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Housing market shows signs of stabilising – but price rises continued last year

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'This is still an extremely tight market – it's very difficult for buyers.'

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Mr MacCoille said some degree of price falls were likely, which the report highlighted in the earlier months of 2022. However, the low availability of properties has meant the market is still"exceptionally tight", according to Mr MacCoille. "Ultimately the market is still very tight so it's not too surprising to see it stabilising despite the overvaluation that built up last year."Mr MacCoille said the report is still not entirely positive for potential homebuyers, as prices have not dropped as some may have expected.

While it was expected that homebuilding figures would reduce to 25,000 units per annum, Mr MacCoille said homebuyers can expect a slightly better supply.

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