Table of Contents
- Auction Properties In Belfast
- Property Prices In Belfast
- Where Should You Look For Auction Properties In Belfast?
- What Type Of Auction Property In Belfast Should You Look For?
- Auction Properties in Belfast FAQ
- Five Good Reasons To Buy Auction Properties In Belfast
- Conclusion About Buying Auction Properties In Belfast
Auction Properties In Belfast
Buying Auction Properties In Belfast
The expansion of Ireland’s second largest city means buying auction properties in Belfast could enable you to save money and reap good rewards on your investment. The population of around 350,000 and the wide variety of properties available attracts investors from all around the world.
Belfast is progressive and has an expanding jobs market so investing in property is very worthwhile. It doesn’t matter if you are looking for higher priced properties or want to purchase something less expensive, this article will assist you in finding auction properties in Belfast.
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Property Prices In Belfast
In March 2020, average house prices in Northern Ireland had increased by 3.8% on the previous 12 months. This was higher than the rest of the UK. In Belfast the average property price stood at £159,564 in June 2020. Flats sold for an average of £133,526 and terraced houses sold for an average of £131,246.
Auction properties in Belfast can be bought for lower prices than those on the open market. Typically, a 2-bedroom mid-terrace house will start with a guide price of £55,000. A 4-bedroom detached home can start at around £185,000. Auction guide prices depend entirely on the location and the state of the property being auctioned.
Belfast property resources:
Council tax and rates in Belfast, Northern Ireland
Visit Belfast and general information about the city
Where Should You Look For Auction Properties In Belfast?
Belfast is the largest city in Northern Ireland and has a diversity of locations where you can buy both cheap and expensive properties. If you are considering investing in auction properties in Belfast it is wise to look around before you make a decision about where to buy. Below are listed a few of the areas you could consider.
To the south of the city is Laganbank which houses some of the more exclusive properties. Close to Queens University, Laganbank is awash with culture and is home to the Belfast festival. There are several theatres and the Grand Opera House as well as a large number of bars and restaurants. Trains provide transport to the city centre and there is easy access to the motorway network. Homes in this area are most sought after but you can still get a 1-bedroom apartment for about £89,000.
Lower Falls (BT12)
The Falls Road was originally mainly terraced houses built in the 19th century and although considerable redevelopment has taken place there are still plenty of terraced homes available. Translink operates the bus services to the city centre which is just 1.5 miles away. A 4-bedroom mid-terrace house in Lower Falls will have a guide price of around £75,000.
Old Park (BT14)
In Old Park there are semi-detached houses, terraced homes and town villas. Many of the properties were built in the post-war years and have larger rooms than more modern homes. A 3-bedroom semi-detached villa with garage and parking can cost under £100,000. Old Park is situated to the north east of the centre and has good transport links.
The population of the Castlereagh area of Belfast is around 67,000. This is a popular residential area with the two main commuter towns being Carryduff and Dundonald. Castlereagh has several modern developments featuring semi-detached houses and apartments. There are also some older terraced houses available and one of these can cost as little as £79,000. Auction properties often sell for lower prices depending upon the location.
Balmoral is south east of the city and is linked by the Lisburn Road to the centre. To the west and south there is the M1 motorway so transport links to other parts of Northern Ireland are good. Prices for homes in Balmoral can be higher than other parts of Belfast with the most sought after apartments in Regency buildings heavily in demand. A 3-bedroom terrace house here will cost around £140,000.
What Type Of Auction Property In Belfast Should You Look For?
There is a wide diversity of auction properties in Belfast. Whether you are searching for commercial premises for a new or existing business or want to make your home in the city, you will have plenty of options to choose from.
Commercial Properties For Auction In Belfast
Belfast has commercial units, pubs and small shops available for auction. Prices will depend upon location. You can also find office space, restaurants and industrial units. A small industrial unit of around £1,700 square feet can cost around £50,000. Prices go up if the premises are close to the city centre.
Residential Auction Properties In Belfast
A prime residential 3-bedroom semi-detached property in Belfast can start with a guide price of £120,000. There is a wide choice of types of property including terraced houses, flats, semi-detached homes and larger detached houses with land.
Derelict Or Development Auction Properties In Belfast
Auction properties in Belfast include a number of buildings that require complete restoration or renovation. Some derelict properties are located on the outskirts of the city and there are a considerable number of older terraced properties that could be a worthwhile investment. A 2-bedroom mid-terrace house in a popular residential area will have a starting bid of around £55,000.
Auction Properties in Belfast FAQ
How Can I Find Auction Properties In Belfast?
The details of upcoming auction properties in Belfast can be found listed on auction house websites and are usually printed in the local press. Most properties are marketed through Belfast based auction businesses. Procedures at auction houses follow a similar pattern wherever they are based.
How Much Are Auction Properties In Belfast?
You can expect to pay less for an auction property in Belfast than houses sold on the open market. Current guide price for a 2-bedroom mid-terrace house can start around £55,000. The condition of the property and the location will determine the starting bid of homes up for auction.
Which Areas Are Best To Find Auction Properties In Belfast?
Belfast city centre provides opportunities to buy auction properties but there is more choice in the outer areas of the city. Average prices in the Shankill Road are around £71,000.
Can I Buy Repossessed Properties At Auction In Belfast?
Classified adverts will list repossessed auction properties in Belfast. The properties are often sold by banks and finance companies. Councils may have a selection of repossessed properties available for auction.
Five Good Reasons To Buy Auction Properties In Belfast
1. Expanding Economy And Progressive City
Belfast has changed so much in the last 30 years and is now considered a good place to invest in property. A busy and vibrant city, Belfast has expanded and the annual increase in property prices is outstripping the rest of the UK. Commercial property is in demand due to the amount of tourists now visiting locations of their favourite films and TV series.
2. Lower Cost Of Living In Belfast
In the heart of the city centre, prices are similar to other UK cities (excluding London) but move a little further out and the cost of living is lower. Typically, consumer prices in Belfast are about 11.5% lower than Birmingham and rental costs are about 20% lower. Eating out is more affordable in Belfast whether you choose a local pub or a world-class restaurant.
3. Belfast Has Good Transport Links
Getting around Belfast is easy because the city is compact and the public transport is so good. Translink is Northern Ireland’s integrated public transport system which covers buses and railway routes. Belfast also has an International airport with direct routes to Europe hubs where you can connect with flights to the USA and the rest of the world. Additionally, you are close enough to the mountains to enjoy the stunning views over the city.
4. People, Culture And Food
Warm and friendly people make Belfast a popular place to be. The city is compact so it can feel like a smaller town instead of a city. Nevertheless, Belfast is full of culture including the world-famous Titanic Centre and St Georges Market where you can hear live music all day long. A food lovers dream, Belfast has unique local produce with fine dining, cosy bistros and traditional pubs all offering something special.
5. Shopping In Belfast
People from all over Norther Ireland arrive at Belfast for shopping. You can find fashion, high street brands and unique boutiques. Victoria Square Shopping centre and Castle Court are the two major shopping centres. St George’s Market is a must for hand-made crafts, music and food and Belfast Welcome Centre offers individual stylish gifts and souvenirs.
Conclusion About Buying Auction Properties In Belfast
Getting legal advice before buying auction properties in Belfast is a wise decision. Although the buying experience is straightforward and transparent it is essential to keep your head when bidding at any property auction in Belfast as these auctions are busy and can get heated. An agreement is in place once the gavel has fallen so ensure that you have the necessary financial means in place before you start your bid. Be sure to stick to your budget and take identification, enough money or a bankers draft to pay the deposit and solicitors details.
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