Getting onto the property ladder in Northern Ireland is no mean feat. With inflation and rising house prices, it can seem like an unattainable task. Today, we’re taking a look back through the country’s housing market to compare Northern Ireland house prices now vs 50 years ago.
Buying your first home is one of the most exciting and major steps you’ll take in your life. However, it can also be an incredibly challenging process, especially with the current housing crisis facing the UK and Ireland.
Rising prices and housing shortages have seen the current generation remaining at home with their parents longer than any other generation that came before. We’ve all had our parents tell us about how they moved out of the family home before they hit 21.
But don’t get disheartened if you’re struggling to get your foot on the property ladder. You’re not falling behind; conditions are just much different than they were in the past.
To prove our point, we’re taking a look back through the history books to compare Northern Ireland house prices now vs 50 years ago.
- Getting onto the property ladder in Northern Ireland is no mean feat. With inflation and rising house prices, it can seem like an unattainable task. Today, we’re taking a look back through the country’s housing market to compare Northern Ireland house prices now vs 50 years ago.
- Factors impacting the rise in house prices – inflation and political changes
- How much have house prices risen in general – the impact of inflation
- Northern Ireland house prices now vs 50 years ago – fluctuations based on size and region
- Conclusion – huge increases over the past half-century
Factors impacting the rise in house prices – inflation and political changes
Northern Ireland was a very different place back in the 1970s. The past half-century has seen huge progress across the country in terms of its political and economic state.
The 1970s was the height of The Troubles, which lasted from the early 1960s all the way to the late 1990s. This unrest had a huge impact on the country’s economic and social landscape, with many people choosing to avoid the country as a destination to set up home.
In recent years, however, peace initiatives combined with political, economic, and social progress have made Northern Ireland a much more inviting destination for homeowners. This stability and increase have, in turn, pushed up house prices in the region.
Aside from that, Northern Ireland has not been immune from the wider trend of increased house prices across the UK and Ireland.
This can be attributed to various factors such as inflation, population growth, housing market dynamics, and changes in demand.
How much have house prices risen in general – the impact of inflation
According to statistics from property developer Stripe Property Group, Northern Ireland house prices now vs 50 years ago have seen a whopping increase of 285.8%.
Believe it or not, this is relatively low compared to other regions across the UK. For example, London house prices have risen by a mindblowing 677%. Ireland, in contrast, comes in slightly lower, having seen an increase of 175% since the 1970s.
Obviously, this varies from town to town and city to city, with factors such as employment opportunities and infrastructure development playing a major role in the change in house prices. However, the general trend across the UK and Ireland has seen a rapid increase.
Northern Ireland house prices now vs 50 years ago – fluctuations based on size and region
Official statistics published by the Department of the Environment in London show a huge increase in housing prices from 1973 until now.
Data taken from Nationwide Building Society shows that the average price for a detached house in Northern Ireland in 1973 was £9,690. Today, the latest House Price Index figures show that the average price for a detached house comes in at £299,400.
Similarly, semi-detached houses in Northern Ireland cost an average of £6,440 back in 1973. Meanwhile, today, a semi-detached property will set you back a whopping £195,228.
If you’re looking at terraced homes, the prices across the north have also seen a similar rise. Back in 1973, a terraced house in Northern Ireland would cost around £5,110, whereas today, an average terraced house will set you back an overwhelming £137,272.
These prices are taken as an average across the country, and prices vary massively depending on region. For example, homes in Belfast or semi-urban areas with good transport links will see much higher prices than those in rural regions.
Conclusion – huge increases over the past half-century
So, statistics have shown that house prices in Northern Ireland have seen huge increases over the past 50 years, rising by almost 300% since the early 1970s.
Unfortunately, wages across the country haven’t quite managed to keep up with this high rate of inflation. Thus making it more and more difficult for new buyers to get their foot on the property ladder.
While it’s great to see such progress and increased demand for property across the island, it can be pretty disheartening when you’re struggling to get the money together for your first home. But it’s important to remember that everyone is in the same boat.
So, next time your parents boast about how they bought their first house before they hit 21, just send them this article to show them the overwhelming increase in Northern Ireland house prices now vs 50 years ago.
