dcf Posted December 2, 2012 Share Posted December 2, 2012 I see RoI has launched a register of the actual selling price of individual properties similar to GB. In the absence of the same here in NI, can anyone advise of how much houses tend to go for relative to asking prices here? I know this is hugely variable from type of sale,sellers motivation, location etc but does anyone have a vague idea? Perhaps people could anecdotally post sales values they reliably know of(just general property types, not addresses!)? I'd really appreciate anything on semis/terraces in the Holywood area, nice areas of east or south belfast. When I asked an estate agent in Holywood they said most sales are very close to, and sometimes over asking price....which I find hard to believe. Any opinions much appreciated! Also, to any EAs reading - as a first time buyer, I really think you should be advocating for such a register here in NI. I think it would entice buyers, especially first timers that are unfamiliar with the whole process and don't know what they can actually get for their budgets. Yes, current sellers might not like it especially if they are reluctant to lower their (unrealistic) asking prices but the sooner price get to the bottom the sooner more buyers will join the market. It will also encourage new sellers to price realistically which should result in faster sales which is good for all involved. - just my two cents. Quote Link to comment Share on other sites More sharing options...
Sure thing! Posted December 2, 2012 Share Posted December 2, 2012 When I asked an estate agent in Holywood they said most sales are very close to, and sometimes over asking price....which I find hard to believe. Any opinions much appreciated! It could be that the only houses they are selling are the very few that are priced to actually sell meaning they could truthfully say the above despite having loads of overpriced crud that isnt ever going to sell, or they could just be lying. The asking price could be high or realistic, while I'd like 33% off some asking prices I'd only be after a small bit off a more realistic one so selling price relative to asking isnt a great thing to focus on as you say. Don't have any examples of real sold prices I'm afraid. One EA I was talking to was complaining that bank surveyors were using this as a top price and often reducing it to suit. They didn't complain when surveyors over valued on the way up did they?. Working with an EA at the moment that actually said paying more than realistic RV for a house now is just giving money away which was nice to hear from someone outside of here. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted December 2, 2012 Share Posted December 2, 2012 From the most recent RPPI which related to actual verified sales in the "normally busy" July to September window. These figures are from total recorded sales, not what a handful of EAs submit to a survey skewed towards Belfast and North Down (being the least of its faults) "Residential property prices are now 10% lower than Q1 2005 and less than half of the peak value of the housing market in Q3 2007" Whether you decide to use RV as a 2005 Q1 guide or not, I would suggest it is a good starting point (in the absence of much else). In general terms, you need to be a minimum of 10% lower to buy at the current (summer past) market rate - and lower than that again to get "value" or price in further falls. Beyond that, it is up to you to decide on what you would call a cheeky offer (RV -20%, or more?) - if you intended to follow that route and even build in a bit of negotiating wriggle room. Quote Link to comment Share on other sites More sharing options...
YoungFTB Posted December 2, 2012 Share Posted December 2, 2012 IMO your best bet for value for money is either going to be a repossession or an auction property, my preference being at auction due to not having to worry about gazumping which is a concern with repos. Like everything though due diligence is an absolute must but I feel it's probably your best bet to get a property 30, 40 or even 50% under rateable value (roughly 2005 prices) A lot of people on this forum have very specific houses they want to buy in areas where most probably buyers don't need to sell and that's why quite a few people here are frustrated because they can't buy the property they want at it's true market value because the sellers won't sell it for what it's worth currently. I've spoken to quite a few EAs recently and they've all been in agreement that repos and auctions are what is driving the market down atm, with only the bottom end & top end of the market showing any decent amounts of transactions currently. Quote Link to comment Share on other sites More sharing options...
dcf Posted December 3, 2012 Author Share Posted December 3, 2012 Thanks for the input folks! I posted this query really because of LPS values. Thanks to following this site for the past 6 months I have learned lots and have been checking the RV of anything I'm interested in. Most (though not all) of the properties I've looked at in Holywood are above RV, some massively, hence my question really. If these are selling at RV - 10/20% they are going for a lot less that asking price and I should be looking at asking prices well above my budget and going in with supposedly very cheeky offers. Below is sample data from the first 10 houses that come up in my search; 2 under RV, 1 at RV and 7 above. Does anyone know if it’s possible to get a further breakdown of the RPPI area data beyond the greater Belfast category? This would be one way to find out where certain areas are selling relative to RV. Thanks again for all the advice here – it has really helped us keep our heads screwed on in all this house buying business! Asking price LPS value Difference 200 170 18 135 95 42 119 102 17 115 105 10 190 140 36 210 170 24 170 210 -19 210 210 0 145 153 -5 180 165 9 Mean 167.4 152 10 Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted December 3, 2012 Share Posted December 3, 2012 (edited) I think it was vespasian who worked out a few years ago, that house price in Northern Ireland should stop falling at rateable value -30%. It's looking like he could be spot on. Thanks to following this site for the past 6 months I have learned lots and have been checking the RV of anything I'm interested in. The LSP website is a great indicator. Thanks again for all the advice here – it has really helped us keep our heads screwed on in all this house buying business! Just remember it is a game. Most properties are over valued because they expect people to make a lower offer. Just curious - how did you find the HPC website? Edited December 3, 2012 by Belfast Boy Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted December 3, 2012 Share Posted December 3, 2012 YoungFTB are you buying in the Donegal Road area? I remember a poster with a user name like yours was going to buy in this area. Quote Link to comment Share on other sites More sharing options...
