The UPNI fared badly in the Convention elections of 1975, winning only five out of the 78 seats contested. Whereas Faulkner had topped the poll in South Down in 1973 with over 16,000 votes, he polled just 6,035 votes in 1975 and finished seventh, winning the final seat. In 1976 Faulkner announced that he was quitting active politics. He was elevated to the House of Lords in the New Year's Honours list of 1977, being created Baron Faulkner of Downpatrick, of Downpatrick in the County of Down on 7 February 1977.