Sold House Prices In Northern Ireland

[Teabag Head]

hi, you can check how much a property sold for in England and Wales using a site like houseprices.co.uk that has access to the Land Registry figures. Does anyone know of an equivalent for Northern Ireland? thanks

[Malthus]

LR figures for Northern Ireland are only provided on an individual basis and there is a charge.

This is one of the most frustrating aspects of the NI market and means we have to rely on BOI survey , Halifax and Nationwide surveys which only show market trends.

Check the useful sites pinned thread at the top of the NI forum page .

ps welcome to the NI board

Edited August 11, 2009 by Malthus

[paul65]

LR figures for Northern Ireland are only provided on an individual basis and there is a charge.

This is one of the most frustrating aspects of the NI market and means we have to rely on BOI survey , Halifax and Nationwide surveys which only show market trends.

Check the useful sites pinned thread at the top of the NI forum page .

ps welcome to the NI board

Welcome to the NI forum Teabag Head.

I second everything Malthus has said. If you have some time on your hands you might unearth some sales data from the auction data held on, http://nipropertyauctions.googlepages.com/

Until we have freely available LR data it is the only free source of open market transaction data in NI currently available.

Edited August 11, 2009 by paul65

[Ride_on]

Also useful is the rateable value or domestic capital value. You can find out the estimated price of the property on Jan 2005 for the purposes of rates. To be taken with a pinch of salt, but a good start if you are not familiar with an area. Of course many don't bother to update after an extension, but then you can use that for negotiations.

http://vlistdcv.lpsni.gov.uk/search.asp?submit=form

[gordyjuly23]

Went to LPS today and more or less wasted £6

No record of sale but the current owners bought 2004

[gordyjuly23]

HPC starting in October in NI???

Im currently back at home and saving about a grand a month with overtime readying myself to be in a position to buy

FTB

Will have about £4,000 saved at the end of this month.

Mortgage advisor told me I should be about to afford a £70,000 mortgage

3/4 months ago on propertynew I only scene 1 property below or around £75,000 (in the belfast area)

And now there are loads and I expect there to be more and more

[gordyjuly23]

HPC - House Price Crash?

Not familar with some of the terms yet

[Teabag Head]

Many thanks for the advice one and all.

I was hoping to get an idea of the true value of a property presently being advertised for sale. So perhaps the best I can do is use its rateable value on the 1st January 2005 and then use the Nationwide house Price figures for NI to measure the price change since then.

Using this calculator http://www.nationwide.co.uk/hpi/default.asp?calculate=true the property that I'm interested in (a flat in BT9) advertised for £275K comes out at £198K! That's quite a disparity. Is my methodology fundamentally flawed in some way? Thanks for any advice.

[getdoon_weebobby]

Many thanks for the advice one and all.

I was hoping to get an idea of the true value of a property presently being advertised for sale. So perhaps the best I can do is use its rateable value on the 1st January 2005 and then use the Nationwide house Price figures for NI to measure the price change since then.

Using this calculator http://www.nationwide.co.uk/hpi/default.asp?calculate=true the property that I'm interested in (a flat in BT9) advertised for £275K comes out at £198K! That's quite a disparity. Is my methodology fundamentally flawed in some way? Thanks for any advice.

whats the rateable value ??

bt9 is my search area and i dont bother enquiring unless asking price is somewhere close to rateable value.

bet u if u look at rateable value itll be even lower than 198k

198k would buy you this;

http://www.penangproperties.com/apartment/...ove/thecove.htm

Edited August 12, 2009 by getdoon_weebobby

[Teabag Head]

whats the rateable value ??

bt9 is my search area and i dont bother enquiring unless asking is somewhere close to rateable value.

bet u if u look at rateable value itll be even lower than 198k

198k would by you this;

http://www.penangproperties.com/apartment/...ove/thecove.htm

Hi, yes, you're right, the rateable value is only £160K. It's a 'new build' flat ( 5 years old) in BT9, would this explain the big disparity. Or is it just vastly overpriced? I suspect the later.

