How has the property market changed in Northern Ireland during 2025?

From January to October, Northern Ireland's property market has shown both resilience and growth. Shaped by rising prices, strong buyer demand and a competitive rental sector, here is a look at the key developments so far this year.

House prices

Average property prices continued to rise across all types. Terraced homes averaged £146,604 (up 3.6%), semi-detached homes reached £200,438 (up 3.4%), and detached properties climbed to £307,761 (up 1.4%). Apartments saw the strongest growth, with prices rising 8.5% to £164,665. Overall, the average house price stood at £212,968—an annual increase of 2.9%. **

Sales activity

Buyer interest remained strong in Q3. August saw around 2,200 newly agreed sales, with enquiries up 22.1% compared to the same month last year. The average time to reach sale agreed was 45 days, slightly longer than earlier in the year but still within seasonal norms.*

New build trends

New build sales have declined over recent years, with 1,024 recorded for 2024–25—a 5% drop from the previous year and 36% lower than in 2018–19. However, construction activity is picking up. Armagh, Banbridge & Craigavon led with 1,043 starts and 833 completions, while Belfast recorded the fewest completions at 290. **

Rental market

The average rent in Northern Ireland was £865 per month as of July 2025, marking a 7.1% increase year-on-year. This places Northern Ireland among the fastest-growing rental markets in the UK, alongside Wales (also 7.1%) and ahead of Scotland (3.4%) and England (5.5%)

While rents have risen, tenant demand appears to be softening, with a reported 12.5% drop in rental enquiries compared to the same period last year. This may reflect affordability pressures or shifting tenant preferences²

Affordability

Affordability remains a challenge for people in and around the city areas. The average deposit now equals 64% of median annual disposable income. Belfast, Derry City & Strabane, and Causeway Coast & Glens are among the least affordable areas. **

* - Source: NI House Price Index – Department of Finance
**– Source: Department of Finance – New Dwelling Statistics
***– Source:  ONS – Private Rental Affordability Bulletin

¹ ONS – Private Rent and House Prices, October 2025
² ONS – Private Rent and House Prices, September 2025