Any other home buyers in NI?

joefizz

GlynD wrote: »

I personally can't see it going as low as another 20% but that is pure speculation

Not really. The one overriding principle of lending money that was so convieniently ignored is that house price affordability is generally 3.5 times salary.

I live in as close to the average house as you can get, which was 45k in 1997, and 10 years later a neighbours went for 245k.
RV is 105k and one across the street recently (last 2 months) went for 85k which is about 20% below RV.

Average salary in NI is currently just under 19k so that makes the reasonable affordable price of an average house in the region of 66k which is another 20% drop from the previous 85k mark.

All of that assumes that average salary wont decrease, normal bank lending (even to buy a 66k house now you would roughly need 15k in deposit and fees), and a normal supply and demand (repos, nama, excepted)

So it is possible, and less speculation than you would think.

tara747

This guy was very lucky to get £91K, considering that other houses in the Village are going for about £30K!!

http://www.bbc.co.uk/news/uk-northern-ireland-20963858

funkey_monkey

Just been reading through this. Was looking at a semi in SE Belfast. Nicely done up to be fair. Current offer is 15% over RV!

S/SE Belfast just seems to be in a world of its own. I've been looking for a while now in the region and there is nothing remotely like value coming on here.

Hopefull, some decent stock will start appearing when March is over.

warmhands.coldheart

funkey_monkey wrote: »

Just been reading through this. Was looking at a semi in SE Belfast. Nicely done up to be fair. Current offer is 15% over RV!

S/SE Belfast just seems to be in a world of its own. I've been looking for a while now in the region and there is nothing remotely like value coming on here.

Hopefull, some decent stock will start appearing when March is over.

Private Sellers looking to sell who probably cannot sell for any less (to pay of remaining mortgage) or Private sellers who are still delusional about what they think their house is worth. (Greedy)

We bought in SE Belfast around Ravenhill Area last year for about 30% less than rateable value but we did have to spend a bit to "modernise" it. if it had already had the work done I don't think I'd have payed anything over RV-10%. Currently having had all work done, we've probably spent (inc purchase and renovations) equivalent to the Rateable Value but we did do a lot of work others may not have done at the time to make the house a lot more energy efficient and "future" proof.

tara747

funkey_monkey wrote: »

Just been reading through this. Was looking at a semi in SE Belfast. Nicely done up to be fair. Current offer is 15% over RV!

S/SE Belfast just seems to be in a world of its own. I've been looking for a while now in the region and there is nothing remotely like value coming on here.

Hopefull, some decent stock will start appearing when March is over.

It's falling, though. It was perhaps the last and the slowest to fall, but it couldn't hold out forever. As always, there will be a flood of new properties come spring. We're in no hurry.

tara747

Meanwhile, the new official DFP/NISRA house price stats will be published next week!!! :beer:

warmhands.coldheart

http://www.bbc.co.uk/news/uk-northern-ireland-21416732

saverbuyer

EAs are pricing at RV +15% hoping to get RV after negotiation. Prices are at 2003 levels. I wouldn't be rushing to pay RV + anything.

As Tara said, wait for the spring when loads of new properties come on the market and there’s even more pressure on vendors to be realistic.

funkey_monkey

tara747 wrote: »

It's falling, though. It was perhaps the last and the slowest to fall, but it couldn't hold out forever. As always, there will be a flood of new properties come spring. We're in no hurry.

Hi Tara,

Thanks for your replies. I forgot about Ciara's latest report being out next week!

Is anyone seeing drops in S/SE Belfast? I was looking up at St John's and Rosetta but the prices are still steep there. Same for other areas. Hopefully a few more properties on the market will add some downward pressure.

saverbuyer

Most of the stuff in St John's is overpriced. I've looked at a few here; most have been on for months and months.

Take this one asking 10% below RV, on for a year, still well over priced.

http://www.propertypal.com/21-st-johns-park-belfast/159569/insight

A tip from me, avoid Templeton Robinson and Hampton. They overvalue in my opinion.

I know someone who bought in the bell towers for RV-25% so there are realistic people out there.
Some are overvalued because they are new builds (built in the last 10 years) and the owners just can't accept the loss.