Is it too late to sell a house in Northern Ireland???

tara747

moggylover wrote: »

Christ, I don't know where all these houses are with cheap rents - but I know lots of people around here that would love one! lol

Where do you live? South Belfast rents are very cheap compared to buying and there is no shortage of rental accommodation.

:T

IvanOpinion

leftieM wrote: »

I don't know what houses are selling for but I understand that bids under asking are currently the norm (from looking at the Templeton Robinson website and anecdotal evidence). Asking prices are no more of a reliable guide to the value of a house than they were during the boom.

Definitely ... I reckon bids about 10% below the asking price will be considered (even if they have already reduced the price)

Ivan

leftieM

moggylover wrote: »

Christ, I don't know where all these houses are with cheap rents - but I know lots of people around here that would love one! lol

I don't know if the rents are cheap but the houses are certainly very dear. Close relatives, who rent a 4 bed semi for 800 a month, were offered the house by their landlord for 380k. That's 1900 a month IO at 6%. Quite a gap.
Of course the landlord was probably chancing his arm as the house would not sell for anything like 380k on the open market.

motorguy

I once said that skateboards were just going to be a fad, and would never last. Can i be smug on this forum too? :rolleyes:

tara747

pgilc1 wrote: »

I once said that skateboards were just going to be a fad, and would never last. Can i be smug on this forum too? :rolleyes:

??? What do you mean?

36square

leftieM wrote: »

I don't know if the rents are cheap but the houses are certainly very dear. Close relatives, who rent a 4 bed semi for 800 a month, were offered the house by their landlord for 380k. That's 1900 a month IO at 6%. Quite a gap.
Of course the landlord was probably chancing his arm as the house would not sell for anything like 380k on the open market.

If the house is really worth £380k then its no wonder the landlord wants to sell since his yield is only 2.5%. If these figures are right they tell us why NI house prices got so ridiculous. Too many witless idiots who couldn't think of anything better to do with their spare cash than throw it at property even though it couldn't earn a decent income.

IvanOpinion

Repossession orders are rising in NI (up 30%) ... that could put a few cheap properties on the market ... for repossessions start the bidding at 25% below asked price .. the banks usually (or at least used to) make borrowers insure the other 25% so they don't care since they can claim it from the insurance.

ivan

moggylover

tara747 wrote: »

Where do you live? South Belfast rents are very cheap compared to buying and there is no shortage of rental accommodation.

:T

West Wales - and originally from Slough - where rents are often higher than mortgage re-payments from day 1!

Council rent on a rather grotty and very "squashed" 2 bedroomed house in the next village to us is currently £475/month! No-where near enough rentals available either (nor in Slough, never were which is why I bought in the first place) Caravans are fetching £300 a month - and are usually only available for the winter months - cos people can get that a week for them in the peak of summer since the area is a tourist trap.

luv-my-job

Has anyone noticed any SOLD signs starting to pop up lately? I've seen 2 this week!

dsab

I saw one (neighbours house) in Newry. But only because they dropped the price by 40% within the last 5 months (from 240K to 145K).

And AFAIK they didn't even get that in the end. Desperate times for some sellers.