The new bargain city for house hunters could be Armagh with the recent £28,000 sale of a Victorian terraced property.
Another two nearby ‘fixer-uppers’ are also on the market for £30,000 and £36,000 – below the current Northern Ireland average price of £132,169.
Located near the city centre, 8 Umgola Row boasts a rustic stonework exterior and can be traced back as far as 1901.
It may be in need of “complete renovation,” but the striking property has the potential to generate a rental income of £450 per calendar month (£5,400 a year)
Local architect and Ulster Unionist councillor for Armagh, Sam Nicholson, said he hoped the new owners would bring back the residence to its former glory.
“In the current climate £28,000 sounds quite a bargain,” he said. “I’m not sure of the exact history, but you would imagine that this row of stone houses would have been workers’ houses from way back.”
A census of Ireland from 1901 featured on website nationalarchives.ie highlights a young family of four were some of the former residents.
Joseph Oliver (24) is listed as “head of the family” with his wife Mary G Oliver (26) and sons John (3) and Thomas James (age not listed).
“Armagh has a lot of heritage and history and I do hope the new owner restores it, but being an architect myself I know how expensive these things can be,” he continued. “I do a lot of work with historic properties and I can tell you we’ve lost a lot of our old heritage in the countryside.”
With VAT and the added cost of renovation, he said heritage restorations could increase the final price by 20%.
“It makes people want to just knock them down and build new.
“I’m very much a supporter of keeping our heritage and old buildings, but my philosophy as an architect is, ‘If it’s there restore it, but if not build modern’,” he added.
This property has recently had its sale agreed however, there is still hope of securing a bargain in Armagh, with two properties listed nearby.
3 St Malachy’s Terrace is on the market for £30,000 and is less than two miles away.
This mid-terrace is located in Armagh City and is described as “in need of some TLC” and “a brilliant opportunity for investors.” For those looking to escape the city and favour rural life, 14 Drumhillery Park is on the market at £36,000. This detached bungalow is only a 20-minute drive away.
This dwelling is described as a “quaint two-bedroom, semi-detached chalet bungalow” with rural views and is “in need of some modernisation.” This property also consists of a front garden and patio with a potential rental income of £400 per month (£4,800 a year.)