5000 empty properties in Northern Ireland

There are 5000 empty residential properties in Northern Ireland - the fruit of a property boom, and sudden market collapse, that forced builders to abandon new developments half way through construction, and saw properties bought for quick re-sale sit empty before passing into the hands of the banks when mortgage payments weren't met.

During the property boom in Northern Ireland, banks lent freely, under the same illusion as house purchasers - that the value would only go up. There were 100% mortgages, over-100% mortgages, and no deposits necessary. Homeowners eagerly watched house prices for similar houses on their street that were up for sale, and many took advantage of the sudden wealth of equity in their property to remortgage, and in many cases, acquire large sums of disposable cash. Many used it to buy more property - as suddenly, 'everyone was doing it'.

The legacy of the property market collapse in Northern Ireland is thousands of empty homes - including the bizarre scenario were some abandoned developments have a few occupants living in an unfinished estate. In one development in Downpatrick there are 2 homes occupied out of 30 houses - the roads are not finished and there is no street lighting. For those who remortgaged during the boom, there battle is against negative equity, with some homeowners finding themselves with a mortgage for double the amount of what their house is now worth.

If you require legal advice in respect of a property matter, such as purchasing, selling or remortgaging a house, or a dispute involving a contract or property boundary, contact one of the conveyancing solicitors at Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9290.

For more Wilson Nesbitt news articles on the Northern Ireland property market click here.