Property News for Northern Ireland
More people in Northern Ireland are desperate to sell their House quickly
During the previous decade house prices in Northern Ireland were booming. We all think house prices in the UK did well but when you look at NI prices did surprisingly good. In fact prices rose at a faster rate than the majority of England, other than the likes of London and some parts of the south. However in todays market things are dramatically different and many are now being forced to sell their home fast at dramatically reduced prices.
Lack of lending has prevented people from selling quickly
Many people have been left in a dire situation and unable to sell their home and this is because the lenders are refusing at large to issue any new loans on northern Ireland property. If for example you are a UK citizen who wished to take advantage of low prices you would find it very difficult as currently their ae no BTL lenders in the UK who will allow you to buy in NI, even though it is part of the UK. This is becasuse they are concerned that prices may even fall further, particularly if the likes of Portugal, Greece or Spain do ever go bust. If this where the case ireland may likely follow.
House prices have fallen 10% in the past year
Surprising I know, but it is the case. House prices have fallen another 10% in the past year and in many areas prices have halved in value since the start of the situation. I believe this is a combination of things. Firstly, the very realistc threat of Greece going bust probably triggered this dramatic fall, coupled with the fact that prices were too high in the first place so of course they do have further to fall. Of course everyone knows that London is fully built so in terms of supply and demand there is likely to be more demand forever more. On the other hand Northern Ireland rapidly expanded during the good times and is now left in a situation whereby there are too many homes, no demand because the banks will hardly lend, and the possibility of Europe being on the brink of collapse.
At You Sell Quick we would love to invest in Northern Ireland property but unfortunately we can’t because no lenders will lend. It does seem that the banks are being rather unfair and not willing to help Northern Ireland citizens out. If they did start to lend then surely prices will stop falling and many more will be able to sell their house fast.
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