Any other home buyers in NI?

GlynD

Mistral001 wrote: »

There must be something in our DNA which says that if we buy in a falling market we are admitting that we are in some way mentally !!!!!!.

I suppose most people want to boast about how great their new house is. But even if the house is in a very desireable area has everything that anybody wants, if it is falling in price that trumps everything in the desireabilty stakes. It is going to be a lemon in many people's eyes.

First time buyer are more affected by this human condition and other I should have thought. They will presently be living in rented accommodation or with parents which means that any house they buy that is falling in value is a massive issue. For someone who is selling a house to move into a new house it is not such a big issue as it is just moving from one house falling in value to another one.

So if first time buyers can just overcome the social embarassment of living in a house sufficiently long enough for it to start to increase in value again, then maybe first time buyers will start to buy hoouse again in large numbers.

Can't see it being in large numbers. Things will build up slowly and steadily in line with demand and the mortgage products being made available. In my opinion that is.

Mistral001

If I remember correctly, the house prices in NI started to fall not long after it was reported that the average price of a house was higher in Belfast than in London.

Going by that principle but applying it to the bottom of the house price league table, which city or cities in the UK or ROI has lower prices to Belfast at present? Now if we knew that then we could maybe weigh up whether we think that that city had about the same economic prospects as Belfast and if it had then it might be a guide as to how low the prices have yet to go.

GlynD

Mistral001 wrote: »

If I remember correctly, the house prices in NI started to fall not long after it was reported that the average price of a house was higher in Belfast than in London.

Going by that principle but applying it to the bottom of the house price league table, which city or cities in the UK or ROI has lower prices to Belfast at present? Now if we knew that then we could maybe weigh up whether we think that that city had about the same economic prospects as Belfast and if it had then it might be a guide as to how low the prices have yet to go.

My brains have turned to mince - as they often do at this time of the day - so it won't be me looking it up lol.

CPS

Mistral001 wrote: »

Good advice. I have just been doing a check on the "rateable/capital value less 20%". Not far off for most places as far as I can see .

I would love to know where these rateable value minus 10-20% houses are!!? After a few years renting I am now ready to buy and have kept a close eye on the market in my area (Bangor). If you get close to RV you are lucky, most desirable houses have asking prices of RV +10% to 20%. I know I can offer RV -20% but it wont be accepted.

Also not sure how much reliance to put on RV as a guide. I see houses that has RV at £150k and it is just as nice as houses with RV £190k.

I am determined not to buy over RV but it is proving difficult around here.

What was RV based on in 2005 - number of rooms? size?

tommie

"I am now ready to buy and have kept a close eye on the market in my area (Bangor)."

well, here you go!!
RV:£220K
http://lpsni.gov.uk/vListDCV/propertydetails.asp?type=search&display=134764&di=24&dn=North+Down+Borough+Council&wi=0000000106&wn=Broadway&si=0000007328&sn=Donaghadee+Road
Sold for £105K !!
http://www.mustbesold.com/index.php?option=com_propertylab&task=showproperty&id=3847&perpage=20&start=0&order=&type=forsale&minprice=1&address5=&maxprice=&minbeds=0&live=0


also example of auction sales from Dec. last
10 Coombehill Park, Belfast, BT14 6PH. 2 bed semi. Sold for £30,000 (47% below RV)
3a Osborne Drive, Killyeagh, BT30 9SF. 3 bed mid ter. Sold for £42,000 (49% below RV)
1a Osborne Drive, Killyeagh, BT30 9SF. 3 bed mid ter. Sold for £42,000 (49% below RV)
16 Glenburn Road, Belfast, BT17 9AG. 2 bed end terr. Sold for £45,000 (44% below RV)
Flat 5, 81 Eglinton Street, Portrush, BT56 8DZ. 2 bed flat. Sold for £32,500 (57% below RV)
22 Castletown Square, Fintona, BT78 2FB. 2 bed flat. Sold for £15,000 (70% below RV)
Flat 2, 67 Main Street, Lisnaskea, BT92 0JD. 1 bed flat. Sold for £9,500 (73% below RV)
24 Mount Hall Grange, Portadown, BT62 1LA. 2 bed detached bungalow. Sold for £35,000 (61% below RV)
15 Roeview Park, Limavady, BT49 9BQ. 2 bed mid terr. Sold for £34,000 (46% below RV)

Old_Git

the rateable value is a useless figure .I sold a house in BT7 recently .RV £170,000 sold for £83,000.
Just today I was looking at a house with the RV £140,000 ,asking price is £89,950 .

CPS

tommie wrote: »

"I am now ready to buy and have kept a close eye on the market in my area (Bangor)."

well, here you go!!
RV:£220K
http://lpsni.gov.uk/vListDCV/propertydetails.asp?type=search&display=134764&di=24&dn=North+Down+Borough+Council&wi=0000000106&wn=Broadway&si=0000007328&sn=Donaghadee+Road
Sold for £105K !!
http://www.mustbesold.com/index.php?option=com_propertylab&task=showproperty&id=3847&perpage=20&start=0&order=&type=forsale&minprice=1&address5=&maxprice=&minbeds=0&live=0


also example of auction sales from Dec. last
10 Coombehill Park, Belfast, BT14 6PH. 2 bed semi. Sold for £30,000 (47% below RV)
3a Osborne Drive, Killyeagh, BT30 9SF. 3 bed mid ter. Sold for £42,000 (49% below RV)
1a Osborne Drive, Killyeagh, BT30 9SF. 3 bed mid ter. Sold for £42,000 (49% below RV)
16 Glenburn Road, Belfast, BT17 9AG. 2 bed end terr. Sold for £45,000 (44% below RV)
Flat 5, 81 Eglinton Street, Portrush, BT56 8DZ. 2 bed flat. Sold for £32,500 (57% below RV)
22 Castletown Square, Fintona, BT78 2FB. 2 bed flat. Sold for £15,000 (70% below RV)
Flat 2, 67 Main Street, Lisnaskea, BT92 0JD. 1 bed flat. Sold for £9,500 (73% below RV)
24 Mount Hall Grange, Portadown, BT62 1LA. 2 bed detached bungalow. Sold for £35,000 (61% below RV)
15 Roeview Park, Limavady, BT49 9BQ. 2 bed mid terr. Sold for £34,000 (46% below RV)

I did state desirable properties in Bangor - wouldn't class your example as desirable. The rest of your examples are not in Bangor.

To perhaps be more precise - a very high %, most, nearly all of the desirable houses I have looked at over the last 12 months in Bangor are no-where near RV let alone miuse 20%

tommie

you think the 2005 rv/capital valuation is overpriced so to speak?

... do you intend to buy at the £89k figure or what?

Old_Git

tommie wrote: »

you think the 2005 rv/capital valuation is overpriced so to speak?

... do you intend to buy at the £89k figure or what?

in todays market the 2005 figure is overpriced .Do I intend to buy at £89K ,no I want £85K max .Now here is the problem ,If I buy at £85K I still pay the rates on £140,000

tommie

CPS wrote: »

I did state desirable properties in Bangor - wouldn't class your example as desirable. The rest of your examples are not in Bangor.

you may well be right, but your old EA friend Minnis down there thought it was extremely desirable ----> http://www.johnminnis.co.uk/view.cfm?p=JMDJMD3885 :rotfl: