Northern Ireland’s Properties - Getting the Most for Less
According to a recent report, property prices in Northern Ireland increased for over 7 percent in the last 12 months. Despite that, Northern Ireland’s housing market is still lagging behind the rest of the UK. For example, to buy a home in England you need to pay twice as much as in Northern Ireland. Compared to Wales and Scotland, the difference is not as dramatic. Also, the country is home to a number of luxury properties with price tags of £1 million plus. But on average, you will pay less for a home than elsewhere in the UK. In 2015, an average home in Northern Ireland was valued at £154,000.
Currently, the cheapest towns in Northern Ireland (and the UK) are:
Londonderry, County Londonderry. Commonly referred to as Derry, the second largest city in Northern Ireland is also one of the oldest places in Ireland. It has been continuously inhabited at least since the 6th century when it was chosen as the site of a monastery by St Columba. However, the today’s historic city centre dates back only to the 17th century. Also, the oldest building in Londonderry - St Columb’s Cathedral was built only in 1633. Just like elsewhere, property prices tend to vary greatly but on average, the price per square metre is about £820.
Lisburn, County Antrim. Located only 9 miles south of Belfast, Lisburn is also one of the most affordable places to buy property in both Northern Ireland and the UK. An average price of £945 per square metre makes it slightly more expensive than Londonderry but much more affordable than most other towns in the UK, especially London and South East England where it isn’t uncommon for prices to exceed £11,000 per square metre. Only 15 miles west of Lisburn is the Lough Neagh, the largest freshwater lake in the British Isles and the source of drinking water for approximately 40 percent of Northern Ireland’s population.
Belfast. The housing market in the country’s capital and largest city can’t compare to that in Edinburgh or Cardiff and much less to London. At an average price of slightly above £1,000, Belfast is one of the cheapest places to buy a home in the UK. You can get a decent family house at an average price of about £140,000.