Down house prices have biggest increase in UK

Down house prices have biggest increase in UK

28 August 2019

DOWN house prices are proving to be the most buoyant in the UK, according to the latest House Price Index. 

The Newry Mourne and Down area performed twice as well as other Northern Ireland council areas and had biggest increase in the UK — a healthy 9% hike on last year. 

An average three-bedroom semi-detached house in Newry, Mourne and Down now sells for around £146,350. 

Across Northern Ireland the average house price saw an increase of 3.5% over the last year, with an average three-bed semi selling for around £136,767 – overall a 23.3 % hike on 2015 prices.

Lisburn and Castlereagh still remain the the best performing district, with a three bed semi attracting an average pice of £163,466 — a 1.4% increase — closely followed by Ards and North Down, which had a 2.7 % increase on last year. 

Mary-Lou Press, a partner at Alexander Reid & Frazer Estate Agents in Downpatrick, said: “We have certainly noticed house prices in the area increasing over the past year as demand outstrips supply. 

“With the increase in prices and the level of interest we are seeing from potential buyers, more sellers will be attracted to the market leading to continued growth for the remainder of the year.”  

Miss Press, who is also the NAEA Propertymark Regional Executive for Northern Ireland, added: “This area offers better value for money and the process is more affordable.

“Specifically in relation to value for money, transport links for those commuting into Belfast and the South East make the area one of the best places to live.”

Describing other factors which may have contributed to the buoyant house prices, Miss Press said: “The latest health inequalities report, published by the Department of Health last month suggested life expectancy varies across the five Northern Irish health trusts.

“A man’s overall life expectancy in Northern Ireland is 78.5 years. However, in the South East Trust we seem to be bucking the trend and can expect a promising 79.3 years — the highest life expectancy in Northern Ireland. 

“The picture is the same for women. The female average across the Northern Ireland is 82.3 years and women living in the South Eastern Trust areas enjoying 82.8 years — again the highest in the province.”