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Long time lurker here, looking for some sage advice.
I'm a long term expat with some funds in NI. I'd like to park them in a property for the short term, say 3 or 4 years. Cash only, no mortgage.
I was looking at the following and wondering, just how bad is the area?

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In the long term the NIHE wants to demolish most, probably all of it's tower blocks. If you were to buy one of these flats and wanted to sell it in four years time, I suspect by then the likely fate of these blocks would be more common knowledge so who would buy the property off you? Bear in mind that 50% of those flats in those two blocks are privately owned so there could potentially be quite a few for sale over the next few years, most high rise flats in other estates are still owned by the Housing Executive but here there's been a lot of privatisation. I'm not sure what the timeline for eventual demolition is as that's not decided but it could be well after four years, so you may be waiting a long while for the housing executive to compulsorily purchase it from you, and who knows what price they will give you. I would guess that these two blocks wouldn't be the last of the 32 to go, reasoning that they would be the ones recently tarted up like the white new lodge towers of Braniel & Ardcarn reclads. One of the key reasons why the tower blocks are set for the wrecking ball is that they have many vacancies so are hard to justify economically. Another thing to consider is that these flats will have an annual service charge for the maintenance of the lifts and the like- in private developments these are around £1200 but being state run I expect these will be cheaper. I suggest you read the NIHE tower block strategy document from 2015 for more info on the long term plan for these areas.

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Cheers rattusrattus, that's just the kind of intel I need as I 'm far from home. Might also give me some bargaining power if I choose to go ahead.

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  • 292 Brexit, House prices and Summer 2020

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      • down 5% +
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