2025 is definitely now in full swing, most people will have had at least their first full week back at work, new year resolutions are already on the brink and thousands of people are having second thoughts about dry January.
With property portals reporting some of their highest levels of traffic during the month of January, now is also a time when households across Northern Ireland start thinking about their next move. How much is their property worth? Is the house big enough? Should we downsize? What is happening with property prices in Northern Ireland?
House prices in Northern Ireland are rising
The Nationwide house price index for December 2024 revealed that UK house prices are up 4.7% December 24 compared to December 23. For the second year running Northern Ireland is the best performing area with house prices up 7.1% over 2024.
Over the last 12 months the average price of a property in Northern Ireland has reached £197,696.
What does this mean for sellers across Northern Ireland?
Ultimately it does mean now is a good time to consider selling. An increase in house prices often indicates a strong buyer demand. A market with greater demand can often lead to more buyer interest helping to get a quicker sale.
Rising prices can make the market a "sellers’ market" – when demand is high sellers generally have more negotiation leverage, helping to achieve the best price for your property.
If you benefit from higher selling prices, you could end up with more capital to invest in your next property, helping you find your next dream home.
And for buyers?
For potential buyers rising house prices will often encourage people to find out how much their property is worth and be incentivised to put their property on the market, so it can offer buyers plenty of choice.
However, it can mean there is pressure to act quickly so it is important that you do consider any offers you make carefully. And it is worth noting that if this trend in Northern Ireland continues you may benefit over time from increased equity in your property as it appreciates in value.
If you are considering moving it all starts with a property valuation so you can understand exactly how much your property is worth and consider all your options.
The team at Reeds Rains carry out property valuations for free and you are not under any obligation to put your property on the market immediately. Take that next step and find out how much your property is worth.
The Reeds Rains Content Marketing Team
