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Dear Barry
Area Profile: Finaghy
24th August 2018
Area Profiles
This month I'm looking at the very south/south-westerly tip of Belfast before it segues into Lisburn postcodes. Many people believe Dunmurry to be the last stretch of Belfast before we approach our neighbouring city, but in fact, Dunmurry is now an electoral ward of Lisburn.
Finaghy lies along the Upper Lisburn Road, between King's Hall and Black's Road, and as so is an oft-forgotten source of the sought-after BT9 postcode. Finaghy is flanked on one side by Andersonstown and on the other by Malone. I consider Finaghy to span roughly from the A55 to the edge of Balmoral Golf Club.
So, as mentioned, this is a part of Belfast with some desirable postcodes and indeed many very desirable properties.
No rapid bursts of growth on the horizon are predicted because, unlike Ormeau and East Belfast, this is not an area in need of, or facing, massive regeneration. Unlike the Northern and Central parts of the city, there is no nearby explosion of hotel-building.
That said, it is still a very attractive prospect, both to live and to visit. It has a safe, suburban feel, while enjoying incredibly convenient links to both Belfast and Lisburn with good train and bus services easily accessible. You can be in Belfast or Lisburn city centre within 15 minutes.
So, no surprise that there are plenty of Finaghy homeowners renting properties and rooms on Airbnb - it's an affordable and relatively quiet option for a savvy Belfast tourist.
It is close to Musgrave Park Hospital, good primary and post-primary schools, as well as the local shops and conveniences and as mentioned, the golf course. There is a health centre, pharmacy, solicitor's office, budget supermarket, off licence, chiropractor, optometrist, podiatrist, nurseries and old people's homes... the list goes on.
So local employment opportunities are good and varied, and any local amenity you could possibly wish for is practically on your doorstep - all of which is good news for property investors and landlords.
There has also been recent investment in the area with the refurb of the old King's Head, now the delightful Doyen bar and restaurant, as well as the new enormous Eurospar service station and store.
From detached 4-bed pads with bay windows and gardens, to 3-bed semis and terraces, to apartments and even flats in tower blocks and housing estates, this small strip of South Belfast has literally got something for every homeowner, tenant and budget.
All in all, it is a stable and healthy property market with a relatively diverse and varied population, but not quite as multicultural as other stretches of the Lisburn Road. A good solid prospect both for the buy-to-let and the capital investor in my opinion.
Probably some of the most recognisable streets in Finaghy and enjoying fantastic access to Belfast and the motorway, as well as being a short walk or drive away from most of those amenities mentioned above. Pleasant detached and semi-detached properties with gardens, this is a quiet area of young professionals, older families and retirees. There's a decent amount of rental demand and decent yields to be had.
There are some parts of this micro-area that feel like little hidden villages, particularly Lille Park at the end of Ormonde Avenue. More lovely period properties to be found, as well as a surprising amount of rental demand. Again, yields aren't astronomical but long-term rentals could probably be negotiated with the right tenants given the proximity to good local schools.
A pocket of Finaghy with a slightly more humble visual aesthetic but one with a rich stock of ex-Housing Executive houses and two tower blocks and you know my feelings on these types of properties. Not the most visually pleasing externally, but robust and well-built properties that are practically-designed for everyday family life. Properties here will rent all day long and are likely to be desired by people from the area who want to remain in the area long-term.
Sure it looks a bit dated, but after a freshen up, at £55,000 and around £450 rent per month, this could be a 9.8% yield earner. Definitely worth looking into.
It doesn't look like much on the outside, but on the inside we have a turn-key house ready for tenants. I think you could ask at least £500 a month in rent for this, so at £94,950 that's a minimum yield of 6.3%.
At £170,000 and in need of modernisation, this is not a quick-buck yield generator. But it could be popular with renters, would lend itself well to long-term rentals and would be a good capital investment if you're in it for the long term. It's a bungalow which would make it a potential retirement pad for you, and could be a good rental for those with mobility issues.
I hope you enjoyed this latest instalment of Area Profile. Where would you like to see us head to next? We'll put up a poll on Facebook later, and you can always email your thoughts to info@thebelfastpropertyblog.com
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