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House Prices - using rateable value as a guide
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# 1
CPS
Old 04-12-2012, 4:10 AM
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Default House Prices - using rateable value as a guide

In Northern Ireland we don't have a register of actual sold prices. Over on the HPC NI forum they are adamant that the best guide to use is the 2005 rateable value figure and buyers should be aiming for RV -10% to -20%. In my area (North Down) asking prices are all well above RV and there is no way I will be be able to get a desirable house for less than the RV. There are some perfectly nice houses out there in my required area but are RV +20 - +25% and its putting me off putting worthwhile offers on them (Cheeky offers are all very well but I am unlikely to get a 200k house for under 150k). I was stung in 2007 but managed to get out in 2010 and dont want to be ripped off again

Are any other house hunters / sellers using RV as a guide or is it HPC propaganda?

Ta
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# 2
saverbuyer
Old 04-12-2012, 8:16 AM
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It's a tough one and I've been thinking about it over the past few months myself. You are obviously 100% correct in that we don't have access to sold prices like England (you can still check the registry and might get lucky in that the sold price will be recorded. What we do have are indexes of actual sold prices and they show that average prices are about 10-20% below 2005 values. The vast majority of houses are selling below ratable value. I don't know about propaganda, what I do know is prices continue to fall, and sales are very very slow with 60% off peak common.

You've been stung before there's no need to jump in again. I know when I come to buy, no matter what area; I won’t be offering more than RV-20% provided I agree with the RV. Just look at the other thread a few days ago questioning the RV figures in Stranmillis. RV -40% sales are happening and this is BT9.

NI has really nothing going for it which points to prices rising in my lifetime and I'm still young. Every year is a year of cheap rent and a growing deposit. My mortgage will be a little as possible and I'll not be embarrassed by my offers.
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# 3
wanchai
Old 04-12-2012, 10:52 AM
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This is as close to a reliable source as you will get.

http://www.dfpni.gov.uk/lps/index/ab...blications.htm

FWIW, I'm with saverbuyer Not taking the plunge yet, there are further falls to go imho.
7 Feb: 10st7lbs 14 Feb: 10st4.5lbs 21 Feb: 10st4lbs 1 March: 10st2.5lbs 13 March: 10st3lbs (post-holiday) 30 March: 10st1.5lbs 4 April: 10st0.75lbs 6 April: 9st13.5 lbs 27 April 9st12.5lbs 16 May 9st12lbs 11 June 9st11lbs 15 June 9st9.5lbs 20 June 9st8.5lbs 27 June 9st8lbs 1 July 9st7lbs 7 July 9st6.5lbs
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# 4
steveymp
Old 04-12-2012, 10:52 AM
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A lot depends on the area still and type of house, apartments/ terraced houses and others too have taken a beating over the past few years and rightly so, as the prices were hugely over inflated, my heart goes out to anyone first time buyer caught in the hype and buying at the peak.

Use RV as a guide only but with prices continuing to fall I wouldn't be paying over RV for any house in any area at present. You are in a tough situation as you require a house in North Down, probably the most desirable location in our wee country West of the Bann being the cheapest area as usual. Supply and demand also dictates price in your location, supply being low and demand high will keep the asking prices above RV.

It is not a crime to pay over RV for a house I did this very year (and I live west of the Bann) but the house was perfect for us and will probably be my 'Box' house so I don't really mind if its value goes up or down too much

Oh and NEVER be afraid to give a cheeky offer for a house, if the home owner wants a sale any offer will be considered, especially if the property has been on the market for a long time.

Good luck in your search.
I am trying, honest very trying according to my dear OH
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# 5
gmm30
Old 05-12-2012, 1:58 PM
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Does anybody know how the mortgage lenders are valuing houses at the minute? All very well if I want to spend RV+ 10% on a house that's been on the market for 2 years, but will I get a loan to pay for it?
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# 6
dsab
Old 05-12-2012, 4:48 PM
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I guess it very much depends on the Area.

We just bought a new build, and the rateable Value has been set at about 17% above the purchase price (which was in line with Valuation).
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