Value of property in NMD District increased by 11% in a year

Peter Bayne

Reporter:

Peter Bayne

Email:

peter.bayne@newrydemocrat.com

Thursday 26 August 2021 7:39

PROPERTY prices in Newry, Mourne and Down remain amongst the highest in Northern Ireland.

Over the last twelve months property value has increased by over 11%.

In the second quarter of this year alone there has been a rise of 3.5%.

According to the latest House Price Index report the average house price in Newry, Mourne and Down District now stands at £161,994.

The Index measures change in the price of residential property sold in Northern Ireland (NI). The Index uses Stamp Duty information on residential property sales recorded by HMRC. The NI House Price Index series is used as the NI component of the single official UK HPI and the statistics are comparable with other UK regions.

The UK Government lockdown measures to stop the spread of Covid-19 essentially paused the housing market between 23 March and 15 June. T

The number of transactions recorded in April – June 2020 was approximately one third of the initial number of sales recorded during April – June 2019. Although there was a large reduction in the number of sales during the quarter, the sales received were still representative of the property market as they were not skewed towards one property type, location or socio-demographic characteristic. LPS/NISRA are content the model used to predict the average price and index value is robust and the reduced number of sales did not adversely affect the quality of the price index calculations for the second quarter of 2020.

Results for the most recent quarter (April - June 2021), which are provisional, show that:

Between Q1 (January - March) 2021 and Q2 (April - June) 2021 the house price index increased by 2.9%;

Between Q2 2020 and Q2 2021 the house price index increased by 9.0%;

The average price for a house in Northern Ireland is £153,449 and ranges from £134,091 in Armagh City, Banbridge and Craigavon to £180,067 in Lisburn and Castlereagh.

7,187 residential properties sold during Q2 2021;

The House Price Index is now 38.3% higher than Q1 2015 (the reference period).

The Index value for Q2 2021 for NI as a whole is 138.3 and ranges from 129.4 in Ards and North Down and Mid Ulster to 158.8 in Causeway Coast and Glens.

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