– Below market value properties in Belfast are a fantastic investment opportunity.
– Belfast has a population of 585,000.
– That’s an estimated 243,750 households.
– The average property price in Belfast is £129,700.
Belfast once had a mediocre reputation, but after time Belfast has developed beautiful galleries, great nightlife, a number of museums, a wide variety of tourist attractions as well as having approachable locals. With all these improvements and much more to offer, the reputation of the city of Belfast has very much improved in recent years. Following the improved reputation, the city has seen a recent rise in property prices. Buy association stated that the city saw a 4.5% rise in 2017, Hometracker UK City house Price Index reported this rise as being part of the top 15 in the UK. However, despite this rise, many potential investors have not yet been priced out as they have in many areas of London, as the average property price still remains below 150 thousand.
Repossessed homes in Belfast
Another important thing to consider if you are interested in investing in repossessions in particular, is that the repossession rate in Northern Ireland is very high compared to the rest of the UK. Figures reported from the Belfast Telegraph portrayed a huge rise in NI repossession rates in recent years, as there was over 6,000 repossessed homes and properties by banks and building societies between 2007-2014, far higher than anywhere else in the UK. This shows that purchasing a repossessed house in Belfast is a money making idea. These findings were reinforced in 2016 by the Mortgage Service Company HML, who stated that in 2016 around 0.27% of residential mortgages were on course to result in repossessions, this would again make them higher rates than any other region of the UK. Considering these points, there is opportunity to buy property in Belfast below market value due to the amount of distressed property potentially available.