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With guide price of £8,000, Tyrone flat may be the cheapest home in Northern Ireland

By Rebecca Black

Published 25/11/2016

The flat in Fintona that will go under the hammer next month
The flat in Fintona that will go under the hammer next month

Is this the least expensive residence in Northern Ireland?

The flat in Co Tyrone is being offered at auction with a guide price of £8,000.

The one-bedroom pad in Fintona, close to Omagh, is described as having very good rental potential.

It could offer an investment return as high as 20% if it sold for the guide price and achieved a rent of £350 per month.

Last year the property was offered at auction for a guide price of £4,000, but went for more than double that.

It will now go under the hammer again, at the Stormont Hotel on December 6, as part of the next BRG Gibson Auctions offering.

A spokesman for the auctioneers said there had been quite a bit of interest in the property from investors.

"It was sold last year for £9,000," he said.

"It was bought by a chap a year ago. It was a repossession.

"He has done a bit of work to it and has decided not to rent it out, but to move it on in what we would call a 'flipper'.

"What you see there is a guide price of £8,000, that's not the reserve price.

"The reserve price will be higher - I can't tell you how much higher, but it will be higher than that.

"The reserve price is a figure the owner has authorised us to sell it for, or more, obviously, if we can get it.

"If it does not sell for the reserve price or more it will remain with us for a period of time after the auction to see if we can get it away.

"Most auction companies sell more properties before or after the auction than on the auction night. All these can be bought before and after the auction.

"In this case the owner has decided to let it run on into the auction so we will see what happens on Tuesday, December 6."

Meanwhile, there are a number of other bargain properties currently on the market, including:

  • A three-bedroom terrace house in Glenmanus Park in Portrush at auction for a £10,000 guide price.
  • A one-bedroom apartment in Woodville Street in Lurgan for £22,000.
  • A four-bedroom house on Legann Street in north Belfast for £25,000.
  • A two-bedroom house on Lower Captain Street, Coleraine, for £25,000.
  • A two-bedroom apartment on Queen Street in Ballymoney for £25,000.

All prices were correct yesterday on propertynews.com.

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