The centre of Bolton is the only place in England and Wales that saw house prices decrease this side of the millennium, according to research by the fixed-fee estate agent eMoov.
At the start of the new millennium, the average house price in the centre of Bolton was £77,202, around £8,000 less than the UK average.
House prices there peaked at £105,608 in the first quarter of 2008, but have since dropped 9 per cent from the start of 2000, to just £70,621.
The average house price in the UK has increased 172 per cent in the last 16 years.
That's considerably lower than the average UK house price of £221,254.
The number of buy-to-let properties has driven down prices in the area, eMoov said, with buy-to-let investors driving down prices by buying several properties at a time.
EMoov also noted the low demand for property in Bolton, 13 per cent below the national average, placed the town outside the 50 most desirable locations in the country.
Russell Quirk, founder and CEO of eMoov, said that he didn't think house prices in Bolton would recover any time soon.
"You have to feel for those that have seen the value of their property drop in Bolton, it’s almost the equivalent of everyone in the UK buying a lottery ticket and you being the only one that doesn’t hit the jackpot," Quirk said.
Londonderry was named as the UK's most affordable city in a recent report by Lloyds Bank.
House prices in Northern Ireland are on average 3.8 times salary, with the average house price now £113,302.
Northern Ireland cities Belfast and Lisburn are the 4th and 6th most affordable cities respectively, with Stirling, Bradford and Hereford also in the top five.
