House prices....

lazer

Quick question for those knowledgable about house prices

I've been looking at a house which has been on the market since July 09 at £139k, there has been no reduction in price since then and no recent offers on the property

It is a 2 bedroom semi-detached bunaglow.

What would be a reasonable offer in it?

tara747

pgilc1 wrote: »

As you have just admitted yourself, the problem is not oversupply, its the situation people find themselves in.

More houses than buyers is a symptom in this case, not the problem.

No, there is an oversupply. Do you see hordes of homeless people on every street because there aren't enough houses?

People who can't/won't buy are living in rented houses biding their time till prices fall to an acceptable level, and till IRs rise (everyone and his dog knows that they can't stay this low for long!). And we all know of lots of empty developments, apartment blocks and even second-hand houses (Just look at the interior pics on Propertynews - lots of obviously unoccupied houses). So there are more than enough houses i.e. an oversupply.

lazer wrote: »

Quick question for those knowledgable about house prices

I've been looking at a house which has been on the market since July 09 at £139k, there has been no reduction in price since then and no recent offers on the property

It is a 2 bedroom semi-detached bunaglow.

What would be a reasonable offer in it?

Where is it?

lazer

tara747 wrote: »

Where is it?

Hi - It's in the South Down Area.

bingo_bango

lazer wrote: »

Hi - It's in the South Down Area.

But where in S. Down?

Are we talking about a housing estate in Newry, or is this on it's own site in Killowen? Both south Down, but there will be a HUGE difference in price.

motorguy

tara747 wrote: »

No, there is an oversupply. Do you see hordes of homeless people on every street because there aren't enough houses?

People who can't/won't buy are living in rented houses biding their time till prices fall to an acceptable level, and till IRs rise (everyone and his dog knows that they can't stay this low for long!). And we all know of lots of empty developments, apartment blocks and even second-hand houses (Just look at the interior pics on Propertynews - lots of obviously unoccupied houses). So there are more than enough houses i.e. an oversupply.

Oversupply is NOT the problem. We are not in this mess because of oversupply, we are in this mess because of the current lending conditions AND lack of consumer confidence.

Those are the REASONS for oversupply, but oversupply is a symptom of the problem, NOT the problem itself.

To prove it, which one of these would put you in a position today to buy a house?

(a) if there there less houses for sale?
(b) if you were able to get a great deal from a bank on favourable terms?
(c) you were confident the market had bottomed out and was on the rise?
(d) (b) and (c)?

Can i predict a response of (d) as opposed to (a)?

motorguy

lazer wrote: »

Hi - It's in the South Down Area.

Whats the RV on it?

lazer

bingo_bango wrote: »

But where in S. Down?

Are we talking about a housing estate in Newry, or is this on it's own site in Killowen? Both south Down, but there will be a HUGE difference in price.

Its in a housing estate

lazer

pgilc1 wrote: »

Whats the RV on it?

The RV is £92,500

steveymp

pgilc1 wrote: »

Whats the RV on it?

As pglic has said, find out the RV of the house, Propertypal should tell you that under the insight tab and work from there, I currently have an offer on a 4 bed detached for 5 grand under the RV of the house:eek:

If the house has been for sale for so long with no reduction, maybe the owners do not NEED to sell, I left mine on the market for a year to avoid having to pay re advertising fees:o I accepted the first offer I got on it for 10 thousand under the asking price;)

I'll be homeless on the 21st of April:eek:

motorguy

lazer wrote: »

The RV is £92,500

Thats the approx current market value of the house then - prices are heading back to 2005 values, which is when the rateable values were last calculated.