House Prices - using rateable value as a guide

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.

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 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).