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Following the setup of The Housing Repossession Taskforce they undertook a review of the market of property repossession in Northern Ireland and identified hotspots. These are listed below:
- Derry / Londonderry
This demonstrates a “Belfast-centric” approach to the housing crisis in our opinion. As in England where everything is “London-centric” the same applies to Belfast in Northern Ireland. Many individuals in Belfast believe that the economy is improving and that as property prices are slowly increasing in the city then they must also be across the province. They could not be more wrong.
A real frustration for Bell & Company is when we negotiate with lenders either based in Belfast or mainland UK they cannot seem to understand the difference in circumstances or how the location of the property can effect a situation. These lenders also do not understand that when they repossess and sell a property in possession the effect it has on the surrounding area and as we often say to client’s the postcode is damaged and consequently home values are significantly affected in a negative manner.
Conversely when we can deal with local Banks, particularly with our corporate clients we can often see a more realistic approach undertaken by the Bank which is ultimately beneficial to all parties to agree a route forward.
As we have eluded to in previous blog posts when interest rates begin to increase from quarter two of 2016 we will see another surge in property repossessions and perhaps another detrimental effect on property prices in the Province. More “hotspots” will arise.
Bell & Company understand that those living in more rural areas will find it incredibly hard to deal with their negative equity situation but nonetheless we have helped many to move on with their lives and eradicate their debt problem. Our advisors are often on the road across Northern Ireland and Republic of Ireland so please call the office today on +44 (0) 2890 517047 and see if we are in your area to arrange an appointment at a location to suit you. Or alternatively please sign up to our e-newsletter and be the first to be aware of our next network evening when our advisors will be on hand to discuss any debt matter.
We look forward to hearing from you soon.
Terry Bell – Director