I have something very similar in downstairs front room (similar timeline after redecorating). Other side of the wall is enclosed porch, wall feels dry on the other side but encrusted in paint so hard to tell. Suspect just a bit of damp maybe pulling in from the outside or ground causing efflorescence but nothing critical. I just scraped off what paint was bubbling and left it. It looks a bit ugly but it's enough to let the wall breathe and stay dry. If you put furniture in front of it leave a gap for it to ventilate. I suspect my approach to DIY and decoration is well below forum average though.
I have something very similar in downstairs front room (similar timeline after redecorating). Other side of the wall is enclosed porch, wall feels dry on the other side but encrusted in paint so hard to tell. Suspect just a bit of damp maybe pulling in from the outside or ground causing efflorescence but nothing critical. I just scraped off what paint was bubbling and left it. It looks a bit ugly but it's enough to let the wall breathe and stay dry. If you put furniture in front of it leave a gap for it to ventilate. I suspect my approach to DIY and decoration is well below forum average though.