Why does property in Northern Ireland cost so much less than down South? 

The housing crisis is rarely out of the headlines in the Republic, with prices still "only going one way". 

It’s a different story up North. 

Although politicians have begun to start talking about the need to build more homes in recent years, the shortage is of a different magnitude to the one in the Republic. 

Speaking to Henry McKean for The Pat Kenny Show, County Down William Wilson estate agent explained what house hunters can expect to find on the market if they cross the border. 

“We’re selling Clara Villa, 6 King’s Street in Newcastle,” he said. 

“The property was built around 1896 and it’s a Victorian property situated on the upper level of King’s Street with views over Dundrum Bay, Newcastle town and it’s situated close to Donard forest which accesses the Mourne mountains. 

“The property consists of five bedrooms, two reception rooms and is priced at offers in the region of £350,000 (€408,000).” 

Belfast, Northern Ireland. Photo by Stephen McCarthy/Sportsfile

The same property would cost significantly more to buy if it was located in most counties in the Republic. 

For Mr Wilson, the price difference is not about the quality of housing on sale, it is due to the greater wealth of people in the South. 

“I imagine one of the reasons why there’s quite a difference in prices between the North and South of Ireland is due to wages and the demand for housing,” he said. 

“In the South, because of the massive investment from multinational companies, there’s been a massive demand for housing, pushing up the prices. 

“In the North, the prices have certainly continued to rise but we maybe don’t have the investment the companies in the South would have.” 

'Not the same investment in Northern Ireland'

It is an assessment Richard in Belfast agrees with. 

“People live where the money is - and jobs,” he said. 

“There’s not the same investment in Northern Ireland as there is in Dublin. 

“I don’t think there’s the same job opportunities at all.” 

Richard works for a university and he feels Northern Ireland’s economy is still “very heavily driven by the public sector economy - which is very limited.”

His own home in the Belfast suburbs has four bedrooms and is worth around £270,000 (€314,000). 

It is, he feels, given the size of the property, “very cheap”.

Main image: Row houses in Belfast on an overcast afternoon. Image: Alamy.com