Fixer-upper home with £15k price tag has Northern Ireland buyers queueing up
Is this house the ultimate ‘fixer-upper’ to ever appear on the Northern Ireland housing market?
A terraced house in Co Armagh on sale for just £15,000 is attracting strong interest from potential buyers according to the estate agent which is selling the property.
The rock bottom price property at Victoria Street in Lurgan is in major need of repair even by the admission of the estate agents tasked with selling it, but they say that it is a strong investment opportunity for anyone who may be interested in it.
Julie McCrory, director of Kingham Property Services in Lurgan, 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.”
An advertisement about the dwelling on Kingham’s website says: “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 or possibly sell, give us a call.”
Julie McCrory advises that anyone who is interested should bring a builder with them to assess the type of money they believe will be needed to bring the house back up to a habitable standard.
There is dry rot in the upper section of the house so it is not advisable to bring 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 produced last month by Ulster University’s Quarterly House Price Index show that the average price in Northern Ireland has fallen by 3.7 % to around £148,000 in comparison with this time last year.
Northern Ireland’s cheapest place to buy a house continues to be north Belfast, where the average price is just under £100,000. The second cheapest areas are Londonderry and Strabane.
In April, May and June this year, however, estate agents sold almost 2,500 properties in the province — the highest number of sales here in a decade.
In April this year, the Belfast Telegraph reported that a house in east Belfast was up for grabs for £20,000 despite the fact that it was bricked up and heading towards a state of dereliction.
The Parkgate Avenue property eventually sold for £58,000. At the same time a property at Meyrick Park in north Belfast was on sale for £55,000.
And, in May another house in a highly dilapidated state went on the market for £20,000. The terraced property was at Gortfin Park, just off the Falls Road.
Outside of Belfast, earlier this year among the cheapest properties being offered for sale was a one-bedroom apartment in Fintona, Co Tyrone, on the market for £11,500, and a two-bedroom apartment in the same complex going for £13,000. Also, there was a house in Forkhill, Co Armagh,on offer at £15,000.