Period properties fetch top dollar in spite of recession
Two period properties were snapped up as soon as they came on the property market despite the property slump and a hefty price tag.
The prestigious houses dating back to the 1850s, sited on the Letterkenny Road in Londonderry, which came on the market just weeks ago have been sold for more than £1m between them.
Glendarragh House and Spring Grove, both situated on the outskirts of the city, reached the asking prices of £750,000 and £375,000 respectively and similar grand homes elsewhere are proving to be hot properties.
An imposing period residence set in 30 acres of land in Ballykelly which came on the market three weeks ago sparked a good deal of interest despite an asking price of £400,000. Umbra House on nearby Seacoast Road is expected to fetch £500,000.
John Holmes from Daniel Henry Estate Agents who is the sales negotiator for both of the Co Derry properties said there is still a demand for period homes as they rarely come on the market.
Mr Holmes said: “Demand is high for period homes despite the fact that they are at the high end of the property market.
“There are still people with substantial amounts of money available but they want something very special when it come to buying a home and these prestigious houses provide that.
“There unique selling point is their age and grandeur which sets them above a modern new-build for many people, it's like buying a piece of history.
“While these types of almost stately homes are at the higher end of the market, and £400/ £500,000 is a lot of money, these two particular houses are still extremely good value for money and any discerning buyer will recognise this.
“A few years ago the asking price for either of these houses would be in the region of £1m so if you look at it that way, whoever buys them will get a bargain.
“The people who buy this kind of home do not buy them expecting to sell them on, they buy them as a grand family home which will be passed on to future generations to care for.”