Property in Northern Ireland??

K

kerbs

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Just wondering if anyone knows anything about buying in Northern Ireland as an investment? I have a few properties in Dublin but think it is now too expensive to buy a further investment property down south. Bulgaria/ Albania etc.. do not appeal so I was thinking of up North. Prices seem much cheaper and potentially the rent would cover mortgage costs. My properties in Dublin I manage myself but would not be willing to do so up north so would need to factor in the price of a management agency as well.
Does anyone know where to start looking? Or have any experience of this?
My initial thoughts would be a 3 bed house in a mixed area of Belfast - dont think I would fancy buying apartments off-plan as heard there was trouble at some of those which were bought near Queens. ]

Advice much appreciated.
Thanks!
 
Actually I have to confess thats what got me thinking...
I had thought about it years ago and went to the bank about it where the nice lady put me right off... probably because I was a first time buyer.. the market has moved on slightly since then tho obviously nothing like dublin.
Still interested to hear if anyone has any personal experience in this area??
 
Sorry to be the one to break the bad news but its moved on alot more than a bit in the last few years. in fact house price growth has far outstripped R.O.I. Bank of ireland do an excellent house price survey in n.i. similar to the ptsb one (prob better to be honest) that will give you an idea before you do anymore. i would be worried that you have missed the boat a wee bit on this one. im sure that there is scope for future growth but remember that public funds prop up the economy in northern ireland and account for a huge number of jobs and spending. This situation may alter significantly in the coming years. Also the council tax on a basic three bed ( i rent one in tyrone) is £700 pounds. two months rent and before buying any property get on to the rates office and have it checked. it varies from council to council. belfast is a tough buy to let market now with a huge no. of irish/dublin investors. there is a good agent in belfast who i know ( re-max) and if you want i will put you in touch but personally i would consider it more carefully.
 
The British government have imposed an all out building ban in Northern Ireland and if it stays in place the property prices are going to shoot up. But it's expected that if the NI Assembly gets their act together and is reformed the new rules will be shot down. A friend of mine bought a house in Enniskillen, Co Fermangh, and had a bit of trouble renting it out. Not much mind, it was empty for a month or two but he got Polish people in. That particular area can be a bit hit and miss - but it's seriously cheap and has the advantage of a local college and a hospital.
 
AAA1, the british gov have not imposed an all out building ban! they have imposed restrictions on building single dwellings in the countryside.(something that the irish government tried to bring in here but had to abandon the plans). Hardly the same thing is it? It may lead to an increase for demand in houses in the towns but how many single dwellings are built inthe countryside anyway ? probably no more than 5-10%.
 
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