Newry, Mourne and Down house prices held steady in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices remained steady in Newry, Mourne and Down in March, new figures show.

The lack of movement maintains the longer-term trend, which has seen property prices in the area achieve 13.5% annual growth.

The average Newry, Mourne and Down house price in March was £176,796, Land Registry figures show – largely unchanged from February.

Over the month, the picture was similar to that across Northern Ireland, where prices remained static, and Newry, Mourne and Down underperformed compared to the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Newry, Mourne and Down rose by £21,000 – putting the area third among Northern Ireland’s 11 local authorities with price data for annual growth.

The best annual growth in the region was in Causeway Coast and Glens, where property prices increased on average by 14.8%, to £183,000. At the other end of the scale, properties in Belfast gained just 6.8% 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 March for a property in Newry, Mourne and Down. Across Northern Ireland, property prices are higher than those across the UK, where the average cost £278,000.

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.

Factfile

Average property price in March

Newry, Mourne and Down: £176,796Northern Ireland:£164,590UK: £278,436

Annual growth to March

Newry, Mourne and Down: +13.5%Northern Ireland: +10.4%UK: +9.8%

Best and worst annual growth in Northern Ireland

Causeway Coast and Glens: +14.8%Belfast: +6.8%