Tyrone building sites on sale for as little as £5,000

Galbally home with a reserve of just �60,000
Galbally home with a reserve of just �60,000

Desperate sellers are prepared to let their Tyrone properties go at rock bottom prices in the latest auction sale.

Bidders are being enticed by a range of local homes and sites at one of the largest auctions of its kind in Northern Ireland.

During the property boom, single building sites had went for as much as £200,000, but seven years after the bust, prices are finally hitting the very bottom.

Last year, reserve prices of at least £9,000 were being placed on local building sites at auctions. However, prices have now plummeted to new lows.

The range of local properties due to go under the hammer at Gibson Auctions on February 4, include a building site near Omagh for a jaw-dropping £5,000, a three bedroom terrace property in Dungannon for £15,000, and a four bedroom detached new build near Galbally for a knockdown £60,000.

The auction organisers describe the Galbally home as a modern four bedroom bungalow requiring refurbishment throughout, while the Dungannon terrace property, situated at Woodburn Crescent, has suffered some fire damage, caused by smoke and soot.

“As such the property requires considerable refurbishment and presents excellent potential for builders, investors or a first time buyer trying to get on the property ladder”, said the vendors.

“The property is located in a large but quiet development just outside Dungannon town centre which is 5 minutes away, and therefore it is close to all local amenities and shops in the town.”

The downward trend in auction reserve prices is in direct contrast to housing experts predictions for the Northern Ireland market in 2014.

Last year, Northern Ireland house prices climbed 3.3% - the first time in six years that figures had shown a year-on-year increase.

Official government figures show that over the course of 2013, prices have stabilised and gradually started to recover, with year-on-year increases picking up pace considerably last October and November -- 4.8% and 3.3% respectively. Those figures had all been in negative territory for many years previously.

House Prices will grow by 4% in Northern Ireland in the next year, the Royal Institute of Chartered Surveyors (RICS) has predicted.