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guessing_game

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  1. I don't think its shocking, its just you don't know what those houses are actually selling for. We've just had an offer accepted last week for a house we thought we had no chance of getting but after a bit of haggling we have settled at 25% below asking price and 10% below rv. Its our second move in ten years, a house in the middle ground area £175000 - 275000, so the discount in asking price is circa £50,000. I suppose its down to the situation of the current vendors. If they purchased 6-8 years ago with a 90% mortgage then they are never going to sell unless they take a huge loss. This particular house was being sold by family as their remaining parent had passed away. Vendors like these aren't tied up with huge mortgages and can afford to be realistic about the prices of their properties. I've also noticed even the most dillusional of ea's that i started dealing with over a year ago, were, in recent months becoming slightly more realistic with the prices of new property they were bringing to the market. That's not to say they have finally woken up but they are slowly going in the right direction.
  2. Hi I rent a unit in the Enkalon Industrial estate in the same area you are looking at. I've also looked at buying over the last 18 months and the price that units (and plots with planning permission) in the same area have fallen by is shocking. My latest call (6 months ago) with the agent who I'd made enquiries with regarding one of the plots of land began with him knocking a full 50% of the advertised brochure price and ended with him saying "just make me an offer". They are desperate to shift these units. The commercial market is completely depressed. Our lease is up in 4 months and we recently extended it by one year only. This would have been unheard of a few years back. At the minute any tenant for a landlord on a commercial site is better than the site sitting empty. Also, part of my condition of extending the lease by another year was that the previous years maintenance charges of almost £1000 were reimbursed. They duly were. I'm only renting 4000sq feet at £3.50 per sq/foot. My business is growing considerably at the minute and bigger premises may be required sooner rather than later hence the need for a short term lease, however the plan will be to build purpose built premises or buy something more suitable. I've been told by one very reliable source that in 12 to 18 months time some commercial premises will be changing hands for less than the money it cost to build them.
  3. So, I was coming on here tonight to ask a question about the average house prices commented on in the Belfast Telegraph article (linked to by a post from Shotolight earlier on today in another thread). If Nationwide show an average house price in Northern Ireland at the end of December in the region of £113k and UUJ quote a current average house price of £140k it leads me to believe that UUJ are collating their figures from the average asking prices of estate agents in Northern Ireland and as such these figures are fictional and of no use to anyone. However, I recently sold my property, a three bed semi in Lisburn for something very similar to the average Nationwide figures recently published so where do they collate their information from and do any of you guys agree that their figures are the best guidelines to use over here in N I?
  4. Can i ask a couple of questions just to clarify a few things. It may be the wrong thread to do it here, apologies if it is. What, if any, is the difference in Capital Value and Rateable Value. For my property that I am currently in, both of these values are exactly the same and incidentally it is also the exact price I put my house on the market for last month (didn't know this at the time). The property I am looking to move to also has identical RV and CV values, though they are 36% below the current asking price. Now, second question. I know this property has work done to it in the last couple of years (an extension of one reception room and two bedrooms above) so will the land registry CV reflect this work done or does it remain as the original 2005 CV that was initially calculated? Thanks in advance
  5. Woohoo Thanks for that reply. I'll keep you posted
  6. Thanks. I'll have to try something, looks like the renting for six months may be unavoidable though! Heres hoping this year is the year the penny is finally going to drop with EA's and vendors who believe that their properties can't be worth anything less than they paid for them three years ago!!
  7. Cheers for the reply, you've misunderstood the situation. The EA representing the house we are interested in is the one who in my opinion overvalued our own home, I never used his services in the end, and without naming him, the majority of properties that he his selling in the Lisburn area are way of the mark. I just get the impression I'll be getting nowhere with him if I approach him with an offer. As you're in this line of business, is it acceptable to go straight to the vendor and tell them (in the nicest possible way) that their EA is living in the past and make them an offer directly. I have never moved property before and the last thing I would want to do is get off on the wrong foot with the owner of a property that we are interested in. Incidentally this property has been on the market for around 500 days now.
  8. Hi This is my first post on here and I've spent the last month trawling through some of the topics looking for bits and pieces of advice. I'll give you a brief rundown on our position. We put our house (3 bed semi in a nice part of Lisburn) up for sale at the start of November 2011 with the assumption that it would be March/April of 2012 before we would have any genuine interest. We had two valuations, one at £135k (way off the mark) and one at £115k. We went for the second valuation and accepted a bid of £112k within 10 days of it going on the market. We have agreed with the buyer to be out of the property by the end of this month. Now I'm in a situation I didnt expect to be in and may have to rent for 6 months. The problem I'm having is that a particular house I'm looking at (4 bed detached in Lisburn) is on the market for £250k. By my reckoning prices are now 50% of what they were in mid 2007, and this house would have been on the market back then for 375-400. Easy sums tell me this house should now be between 185 and 200k. Also the RV on the house is 160k and I keep reading on here about this being a good indicator of where prices should be at. The agents selling the house we are interested in are the same ones that valued our own house at 135k and I am reluctant to approcah him with what he would, I'm sure consider a derisory offer of around 190k. I have around 75k of a deposit and a mortgage facility up to 130k so I'm not going to sit and wait for the very bottom of the market - the house we move to is the house we'll stay in for the forseeable future and it would take another catastrophic collapse in prices to force me into negative equity, however I don't want to pay way over the odds for a property either. Lastly, we've two kids under 3yo - upping sticks and renting only to have to move again is the last thing we really want to be doing. Any advice out there for a soon to be homeless family!! Regards
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