House Prices

motorguy

warmhands.coldheart wrote: »

But you don't have to... maybe they do!!

They dont have to, in that they have not bought another house / site yet, so they'll be living in the house anyway and if it takes two years to sell then it takes two years to sell.

Whereas for us, it would have been an idle house, thus we'd lose 24*£550 rental income over that same time.

It will just be interesting to see if they get any interest / offers in the short to medium term.

motorguy

x12yhp wrote: »

Which is what happened to many a couple of years ago - now prices are £50k below what they thought, not 20k!

Yup. Very true. As i've said, i'm going to try and reorg our finances so that we keep the house. It would make a useful nest egg / income come retirement time.

warmhands.coldheart

pgilc1 wrote: »

They dont have to, in that they have not bought another house / site yet, so they'll be living in the house anyway and if it takes two years to sell then it takes two years to sell.

Whereas for us, it would have been an idle house, thus we'd lose 24*£550 rental income over that same time.

It will just be interesting to see if they get any interest / offers in the short to medium term.

Thats what I mean.... you didn't have to sell as you could buy/build your new house without selling the other..... they obviously can't, so if they want/need to move they possibly do have to sell the house.

Darcy_1

I have been trying to sell my house for the last nine months now and it just isn't shifting. I have an offer in at the minute but it is very low. I'm in the Bangor area. I think house prices here have fallen alot over the past couple of months, everytime i go onto PropertyBee, prices have been dropped. Just wondering about other areas of Northern Ireland and if it hard to sell at the minute or maybe its just my house?

wifeforlife

tight_arze wrote: »

The reason I use rateable value as a fairly accurate guide is because these values were calculated in 2005. According to published house price reports Northern Ireland properties are now priced at 2005 levels. So I would expect todays market price and rateable value to be fairly close. This isnt the case with most of them.

I wouldn't use this way - although they say the prices are reflective of 2005 prices, the actual calculations weren't done until late 2006 early 2007.

I was looking at houses in 2005 and I viewed a 4 bed end townhouse, with huge gardens in a nice area. It was on at 89K and I laughed and said I wouldn't pay over 80k for it, I'd just wait and get something more affordable at the time.

The joke was on me, I bought this year, a 3 bed semi with average gardens in the country for 102k. My house has a rateable value of 105k for rates, the same house above is rated at 85k for rates.

The calculations aren't reliable and although many people in Northern Ireland have benefited for rating purposes, it suited them in 2007 and 2008 to have lower valuations, now it comes to house selling and recession times, it's the number one complaint, "but my house is worth that now"

I think we're still well off 2005 prices yet, houses are still too expensive, how many houses can you realistically buy for under 100k in decent condition?

Cate

wifeforlife

Darcy_1 wrote: »

I have been trying to sell my house for the last nine months now and it just isn't shifting. I have an offer in at the minute but it is very low. I'm in the Bangor area. I think house prices here have fallen alot over the past couple of months, everytime i go onto PropertyBee, prices have been dropped. Just wondering about other areas of Northern Ireland and if it hard to sell at the minute or maybe its just my house?

I think it's just generally hard to sell at present, doubt it would be your house. With the change of Government, the changes in lots of benefits, tax and the firm grip the banks have of money, people are trying to hold onto their money and the easiest way for most people is to have stability in their homes.

Hope the offer works out for you

Cate

x12yhp

cathy2702 wrote: »

I think it's just generally hard to sell at present, doubt it would be your house. With the change of Government, the changes in lots of benefits, tax and the firm grip the banks have of money, people are trying to hold onto their money and the easiest way for most people is to have stability in their homes.

Hope the offer works out for you

Cate

Ditto to that. There are a lot of people who are under the impression that things are on the turn which is mostly fuelled by media reporting and the ramblings of vested interests. Cathy has the truth of it. Look at the fundamental things - affordability, employment, salaries, cost of living... no matter what anyone says, if these things are not 'OK', houses etc will not be appreciating...

tight_arze

cathy2702 wrote: »

I think it's just generally hard to sell at present, doubt it would be your house. With the change of Government, the changes in lots of benefits, tax and the firm grip the banks have of money, people are trying to hold onto their money and the easiest way for most people is to have stability in their homes.

Hope the offer works out for you

Cate

I agree with some of that, although if your house isn't selling then its probably priced too high. Houses sales are still taking place but only if they are priced realistically.

avenida

tight_arze wrote: »

I agree with some of that, although if your house isn't selling then its probably priced too high. Houses sales are still taking place but only if they are priced realistically.

Couldn't agree more, its all about what price its on at, e.g. if you had it on for a £1 it would sell (I know thats not going to happen but you see where Im coming from)

Darcy_1

I understand that. I have my house £15k under the price of all the other houses in the area and the offer that has been made is £10k below that!!