A terraced property in Lurgan, Co. Armagh, is on the market for only £15,000, so it is no surprise that this house is attracting a large amount of interest according to the estate agent selling this house.
The property at Victoria Street is in need of renovation and repair yet, the estate agents believe there is a strong investment opportunity for those interested in purchasing it.
The director of Kingham Property Services in Lurgan, Julie McCrory, told the Belfast Telegraph: “The house has a lot of potential and we need cash-only buyers because you wouldn’t be able to get a mortgage for £15,000
“The property has only been on the market for a very short space of time, but we have already had eight viewings and another 15 due to take place before Monday.”
The listing for this property can be found on Kingham’s website stating: “This is not your typical investment and requires a particular type of buyer, if you think this is something you would love to work on and put your individual stamp on or possibly sell, give us a call.”
Julie McCrory recommends that those interested in purchasing should bring a builder with them to evaluate the amount of money they believe will be required to renovate this house back up to a habitable standard.
There is dry rot in the upper area of the property, therefore it is not advisable to take children to viewings as it is currently unsafe.
“We basically put these type of properties on the market, investors approach us and then we select the best bid,” she said.
“We estimate that depending on the quality of the finish to the house that it could fetch around £55,000 when it is completed, so someone could stand to make a profit of about £30,000. These type of properties appear on the market maybe twice a year.”
Figures uncovered by Ulster University’s Quarterly House Price Index last month highlights that the average property price in Northern Ireland has decreased by 3.7 % to around £148,000 in comparison with this time last year.
North Belfast remains to be the most inexpensive place to purchase a property in Northern Ireland with the average price just below £100,000. The second cheapest areas are Strabane and Londonderry.
The second quarter of 2017 seen estate agents sell almost 2,500 properties in the province. This is the highest number of sales in a decade for this province.
It was also during this second quarter that the Belfast Telegraph reported a £20,000 property in east Belfast was put on the market despite this dwelling being bricked up and heading towards a state of abandonment.
This property finally sold for £58,000. This period also seen a house in north Belfast go on the market for £55,000.
Many inexpensive properties outside of Belfast were also added to the market earlier this year. These include a one-bedroom apartment in Fintona, Co. Tyrone that went on the market at £11,500. There was also a property in Co. Armagh’s Forkhill on offer at £15,000.