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House Price Crash Forum


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  1. Thanks for all the responses. Checked and there's approx £15k difference on LPS for similar properties with a garage. Parking is not a problem as its a detached house with driveway parking - but I would just like a proper garage built in a style that will match the house rather than a shed. Although it would be used mainly as a store for all my junk, I just think a house looks incomplete if it doesn't have a garage (silly I know!). As it would be a detached garage I wouldn't have any plans to convert it to living space in the future, so don't think I would need a cavity wall, just a single block wall. I would be happy enough doing some of the donkey work and organising the individual trades. I had an expectation that I could build this for around £8k (northern Ireland rates). From the LPS ratings that would be a good investment - but it would be good to hear if this is achievable and if anyone else could provide details of what they have paid for simialr size garages in NI.
  2. Any idea on the cost of constructing a detached garage (roughly 3.5m wide x 6.5m long). Is the outlay likely to increase the value of the property by at least the cost of construction?
  3. My house is still rented although it's now on a rolling 3 month contract. Just curious, as always, on the views of the members here as to the best course of action moving forward. My thoughts are to keep the house and hope that prices increase at a steady rate over the next 10 years or so. I'm Intersted in the views of the members on this strategy- do you think prices are likely to continue to increase? Should I still play the long game and rent the property or consider selling now?
  4. I would be interested in the Coleraine / north coastal areas in particular. Propertynews etc would indicate prices generally around the rv level, but don't know how this compares with actual sale prices!
  5. Any views on what the current expectations are in relation to house prices/Rv? Any actual data from recent transactions along with the area would be interesting to see. Thanks
  6. A very belated thanks for the replies. Just to give you an update I decided to keep the property and rent it out. Its in the Coleraine area and prices seem to be in or around the RV. Its rented to a professional family who i've had no problems with at all and receiving £550 per month. Playing the long game and hoping that when my children are older this will help start them off.
  7. Hi all, Juat curious to see what the current thoughts are regarding the sale prices in relation to RV. I've recently inherited my uncles house (although my children have a £45k share to be released when sold) with an rv of 135k and i'm debating if i should sell it now or rent it out with the hope that prices will rise. Should I cash in now and pay off my mortgage or go through the hassle of renting with the hope that in the long term prices will go up?
  8. It's the "folio" documents relating to the specific house you request. The folio contains all information regarding past ownership, present ownership and any conditions associated with the property (rights of way etc). On occassions it also lists a "consideration" which tells you how much the property was purchased for.
  9. No - this was a different one. The other one had a few bidders in the end up and i'm told it was agreed at £15k over my original offer.
  10. Update - put in the offer on Monday and after some negotiation the deal was done yesterday at 14% below rv. Realise that we haven't reached the bottom yet but think i'm close enough to my annual rent being equal to what the annual deflation will be, so content to move on. Think there's def a stalemate between buyers and sellers in the price bracket i was looking at, with very few decent houses coming on at a sensible asking price. Happy with the deal i've got (at the minute), i just have to resist the urge to look at propertypal etc in the future! Thanks to all for comments and advice - would def bought sooner and at a much higher price if it hadn't of been for this website.
  11. Interested to hear the views on members here regarding where you thing house prices will bottom out in relation to RV?? I'll start the ball rolling and go in at 20% below. I thing i would be reasonably happy to buy at this price
  12. They'd be lucky as there's plenty of houses in similar areas of coleraine that could be bought for much less than their rv. I don't use rv as the "be all and end all", but using other houses in the area as a comparison, then this house would be lucky to achieve £180k. Have been wrong on many occasions, and still see houses selling for well above what they're worth (i can't get over someone offering £235!). But based on the info i have available, £180k would be a good price - and i would imagine if you got the ea selling this property drunk they'd be telling you the same thing. Trying to convince the sellers of this may be a different storey however! I think there's a mindset from some people that they will only offer a certain percentage below asking price. They seem to make the assumption that the asking rice is fair to begin with and would insult the sellers by offering less. I tend to offer what i think it's worth, but only if it's being advertised within a reasonable distance from this - I wouldn't offer 50% of an asking price even if this was fair - i'd just look past it. Has anyone else the same rule of thumb - what is the maximum offer below asking price that you would offer? I normally wouldn't look at a house if it was priced greater than 20% of what i thought it was worth.
  13. They still exist! http://www.propertypal.com/5-wheatsheaf-park-coleraine/158546 Heard these people turned down an offer of £235k as they wanted an extra 5k! - Unbelievable. What’s the point in them even pretending that they're serious about selling. With an rv of 200k and no garage they should have broke their arms (and legs) for an offer like that. They would be lucky to get around 180k. Don't know what's worse - them turning it down or that some fool offered it in the first instance! Just proves again that when people don't need to sell they do not have to face reality
  14. Just giving an update - the head won the battle over heart. I decided not to increase my offer and was informed yesterday afternoon that the other parties offer had been accepted. Felt a bit disappointed but also happy that i was strong minded enough to stick to what my head was telling me was the sensible thing to do. Just have to wait it out a bit longer and hope the market continues to fall (which i'm confident it will) and another house comes along.
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