House prices remained steady in Newry, Mourne and Down in April, new figures show.
The lack of movement maintains the longer-term trend, which has seen property prices in the area grow by 8.4% over the last year.
An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.
In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.
The average Newry, Mourne and Down house price in April was £176,796, Land Registry figures show – largely unchanged from March.
Over the month, the picture was similar to that across Northern Ireland, where prices remained static, and Newry, Mourne and Down was lower than the 1.1% rise for the UK as a whole.
Over the last year, the average sale price of property in Newry, Mourne and Down rose by £14,000 – putting the area fourth among Northern Ireland’s 11 local authorities with price data for annual growth.
The highest annual growth in the region was in Mid Ulster, where property prices increased on average by 10.4%, to £160,000. At the other end of the scale, properties in Belfast gained just 4.2% in value, giving an average price of £153,000.
How do property prices in Newry, Mourne and Down compare?
Buyers paid 7.4% more than the average price in Northern Ireland (£165,000) in April for a property in Newry, Mourne and Down. Across Northern Ireland, property prices are higher than those across the UK, where the average cost £281,000.
The most expensive properties in Northern Ireland were in Lisburn and Castlereagh – £190,000 on average, and 7% more than in Newry, Mourne and Down. Lisburn and Castlereagh properties cost 1.3 times as much as homes in Derry City and Strabane (£146,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in April
Newry, Mourne and Down: £176,796Northern Ireland:£164,590UK: £281,161
Annual growth to April
Newry, Mourne and Down: +8.4%Northern Ireland: +6.7%UK: +12.4%
Highest and lowest annual growth in Northern Ireland
Mid Ulster: +10.4%Belfast: +4.2%