Jump to content
House Price Crash Forum
Sign in to follow this  
dmac

Building Sites

Recommended Posts

Currently looking at building sites in the Fermanagh area. Made some offers and was refused, going in around 66% of asking. From what I hear there have been some serious amounts of money lost on small green field sites, with some people paying over £200,000.

Can anyone comment on the situation with sites in their area at all? What is it taking to buy % of asking etc?

TIA.

Share this post


Link to post
Share on other sites

By my reckoning, more than likely wrong by the way, I feel a decent 1/2 acre site with FPP on decent ground, ie not need piling, should be around £30K. I can currently pick up a 1 acre site with FPP on a site that definately will need piling for less than £30K. There are sites down here that where £150K not that long ago and are now sitting around the £50K mark with more to go.

WE STR last November, luckily, and having been in the house for 10 years made a decent profit, though we did extend etc during that time. My hope is to buy a site now and get a decent start, then we are going to build as we can afford it, with no mortgage, or maybe a small one at the end. Heres hoping.

Share this post


Link to post
Share on other sites

Can anyone comment on the situation with sites in their area at all? What is it taking to buy % of asking etc?

I was speaking to my solicitor at the beginning of the year. He told me that average sites were selling for £50k (Co. Tyrone area). Though he did say that larger sites with better ground/views were worth more.

I hear that people are making offers on sites, but the offers are 'subject to sale'. Make it clear to the vendors that you are a cash buyer. Most banks are not lending to buy sites. There is another thread discussing this.

Word of warning... heard of one site recently going very cheap, but the planning permission was/is near it's end. You don't want to pay 10s of thousands of pounds and end up with 1/2 an acre of farm land. You will need to allow months to complete the sale, get full planning permission or make changes to existing plans then organise a builder to put the foundations in and get it passed by building control.

If you keep making offers that you think are reasonable and be patient, it could really pay off. Just be careful.

Good luck,

BB

Edited by Belfast Boy

Share this post


Link to post
Share on other sites

Thanks for the advice. There are a few sites now with foundations in, I understand that this is done to keep planning open. I'm blessed in that my family are builders, plumbers, etc etc so I have no shortage of people to check things out with. We are thinking long term build, it runs in the family! My father built his own modest 3 bed bungalow around 20+ years ago and we we where in it for £10500. Granted we done a lot of work ourselves however it just shows whats possible. At the height of the bubble I'd say it was worth in the region of £270000. Total fooking madness!

Share this post


Link to post
Share on other sites

Made an offer on a site, vendor wants another 5K. For that price would you be looking for the whole field? I'm unsure what the cost is for agricultural land at the moment? Whole field is around 1 Acres, site would be around 1/2 acre. While 1/2 acre is plenty enough for us it may increase future privacy, and it would be nice to have a few sheep or something in it. Thoughts?

Share this post


Link to post
Share on other sites

Made an offer on a site, vendor wants another 5K. For that price would you be looking for the whole field? I'm unsure what the cost is for agricultural land at the moment? Whole field is around 1 Acres, site would be around 1/2 acre. While 1/2 acre is plenty enough for us it may increase future privacy, and it would be nice to have a few sheep or something in it. Thoughts?

Depending where it is farming land can range from £3k per acre in Fermanagh to £15k per acre in parts of Armagh. Generally the smaller the lot the higher the price.

I think you should look the extra 1/2 acre for the extra £5k (assuming you are happy the existing price is fair for the site). I imagine they will take it and that extra space will make a massive difference to your house.

Share this post


Link to post
Share on other sites

Depending where it is farming land can range from £3k per acre in Fermanagh to £15k per acre in parts of Armagh. Generally the smaller the lot the higher the price.

I think you should look the extra 1/2 acre for the extra £5k (assuming you are happy the existing price is fair for the site). I imagine they will take it and that extra space will make a massive difference to your house.

agreed

1/2 acre aint much use to the farmer

he might just decide at some point in the future to look for another site on it

but its a buyers market at the mo so haggle good

rock on!

Share this post


Link to post
Share on other sites

+1 to the taking the extra half acre. A home with room to properly move and let your family grow ad run about outside....isn't that the dream for all?

Share this post


Link to post
Share on other sites

Depending where it is farming land can range from £3k per acre in Fermanagh to £15k per acre in parts of Armagh. Generally the smaller the lot the higher the price.

I think you should look the extra 1/2 acre for the extra £5k (assuming you are happy the existing price is fair for the site). I imagine they will take it and that extra space will make a massive difference to your house.

Very interested in your thoughts on what makes the land so much more expensive in Co Armagh.

I'd love to build a detached dewlling on an acre, but some of the prices in the area I like (bt63) are still way too high

http://www.propertypal.com/lisnavaragh-rd-scarva-banbridge/89623

Share this post


Link to post
Share on other sites

agreed

1/2 acre aint much use to the farmer

he might just decide at some point in the future to look for another site on it

but its a buyers market at the mo so haggle good

rock on!

If the farmer is holding back this 1/2 acre, chances are he intends to apply for another site on this somewhere down the line. A typical livestock or arable farmer would find it very impractical to keep a field this size.

Under PPS21 farmers can get one site passed every 10 years. If this is what he's intending he will not accept any offers based on the agricultural value of the land.

Share this post


Link to post
Share on other sites

If the farmer is holding back this 1/2 acre, chances are he intends to apply for another site on this somewhere down the line. A typical livestock or arable farmer would find it very impractical to keep a field this size.

Under PPS21 farmers can get one site passed every 10 years. If this is what he's intending he will not accept any offers based on the agricultural value of the land.

maybe its what the bank manager will accept!

rock on!

Share this post


Link to post
Share on other sites

Very interested in your thoughts on what makes the land so much more expensive in Co Armagh.

I'd love to build a detached dewlling on an acre, but some of the prices in the area I like (bt63) are still way too high

http://www.propertypal.com/lisnavaragh-rd-scarva-banbridge/89623

Dont look at the price thats being asked. Its often based on prices from 1 or two years ago. If I see a price of £80K I offer £30K. If they dont accept then its their loss tbh. Just walk away, there will be more sites to look at.

We've had an offer accepted, however I want to negotiate for the whole field without upping the offer. I'm simply going to advise that I want the whole field or I go else where, which is exactly what I intend to do.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 142 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.