Bargain house purchases at NI property auction

A property auction in Carryduff was packed full of prospective buyers, and just 20% of the lots failed to sell – not surprising when you read the discount house prices people were able to obtain. Among the lots sold, which were comprised of repossessed houses, and some occupied properties, were the following sales:

£17,000 for a Belfast terraceLuxury 3 bedroom semi-detached bungalow in Dromore sold for £69,000 (bought for £300,000 just a year ago)Causeway holiday home sold for £65,000 – bought for £200,000 just 4 months ago
a number of Belfast properties sold for £35,000 or less

A wide spectrum of property purchasers was represented at the auction, as is a regular sight now at property auctions, with first time buyers and investors alike among the crowds. This particular auction was held by Belfast City Auctions, and another big property sale is scheduled for May.

Christine Farrell, head of the residential conveyancing department at Wilson Nesbitt in Belfast, commented:

“Despite all the negative news surrounding property in Northern Ireland at the moment, there are still opportunities out there for purchasers to buy houses at bargain prices, taking advantage of the current state of the market.

“Auctions attract a lot of interest from buyers, and there are also bargains out there in the Estate Agencies, with property prices greatly reduced throughout Northern Ireland. Purchasers are well aware that it is once again a buyer’s market and are taking advantage to get on the property ladder at the lowest possible price.”

If you are buying, selling or remortgaging a property in Northern Ireland and need a conveyancing solicitor to handle the legal process for you contact Wilson Nesbitt solicitors in Belfast by calling 0800 840 9290.