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Northern Ireland Property Market

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  • 08-06-2007 10:52am
    #1
    Nephilim
    Closed Accounts Posts: 5 ✭


    I purchased a property in Northern Ireland about four years ago and have been lucky enough to have seen a 50% capital gain on my original investment. The property is currently unoccupied and I am considering selling half of it to a family member to clear my mortgage and share the maintenance costs etc.

    I understand predictions are for an 18% rise in property there this year...does anyone have any feelings as to whether it's better to hold on to the full property or not....? is this the beginning of a bubble or are things levelling off? ..I've no experience in this area appart from this investment & have suffered long periods of unoccupancy with the property so I know what's involved if I choose to hang on...I just wonder would it be foolish to handover half the property now rather than wait a few years....I'd appreciate any opinions...

    Tr


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    #2
    smashey
    Registered Users Posts: 21,676 ✭✭✭✭smashey


    I'm living in the North since October 2006. The value of our house has increased by 70% in that time. Sweet. I was talking to our estate agent last week and they are confident that the value should go up by another 5% this year.


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    #3
    Nephilim
    Closed Accounts Posts: 5 ✭Nephilim


    I bought the house in 2002 and the standard increase was 5% per year until last year which was 44%.

    I suppose I think 5% is just inflation......that doesn't sound like the recent explosion will continue.

    Tr


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    #4
    smashey
    Registered Users Posts: 21,676 ✭✭✭✭smashey


    That would be another 5% in six months.


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    #5
    bofo
    Closed Accounts Posts: 22 ✭bofo


    I'm also living in the north and there's been muted talk of a slump in the market due to a drop in demand for houses. One estate agent I was talking to seriously adivsed me to considering selling ASAP before it kicked in... Areas of Belfast have recently seen the asking prices of houses being reduced by £10,000 - £20,000 due to such a lack of demand.
    I'm from south Armagh where the price of my current price has trebbled within 5 years...
    This isn't a wide-spread trend but just to keep you informed about the varying levels of property prices in the north...


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    #6
    dunkamania
    Closed Accounts Posts: 1,803 ✭✭✭dunkamania


    estate agents are salespeople,there interests are not aligned with yours.
    any predictions they offer should be treated with scepticism.


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