fewer social homes delivered this year than planned.

Looking forward, the market is expected to remain buoyant, supported by further anticipated interest

rate cuts. The Bank of England is forecast to reduce rates to 3.5% by mid-2026, improving affordability

and spurring continued demand. However, unless housing supply accelerates, price pressures are

likely to persist.

“We welcome the continued downward trajectory of interest rates, which is a key lifeline for buyers,”

Brien added. “But without a matching supply response—especially in social and affordable homes—

we risk house prices rising at an unsustainable rate.”

The full Northern Ireland Residential Market Overview July 2025 offers a comprehensive look at

economic drivers, price trends, housing completions, and regional dynamics shaping the market.