Northern Ireland Housing Market Ends Year On A Positive Note, And Expectations Are For More Growth As Stamp Duty Changes Approach

Northern Ireland housing market ends year on a positive note, and expectations are for more growth as stamp duty changes approach

NI surveyors expect prices to continue rising as a net balance of 65% of respondents anticipate that prices will increase through the first quarter of 2025.

Northern Ireland’s housing market ended 2024 with sales, prices and expectations rising, according to the latest Royal Institution of Chartered Surveyors (RICS) and Ulster Bank Residential Market Survey.

However surveyors reported that supply levels fell flat through the final month of the year, which may act as a counterweight to activity in the early part of 2025.

On the pricing front, a net balance of 72% of respondents in NI reported that prices rose through December, up from 67% the month previous. And going forward, NI surveyors expect prices to continue rising as a net balance of 65% of respondents anticipate that prices will increase through the first quarter of 2025.

Demand from potential buyers also continued to rise through December, although at a slower rate than seen previously. A net balance of 7% of NI respondents reported a rise in new buyer enquiries.

With regard to sales, a net balance of 19% of respondents in NI reported that sales rose through December, which is down from 22% in November but above the UK average of 7%. NI surveyors also remain optimistic on the sales outlook, with a net balance of 37% of respondents anticipating sales to rise through the first quarter of the new year.

That’s despite the number of instructions to sell having fallen flat. Whilst there was evidence of more properties coming onto the market in previous months, this appears to have slowed in December as new instructions to sell fell flat through December, down from 5% in November and 32% in October.

Samuel Dickey, RICS Northern Ireland residential property spokesman, explained: “Overall 2024 was a positive year for the housing market in NI, and it’s encouraging to see surveyors remaining positive on the outlook through the first few months of 2025.

"Surveyors anticipate an increase in market activity in the earlier months of the year ahead of Stamp Duty changes in April. A lack of houses coming onto the market could temper this but more buyers could be tempted to list their homes due to strong market demand.”

Terry Robb, head of personal banking at Ulster Bank, added: “As we move into 2025, Ulster Bank is strongly committed to supporting homebuyers and remortgagers with our enhanced product ranges, and green mortgage offering.

"Last year ended well with good demand in December and we expect this to continue in the year ahead, particularly before any changes to current stamp duty levels come into effect in April.”

Northern Ireland housing market ends year on a positive note, and expectations are for more growth as stamp duty changes approach

NI surveyors expect prices to continue rising as a net balance of 65% of respondents anticipate that prices will increase through the first quarter of 2025.

Source: Claire Cartmill - News Letter Business