House Prices in Newry, Mourne and Down Increase by 9.1% since 2024

House prices in Newry, Mourne and Down have increased by 9.1% since the first quarter of 2024. The only area in NI to have a larger increase was Derry City and Strabane where a 14% increase was recorded. The average house price in Newry, Mourne and Down is now £248,976 in Q1 2025.

It's part of the data from PropertyPal's latest report which saw approximately 6,200 agreed sales in the first three months of the year and homes reaching 'sale agreed' 16 days faster than the historical average.

In Newry, Mourne and Down, there was a 9.68% increase in agreed sales in Q1 2025 compared to Q1 2024. The number of agreed sales increased to 374 in Q1 2025.

Rental cost in Newry, Mourne and Down has also increase by 6.6% since Q1 2024 averaging £824 per month.

Commenting on the NI market, Jordan Buchanan, CEO of PropertyPal said: “The Northern Ireland housing market has made a strong start to 2025, with approximately 6,200 agreed sales in the first three months of the year, broadly in line with the long-term average. Encouragingly, homes are selling faster than usual, taking an average of 47 days to secure a buyer and more than two weeks quicker than the historical average. This points to continued strength in underlying demand. Supporting this, buyer enquiries per property increased by 15% compared to the previous quarter, signalling strong momentum that is likely to carry into Q2.

“On the pricing front, the market has seen further acceleration. The average property now stands at £226,000, marking an 8% annual increase. Recent figures from Nationwide also place Northern Ireland at the top of the UK regional growth rankings, underlining the relative strength of the local market."

Buchanan concluded “Looking ahead, the outlook remains mixed as economic uncertainty clouds the medium-term picture. The Office for Budget Responsibility has recently halved its UK growth forecast, and new tax policies introduced by the Labour government are increasing business costs from this month. In addition, rising global trade tensions may further impact economic confidence and market sentiment. However, on the positive side, the labour market remains resilient, with earnings continuing to outpace inflation. This, combined with expectations of further interest rate reductions, should help improve affordability and sustain activity in the months ahead.”