Business

£147 billion - that’s the current combined value of Northern Ireland’s housing stock

Overall UK housing market value now an eye-popping £8.678 trillion

House prices in Northern Ireland have increased again bringing the average property value up to £130,482
The overall value of the entire Northern Ireland housing stock rose to £147 billion last year, according to data from Savills
By Gary McDonald

The total value of the Northern Ireland housing stock in 2023 stood at £147 billion, new analysis suggests.

That’s £4.6 billion higher in the region than the 2022, the data from property firm Savills shows.

Overall, £27 billion was wiped off the value of the total UK housing stock last year amid higher mortgage costs and affordability pressures on households.

But despite that, the total value of UK housing, currently at an eye-popping £8.678 trillion, is still £1.585 trillion higher than it was in 2019 before the coronavirus pandemic struck.

Lucian Cook from Savills said: “The market’s resilience means UK housing continues to be a significant and a relatively secure store of wealth.

“Even after deducting outstanding mortgage debt of £1.652 trillion, our figures show that net housing wealth continued to exceed £7 trillion.”

He added: “In 2023, the total value was supported by an £80bn uplift from new housing delivery. More fundamentally, the market was insulated from interest rate pressures by a combination of more stringent mortgage regulation, the increased use of fixed-rate mortgages and the assistance provided by lenders to those in financial difficulty.”

Last year’s value falls were concentrated in southern England, researchers said, while by contrast there were uplifts in the overall value of properties in Scotland, Northern Ireland, northern England and the Midlands.

:: Here are the values in housing stock in 2023 and the decrease/increase compared with 2022, according to Savills:

  • London - £1.825 trillion (down £39.3 billion)
  • South East - £1.630 trillion (down £6.1 billion)
  • East of England, - £975 billion (down £6.4 billion)
  • South West - £845 billion (down £4.0 billion)
  • North West - £680 billion (up £3.0 billion)
  • West Midlands - £607 billion (up £5.2 billion)
  • East Midlands - £514 billion (up £6.5 billion)
  • Yorkshire/Humber - £489 billion (up £3.8 billion)
  • Scotland - £481 billion (up £6.2 billion)
  • Wales - £299 billion (down £2.8 billion)
  • North East - £186 billion (up £2.5 billion)
  • Northern Ireland - £147 billion (up £4.6 billion)