Auction Properties In Northern Ireland
Buying Auction Properties In Northern Ireland
The six counties offer excellent investment opportunities so buying auction properties in Northern Ireland is a worthwhile consideration. There is diversity in the kinds of properties available and in recent years Northern Ireland has attracted investors from all over the world.
You can choose a less developed area where prices are lower or concentrate your search on places where the infrastructure is more advanced. All over the province there are both expensive and more affordable properties. This article is designed to help you find which auction properties in North Ireland could be the most suitable and profitable for your needs.
Property Prices In Northern Ireland
The annual average price rise for properties in the UK was 2.1% in March 2020. However, in Northern Ireland the rise was 3.8%. By June 2020 the average price of a property was £141,434. Flats were costing an average of £126,533 and terraced houses were costing £122,534.
Belfast is the capital of Northern Ireland and prices can vary substantially between different parts of the city. A 4-bedroom detached house in the leafy suburb of Carryduff can cost upwards of £350,000. In other areas you can buy a 2-bedroom semi-detached house for around £90,000. There are both old and modern properties for auction in Northern Ireland and finding the one you can afford is a matter of research and luck.
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Where Should You Look For Auction Properties In Northern Ireland?
Northern Ireland consists of six counties and there are plenty of options when it comes to looking for auction properties. You will find that some areas are cheaper than others but it is important to take into account matters like transport and accessibility. Below you will find listed some of the areas in Northern Ireland that you can consider.
The most populous county in Northern Ireland, Antrim has good infrastructure with the Translink Northern Ireland railways providing routes to Belfast, Ballymena and Derry. Belfast International Airport is located in the county and also two of the main ports. Antrim town has a good mix of housing and an older 4-bedroom terrace house can cost as little as £75,000. A 2-bedroom ground floor apartment will go for around £85,000.
Enniskillen is in the centre of County Fermanagh. There are good rail and bus links and the town is located on the A4 routes which link Belfast and Sligo. With a population of around 14,000, this mid-sized town has a lot going for it. Castles, monuments, caves and sporting events feature heavily in Enniskillen as well as multi-arts festivals. Property in the town is relatively cheap with a 4-bedroom detached house priced at around £175,000. A 3 bedroom terraced house can cost as little as £95,000.
The second largest city in Northern Ireland, Derry / Londonderry has excellent shopping facilities but the transport links are somewhat below par. Rail links to Belfast are available and there is a small local airport. Investment is now ongoing to a dual carriageway which will link Derry to Belfast. There is an eclectic mix of properties in Derry. You can find 4-bedroom semi-detached home for about £185,000. A 3-bedroom mid-terrace house can cost around £85,000.
Newry is located in County Down and is divided in two by the Clanrye River. Lying 34 miles from Belfast, Newry is a small market town but has good shopping facilities and is marked as one of the up and coming areas for rising house prices. Investing in an auction property in Newry could bring good rewards. A 2-bedroom house can be purchased for around £50,000 and a larger 4-bedroom detached home can cost upwards of £235,000.
Omagh is 68 miles to the west of Belfast and transport links are not as good as other parts of Northern Ireland. There is no railway line so public transport is by bus or coach. Road connections to Belfast and Strabane are via the A4 and A5. Omagh is a centre for sports and the close proximity to beautiful countryside makes it an attractive prospect. A 1-bedroom apartment in Omagh will cost around £25,000. Additionally, there are many traditional larger homes which are also modestly priced with an older 3-bedroom semi-detached costing around £160,000.
Northern Ireland Auctions FAQ
How Can I Find Auction Properties In Northern Ireland?
Auction houses advertise forthcoming property auctions and these may be held in a large hotel or some other large function room. A list of upcoming property auctions in Northern Ireland may be advertised on the Internet and also in the local press.
How Much Are Auction Properties In Northern Ireland?
The price of auction properties in Northern Ireland is determined by many factors. These include the location and condition of the property. As in other areas of the UK, properties close to amenities and good infrastructure often attract a higher guide price.
Which Areas Are Best To Find Auction Properties In Northern Ireland?
There are some parts of Belfast where you can buy cheap auction properties. Similarly, towns such as Antrim, Derry and Newry further west of the country often have low-priced auction properties.
Can I Buy Repossessed Properties At Auction In Northern Ireland?
Property auctions in Northern Ireland may include repossessed houses, flats or shops. Both finance companies and banks offer repossessed properties at auction in NI and if contacted will issue a list of those available.
What Type Of Auction Property In Northern Ireland Is Available?
Northern Ireland has a wealth of different auction properties. You can find commercial properties which consist of offices, retail outlets, old industrial buildings or even a block of flats. A variety of residential buildings are available with some offering investors potentially good returns from rental income.
Residential Auction Property In Northern Ireland
Residential auction properties in Northern Ireland are readily available as single dwellings and these include both older and modern buildings. You can find terraced houses, flats within a block or larger detached homes with land.
Buy-To-Let Auction Property In Northern Ireland
Houses in need of refurbishment can be found at auction as a buy-to-let investment. Auction properties in Northern Ireland available could be large with several bedrooms and start with a guide price of around £150,000. Equally available as buy-to-let are smaller 2-bedroom end of terrace homes which can start at around £30,000. Rental income from a small house can be £520 per calendar month. Location of the property will determine the rental income.
Commercial Auction Property In Northern Ireland
Whether you are looking for an industrial unit, a shop or a small office, you can find commercial auction properties in Northern Ireland. Also available are licensed premises, restaurants and hotels. It is best to determine which area of the country will give you the best income and also to take into consideration the availability of parking.
Five Reasons To Buy Auction Properties In Northern Ireland
1. Outdoor Activities And Scenery
Northern Ireland is a great place for outdoor activities. There is access to world-renowned golf courses, mountains and the spectacular scenery of the Atlantic coastline. The towns and cities of Northern Ireland also offer an array of sporting facilities.
2. Arts, Film, Culture And Sport
Culturally rich in history, Northern Ireland is awash with museums and castles. As a hub for artists, this small country has produced more than its share of famous writers like C S Lewis and Oscar Wilde. Additionally, the region has been the site of famous film locations including being Game of Thrones. Northern Ireland attracts tourists and those looking for a spiritual home.
3. Growing Property Market
Northern Ireland has seen the property market grow and unemployment is at a ten-year low. However, property prices are lower than other parts of the UK so now could be a good time to think about investment for the future. Buying auction properties in Northern Ireland is generally regarded as a sound property investment.
4. Affordable Living Costs
Living costs in Northern Ireland are lower than many other areas. Even in the city of Belfast you can find cheap places to eat and drink. Rental costs are lower on the outskirts of the cities and towns meaning you can get a more spacious home for your money. Northern Ireland does not have council taxes and rates are based of property prices.
5. Multicultural Society And Simple Way Of Life
Although slow to change, Northern Ireland has now become a truly multicultural society. The influx of migrants has helped to change the landscape in cities and has helped to grow the economy. Irish people are friendly and this is one of the attractions that also enhances the simpler way of life in this beautiful small country.
Some Final Thoughts About Buying Auction Properties In Northern Ireland
No one can guarantee you a successful bid at a property auction in NI. You can read a list of advantages of buying at auction but unless you do some research success may be elusive. This is why it is important to follow a few simple rules.
Choosing a maximum to spend is the best way to avoid buying a duff property. Don’t be tempted to outbid someone else just because you wanted a particular property. Make sure that you pay a visit to the property and get a survey before bidding. Ensure that finance is in place and be certain to understand the legalities of buying at auction. Following these few rules will help with successful bidding when you eventually find a property in Northern Ireland which interests you.