[getdoon_weebobby]

Hi, yes, you're right, the rateable value is only £160K. It's a 'new build' flat ( 5 years old) in BT9, would this explain the big disparity. Or is it just vastly overpriced? I suspect the later.

overpriced!

there is obvious disparity i mean the system for calculating price will prob not take into account internal spec.

i think i know the one your interested in

"This apartment has it all"

been on at 275k since november. 345k before that. on for 18 months at least. that tells me its very overpriced.

seriously this is the kind of thing i would buy. but even at 175k i wouldnt necessarily buy because im thinking what will its value be in 2 years. 130/140

if your needing a deposit id pretty much guarantee that valuation would come in well below 275

honestly there is much better value (or should i say less bad value) in bt9 elsewhere

i share your misery tho. bt9 is a nightmare. vendors and EAs are in fantasy land

Edited August 12, 2009 by getdoon_weebobby

[Teabag Head]

Yes, haha, that must be the same flat. There's a nearly identical flat in the same complex for even more, £300K!!

I live in London presently and believe it or not £275K for a fairly spacious 2 bed flat, with low service charges, seems cheap(ish). I guess I'm out of the loop as far as the housing market in NI is concerned. House prices are nudging up over here in London/South East (probably temporarily -spring bounce) , are we sure prices are still dropping in Northern Ireland though? I'd like to wait until prices fall further but I don't want to wait forever. thanks

[headmelter]

Hi, yes, you're right, the rateable value is only £160K. It's a 'new build' flat ( 5 years old) in BT9, would this explain the big disparity. Or is it just vastly overpriced? I suspect the later.

Anyone else think this is still too expensive?

Welcome to the forum.

Edited August 12, 2009 by headmelter

[Teabag Head]

Anyone else think this is still too expensive?

Welcome to the forum.

Hi thanks, I agree it's way too expensive, you should be able to get a 3 bedroom semi for £100K anywhere in the UK. But I'm not sure that's ever going to happen though. They don't build enough houses over here so the excess demand distorts the market.

But it's different in Northern ireland, right? There's an oversupply of property in NI because of the building boom so the only way for property prices is down? Or have I got that wrong?

[getdoon_weebobby]

Yes, haha, that must be the same flat. There's a nearly identical flat in the same complex for even more, £300K!!

I live in London presently and believe it or not £275K for a fairly spacious 2 bed flat, with low service charges, seems cheap(ish). I guess I'm out of the loop as far as the housing market in NI is concerned. House prices are nudging up over here in London/South East (probably temporarily -spring bounce) , are we sure prices are still dropping in Northern Ireland though? I'd like to wait until prices fall further but I don't want to wait forever. thanks

i work between belfast and london. your right about london. think its the cash buyer brigade/people thinking nows the time to buy/ foreigners.

in my opinion belfast is a different beast than london. at gunpoint if i had to put my cash into property now id buy something in london (hampstead/belsize rd if u have enough).

bt9 will always cost that bit more but prices are still in cloud cookoo land.

im sorry but northern ireland was due at least a 30-40% pull back without the economic downturn. 50%+ now.

HOW CAN PROPERTY STILL BE LISTED AT 75%+ OVER RATEABLE VALUE as this flat is. insane.

look at www.treesdontgrowtothesky.com/ . weekely increases are still a handful versus 400 drops a week at the moment

with NAMA overhanging the market it is going to be fragile for a long term

why not spend your 200k on this;

http://www.penangproperties.com/apartment/...ove/thecove.htm

youd get 600m2 rather than 78m2!

[sophia]

why not spend your 200k on this;

http://www.penangproperties.com/apartment/...ove/thecove.htm

youd get 600m2 rather than 78m2!

Tempted to move there right now! I love it. Would insist on a wall between the master bedroom and bathroom - the smell might be insane, especially with all that exotic food

[getdoon_weebobby]

Tempted to move there right now! I love it. Would insist on a wall between the master bedroom and bathroom - the smell might be insane, especially with all that exotic food

seriously why not.

if you told someone in belfast you were buying in malaysia rather than Belfast they would prob think your mad.

but where will a country like malaysia be in 10-20 years and where will the UK be?

no brainer for me.

i went to glatonbury with a brian surgeon from singapore who did his training in manchester. they seem to have so many great schemes there for attracting intellegent foreigners.

he earns 20-30% less than if he worked in london but actually has 20% more saved because cost of living/taxes are low.

the UK will be blighted for a generation by this debt overhang.

im going to live here through it for a number of reasons but it doesnt mean i have to invest in a dead duck (UK)

if prices dont come down here ill buy something like this that if it all goes t1ts up i have something to fall back on.

meanwhile ill just rent in northern ireland till i genuinely think we are at a bottom (could be 10 years+ based on the japanese model)

Edited August 12, 2009 by getdoon_weebobby

[BelfastVI]

Hi thanks, I agree it's way too expensive, you should be able to get a 3 bedroom semi for £100K anywhere in the UK. But I'm not sure that's ever going to happen though. They don't build enough houses over here so the excess demand distorts the market.

