Northern Ireland Residential Property Price Index

qwert_yuiop

motorguy wrote: »

There does seem to be a reasonable flow of house sales. Whilst i dont think anyone wants to see the unsustainable rises that we were seeing 2005-2007, small rises yearly would be good.

I see that fairly unattractive mansion "Lakeview" at Gibson's Hill near you is up for sale at £500,000.
Rates valuation is £900,000. Can it really be worth half what it was in 2005? Even worse, if the 2005 pound is now worth £1.33, that's £1.2 million at today's values.

marathonic

qwert_yuiop wrote: »

I see that fairly unattractive mansion "Lakeview" at Gibson's Hill near you is up for sale at £500,000.
Rates valuation is £900,000. Can it really be worth half what it was in 2005? Even worse, if the 2005 pound is now worth £1.33, that's £1.2 million at today's values.

I don't know the particular property but if the bears among us have to resort to picking out a single property to support the thesis that property is in the doldrums, they're in a sorry state of denial.

This is especially the case when using rateable value as a baseline. This is a very crude measure and there are, always has been and always will be a large number of properties selling signifantly above/below this value.

Who's to say that the actual, not rateable, value was anywhere near £900,000 in 2005? Add to that the work required to bring it up to the same condition as it was a decade ago.

motorguy

qwert_yuiop wrote: »

I see that fairly unattractive mansion "Lakeview" at Gibson's Hill near you is up for sale at £500,000.
Rates valuation is £900,000. Can it really be worth half what it was in 2005? Even worse, if the 2005 pound is now worth £1.33, that's £1.2 million at today's values.

Yes, it can.

Its been derelict for those 10 years and now requires extensive refurbishment

It would have been rated as a fully functional 7 bed mansion at the time, not a derelict shell.



Would have been some house in its time.

motorguy

marathonic wrote: »

I don't know the particular property but if the bears among us have to resort to picking out a single property to support the thesis that property is in the doldrums, they're in a sorry state of denial.

This is especially the case when using rateable value as a baseline. This is a very crude measure and there are, always has been and always will be a large number of properties selling signifantly above/below this value.

Who's to say that the actual, not rateable, value was anywhere near £900,000 in 2005? Add to that the work required to bring it up to the same condition as it was a decade ago.

Heres the link....

http://www.propertynews.com/Property/Lurgan/LBV670364/194-Gilford-Road/

It would take an easy £400,000 to get it back to its former glory

saverbuyer

motorguy wrote: »

Heres the link....

http://www.propertynews.com/Property/Lurgan/LBV670364/194-Gilford-Road/

It would take an easy £400,000 to get it back to its former glory

I doubt 400k would even touch it.

motorguy

saverbuyer wrote: »

I doubt 400k would even touch it.

True. It would be a money pit once you start.

qwert_yuiop

...and still a shocker. I'm sure you know the story. Used to belong to a formerly wealthy newspaper owning family. There was a lot of land with it at one time.
Remarkable how it deteriorated so much so quickly.

motorguy

qwert_yuiop wrote: »

...and still a shocker.

It doesnt surprise me at all. Its practically derelict. Would probably need gutted.

You can buy cheap wrecks all day long

saverbuyer

motorguy wrote: »

It doesnt surprise me at all. Its practically derelict. Would probably need gutted.

You can buy cheap wrecks all day long

That's not cheap.


"mansion" in the !!!!!! of lurgan for 500k. That's pretty expensive.

motorguy

saverbuyer wrote: »

That's not cheap.


"mansion" in the !!!!!! of lurgan for 500k. That's pretty expensive.

That genuinely made me laugh out loud

Indeed it is.