House prices....

Old_Git

wanchai wrote: »

The latest report is out, prices fell 12% in the year to September 2012 :beer:

http://www.northernireland.gov.uk/index/media-centre/news-departments/news-dfp/news-dfp-211112-residential-property-prices.htm



Old Git, I see that you sold your house in BT7, well done. Did you get what you wanted/expected?

well you never get what you want but estate agents and auctions all came up with the same price .So I auctioned it and got £8000 above the reserve .

wanchai_2

Old_Git wrote: »

well you never get what you want but estate agents and auctions all came up with the same price .So I auctioned it and got £8000 above the reserve .

Good for you.

Old_Git

wanchai wrote: »

This is also illuminating: http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/northern-ireland-properties-auctioned-off-at-rockbottom-prices-semi-sold-for-25000-16232287.html

I was at this auction as I sold my house at it .
The way the auctions worked was they had a guide price £x reserve price £y . They also use a comparable price .The Comparable price imaybe a house that is overpriced and has been on the market for years .I know n my case the comparable house had been on the market for 4 years and was over £100,000 overpriced . The house in Craigavon that sold at £25,000 had a comparable price off £60,000 but a similar house in the same development is up for sale at £49,000.
Dont assume everything in an auction is a bargain .

this property is going up for auction for the third month in a row
as it hasn't reached the reserve
http://www.brggibsonauctions.com/propertydetails.asp?pid=374&Auction=B&offset=50

same with this one.http://www.brggibsonauctions.com/propertydetails.asp?pid=332&Auction=B&offset=70