But it's different in Northern ireland, right? There's an oversupply of property in NI because of the building boom so the only way for property prices is down? Or have I got that wrong?

The oversupply in NI was in the wrong areas. I have said before the only thing that saved us(developers) was our glorious planning system. It is so slow. It takes 3 years to get a large 1--+ scheme through. That would only take 6 mths down south, although you have the 3rd party appeal crew to buy off. Our are plans zone too little and are about 6 years late. Most of draft BMap is built on already. The plan is not even approved.

Most of the oversupply has been in Portadown, and parts of Fermanagh. If you talk to the banks there problem sites, as they call them havnt even got planning yet. In my view a lot of these sites wont be developed for another 10 years as they are in areas where there is simply no demand. Another aspect is the type of housing. The majority of 'overhang stock' in Belfast is Apartments. And if you want a cheap apartment you will get them. However, most of the posters here want a decent house, 3 to 4 bedroom with a decent size garden and perhaps the option of a garage. Alot even want that in BT9.

I am sorry to tell you. There are no boarded up developments in BT9 where you can hope to get this house for £100k. You will in parts of East or North Belfast and the near Village area I'm sure.

I don't agree that you should get a 3 bed semi for £100k anywhere. There will always be streets and areas of every city and town that attract a premium. That premium will have shrunk from peak but in relation to other, shall we say less desirable areas, it will always exist. Even if there is distressed or forced sales in the good areas there will always be people there to pick them off.

[gordyjuly23]

I have seen a property I like listed above 85k 3 bed terrace near lisburn with car and off street parking

However there was a bid of 55k on it which has been raised to 57500.

I got my mortgage advisor to do some digging and turns out its a repossession

RTV is 72k

Is this something worth going for?

THe agents were evasive telling my mortgage advisor what price would seal the deal but he thought 66k would tempt them.

Go for it or what for better come October?

[dieselfreak]

The oversupply in NI was in the wrong areas. I have said before the only thing that saved us(developers) was our glorious planning system. It is so slow. It takes 3 years to get a large 1--+ scheme through. That would only take 6 mths down south, although you have the 3rd party appeal crew to buy off. Our are plans zone too little and are about 6 years late. Most of draft BMap is built on already. The plan is not even approved.

Most of the oversupply has been in Portadown, and parts of Fermanagh. If you talk to the banks there problem sites, as they call them havnt even got planning yet. In my view a lot of these sites wont be developed for another 10 years as they are in areas where there is simply no demand. Another aspect is the type of housing. The majority of 'overhang stock' in Belfast is Apartments. And if you want a cheap apartment you will get them. However, most of the posters here want a decent house, 3 to 4 bedroom with a decent size garden and perhaps the option of a garage. Alot even want that in BT9.

I am sorry to tell you. There are no boarded up developments in BT9 where you can hope to get this house for £100k. You will in parts of East or North Belfast and the near Village area I'm sure.

I don't agree that you should get a 3 bed semi for £100k anywhere. There will always be streets and areas of every city and town that attract a premium. That premium will have shrunk from peak but in relation to other, shall we say less desirable areas, it will always exist. Even if there is distressed or forced sales in the good areas there will always be people there to pick them off.

Being from just outside Portadown, i'm intrigued to hear your opinion on building sites (single dwellings on a 0.5 - 1 acre) in the same area.

A few I've see have dropped dramatically, I found one for 65G and another for 85G

[Ride_on]

I am sorry to tell you. There are no boarded up developments in BT9 where you can hope to get this house for £100k. You will in parts of East or North Belfast and the near Village area I'm sure.

Maybe they can come to BT18 there are quite a few here, an £800K+ house just down the road from me, was being rented now boarded up. Another one on the Bangor road, overgrown for about 5 years now. Plenty of for sales signs around.

I had no problem renting my apartment for £550/month, but neighbours are not selling at 1.4xDCV.

The problem is affordability, how can the average earner afford the average property without a 6 times+ mortgage???? You can lend them the money but the economy will reject it eventually, as all the money from the economy just ends up in the banks leaving only borrowing generating income rather than actual business.