Property Auctions in Northern Ireland

Image of flats sold at property auctions in Northern Ireland
Property auctions in Northern Ireland tend to have a good variety of properties for sale. Photo © Eric Jones (cc-by-sa/2.0)

Property Auctions In Northern Ireland

The six counties offer excellent investment opportunities so buying at property auctions 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 property auctions in North Ireland could be the most suitable and profitable for your needs.

Derelict property for sale by auction in Northern Ireland
A derelict property in Northern Ireland. Photo © Eric Jones (cc-by-sa/2.0)

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 £116,533 and terraced houses were costing £132,534.

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 attending the right property auction in Northern Ireland at the right time.

High quality houses often appear at property auctions in Northern Ireland
You may be surprised at the high quality of property sold by auction in Northern Ireland. Photo © Eric Jones (cc-by-sa/2.0)

Where Should You Look For Property Auctions 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.

Property Auctions in Belfast, NI

Belfast is probably the single busiest area when it comes to property auctions in Northern Ireland. This can be a double edged sword. On the one hand, property auctions in Belfast offer the best selection of properties for sale, however you are also going to have the most competition for bargain properties in the city.

Bangor Property Auctions

Due to its beautiful coastal location and high quality of housing, property auctions in Bangor are often very competitive and busy. These properties for sale by auction in Bangor may appear at a local property auction or at one of the main auctions in somewhere like Belfast. Do your homework if you are thinking of buying a property for sale in Bangor at auction and make sure you have a contingency fund ready if bidding exceeds your expectations.

Property auctions in Lisburn, NI
Property auctions in Northern Ireland often feature houses and flats for sale in Lisburn. Photo © Eric Jones (cc-by-sa/2.0)

Lisburn Property For Sale

Lisburn is fast becoming one of the most popular areas in the whole of Northern ireland when it comes to auctions. A good standard of houses and flats combined with reasonable prices means any property auctions in Lisburn are well attended. Houses sold by auction in Lisburn have an average price of around £142,000 for a 3-bedroom home and £90,000 for a 2-bedroom flat.

Property For Sale In Coleraine

Although Coleraine is a popular tourist area it is still possible to buy a bargain property for sale in this area. For buyers who are specifically interested in property auctions in Coleraine, attending one of the main auctions in Belfast is probably a better choice as houses and flats in Coleraine are more likely to be listed there, or on one of the many online property auctions in Northern Ireland.

Property for sale bu auction in Omagh, NI
Omagh is another popular area for investors due to the vibrancy and stable property prices in the area. Photo © Kenneth Allen (cc-by-sa/2.0)

Houses And Flats For Sale In Omagh

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 Property Auctions FAQ

How Can I Find Property Auctions In Northern Ireland?

Auction houses advertise forthcoming property auctions in Northern Ireland 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 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.

Property resources for Northern Ireland:
Council tax and rates in Northern Ireland
General information on visiting Northern Ireland

Types Of Property Auctions In Northern Ireland

Northern Ireland has a wealth of different properties for sale by auction. 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 Property Auctions 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 Property In Northern Ireland

The buy-to-let market in Northern Ireland is booming and for any budding investor interested in becoming a landlord, property auctions in Northern ireland are a great place to pick up your first investment.

Even better is to specifically look for derelict houses or renovation properties for sale at property auctions in Northern Ireland. Once renovated, these properties can be rented to tenants with an assured shorthold tenancy agreement and you can recover your investment quickly, as the value of the property continues to rise.

Derelict property for sale in northern ireland
There are good quality derelict properties for sale at many property auctions in Northern Ireland, for those who have a renovation budget. Photo © Eric Jones (cc-by-sa/2.0)

Repossessed Property In Northern Ireland

Repossessed property in Northern Ireland is one of the most sought after types of property for sale by auction in the region. Buying a repossessed property for sale in Northern Ireland can mean huge savings, but you are not alone when it comes to this type of property investment.

This could be in the form of repossessed houses in Northern Ireland or flats, studios, commercial or retail properties and even land for sale by auction. Do your research before contacting banks or other financial institutions about repossessed property, many investors target these types of lots at auction.

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.

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