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There are many people these days that are on the lookout for a property bargain, from first time buyers hoping to get their foot on the property market for the first time to property investors who want to make the most of their investment and make their money really work for them.
According to recent reports there could be some real bargains to be found in Newtownabbey in County Antrim, where officials claim there are properties available with purchase prices of less than £40,000. One estate agent said that the prices on these properties would provide huge opportunities for people like first time buyers, as it would give them a far better chance of being able to raise a 10 percent deposit as well as afford to take out a mortgage and make repayments.
Likewise, the opportunities for investors are huge, as these prices mean that they can get their hands on properties for a fraction of the cost of properties in other areas and can then start making returns on their investment.
One estate agent in the area said that property prices in Newtownabbey had been falling since they peaked back in 2007. He said that just four years ago the same properties would have cost in the region of £100,000, reflecting a huge drop in the value and price of the properties. Whilst first time buyers are still experiencing issues when it comes to getting a mortgage in general many will find it far easier to get a mortgage for such a small amount of money.
Another official said that property prices were between 15 and 40 percent lower than they were just a year ago. He said that this was tempting more people to take the plunge and purchase a property, which was good news for the market.
He stated: “Those desperate to get on the property ladder now have the opportunity to buy houses which don’t eat up their entire monthly income and there’s so much choice you’re guaranteed to find your ideal home.”
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