Business

House prices in Newry, Mourne and Down grew by slowest rate in past 20 years

The average house price in the north rose by 139 per cent over the past 20 years, the slowest rate across the UK. Picture by Paul Faith
Ryan McAleer

THE value of homes in Newry, Mourne and Down recorded the smallest percentage increase in the UK over the past 20 years, a new report from Halifax suggests.

Twenty years ago, the average house in the district cost just £78,843. By 2019, the average price increased 106 per cent to £162,222, putting it firmly at the bottom of the UK-wide table.

Two other districts in the north, Antrim and Newtownabbey and Lisburn and Castlereagh, also feature in the bottom six UK districts.

According to the new analysis by the lender, the average house price in the UK has increased by 207 per cent since 1999 to £279,998.

On a regional basis, the price of homes in London and the south of England saw the greatest increase in value.

Two local authorities in London recorded price increases of more than 400 per cent since the end of 1999.

But the long-range report puts Northern Ireland firmly at the bottom of all tables.

The average home here cost just £69,648 in 1999, rising by 139 per cent to £166,704 in 2019.

The Halifax report also names the north as the most affordable region, listing the house price to earnings ratio here as 5.2, well below the UK average (7.5) and less than half the ratio of greater London (10.8).

Northern Ireland also firmly lies at the bottom of the first home table.

The average price of a first house here in 1999 is listed as £53,160. Twenty years later, the 160 per cent increase to £138,306 is easily the lowest in the UK.

By comparison, the next region in the table, Scotland, has recorded a 212 per cent price hike for first homes since 1999.

When broken down to local authority level, Halifax lists Newry, Mourne and Down at the very bottom of its table.

House prices in the district are far from the cheapest, but the 106 per cent rise from £78,843 to £162,222 over the past 20 years is the most modest.

Similarly, Lisburn and Castlereagh, frequently listed as one of the most expensive places to buy a house in the north, features at number six in the bottom ten districts.

Despite the average home rising by £108,895 to £189,755, the rate of increase (135 per cent), is one of the slowest in the UK.

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