Belfast and Northern Ireland in general seem to be suffering more than most. With the combined effect of both the credit crunch and the end of the post-Peace Process Boom Times, we are experiencing extremely hard times at the moment and they are predicted to continue for at least 12 - 18 months.

My question can be taken in a more general sense though... are there ever properties that are worth buying regardless of market conditions? The kind of unique, sought after, rare properties that just don't become available very often. The thing I have in mind is also being sold off the open market, no marketing what so ever, and it's in on of the most desirable and prestigious areas in the whole City. It will have resale potential for professionals and elderly as it is on a single level and I think it also has an element of x factor which can only be found in an old building. As far as valuation goes, it's pretty hard to value anything at the moment but the vendors are asking full market value as far as I can see.

To buy or not to Buy?? Any advice fully welcomed!!

Hi Joanne,

I live in Belfast - asking prices have of course corrected over the last year and seem fairly stable at the moment, perhaps a little bit more of a drop to go but hopefully not too much.

From what agents tell me (I'll be selling a flat here over the summer) many deals are being agreed a good bit below the asking, e.g. a 180K flat might agree at 165K.

Lots of property for sale but not too many being sold, although there is some movement. Sellers are also holding out for what they think is a reasonable price which seems to be bolstering the market a bit.

You could definitely pick up a bargain if you looked around I think. Higher end property doesn't seem to be affected so much. Mid range (around 300-400K) is not moving to well. First timer buyers property (150K-200K) is sticking due to the suspension of the local co-ownership scheme which allowed buyers to part-buy part-rent.

At the end of the day you're hoping your bargain will rise in value over the next couple of years when things recover, this is the chance you take. In your favour is the relatively stable market here and continued pent up demand.

That's how I see it anyway, bit of a mish mash of information there but might give you some useful background...