YoungFTB Posted December 4, 2012 Share Posted December 4, 2012 (edited) YoungFTB are you buying in the Donegal Road area? I remember a poster with a user name like yours was going to buy in this area. Years ago I think I may have mentioned that I wanted to buy in the Donegall Pass area, of coarse then I came to my senses But no not the Donegall Road area, I am buying in the Lisburn Road area of Belfast. I don't want to be anymore specific than that until the keys are in my hand You'd have to be pretty mental to buy in the Donegall Road area of Belfast atm, talk about having to do your due diligence. The entire area is being regenerated over the next 5 years, I saw that programme on UTV Live about the area last week, god help those people who purchased a 2 bedroom terrace in 2006 or 2007 and had their houses vested by the council and are now in massive negative equity with no property anymore Edited December 4, 2012 by YoungFTB Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted December 4, 2012 Share Posted December 4, 2012 From the most recent RPPI which related to actual verified sales in the "normally busy" July to September window. These figures are from total recorded sales, not what a handful of EAs submit to a survey skewed towards Belfast and North Down (being the least of its faults) "Residential property prices are now 10% lower than Q1 2005 and less than half of the peak value of the housing market in Q3 2007" Whether you decide to use RV as a 2005 Q1 guide or not, I would suggest it is a good starting point (in the absence of much else). In general terms, you need to be a minimum of 10% lower to buy at the current (summer past) market rate - and lower than that again to get "value" or price in further falls. Beyond that, it is up to you to decide on what you would call a cheeky offer (RV -20%, or more?) - if you intended to follow that route and even build in a bit of negotiating wriggle room. Discussion on RV (capital value). HPC 'propaganda' gets a mention http://forums.moneysavingexpert.com/showthread.php?t=4325809 Quote Link to comment Share on other sites More sharing options...
dcf Posted December 4, 2012 Author Share Posted December 4, 2012 I think it was vespasian who worked out a few years ago, that house price in Northern Ireland should stop falling at rateable value -30%. It's looking like he could be spot on. The LSP website is a great indicator. Just remember it is a game. Most properties are over valued because they expect people to make a lower offer. Just curious - how did you find the HPC website? Not entirely sure BB - I think it may have just been during web searches about mortgages and NI house values. Found it about last march/april and have been following since - has definitely helped educate me on this whole process so thank you all! Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 27, 2013 Share Posted February 27, 2013 This one popped up in my feed today. If I remember correctly this house SOLD under 12 months ago foroffers around 250K http://www.mortonpinpoint.com/View-Property.aspx?ID=172949&Search=S It's on again now at offers around 265K http://www.propertypal.com/66-beechwood-grove-belfast/225978 Can someone please tell Templeton Robinson (who are in my opinion the worst agents in N.I. when it comes to overvaluing) that average prices dropped 13% in the last 12 months. 19% for detached. Quote Link to comment Share on other sites More sharing options...
The_Equalizer Posted February 27, 2013 Share Posted February 27, 2013 Thanks for the input folks! I posted this query really because of LPS values. Thanks to following this site for the past 6 months I have learned lots and have been checking the RV of anything I'm interested in. Most (though not all) of the properties I've looked at in Holywood are above RV, some massively, hence my question really. If these are selling at RV - 10/20% they are going for a lot less that asking price and I should be looking at asking prices well above my budget and going in with supposedly very cheeky offers. Below is sample data from the first 10 houses that come up in my search; 2 under RV, 1 at RV and 7 above. Does anyone know if it’s possible to get a further breakdown of the RPPI area data beyond the greater Belfast category? This would be one way to find out where certain areas are selling relative to RV. Thanks again for all the advice here – it has really helped us keep our heads screwed on in all this house buying business! Asking price LPS value Difference 200 170 18 135 95 42 119 102 17 115 105 10 190 140 36 210 170 24 170 210 -19 210 210 0 145 153 -5 180 165 9 Mean 167.4 152 10 For what its worth I had my eye on what I thought to be a nice house in Holywood, albeit out of my budget for the near term. It was listed at £350K before Christmas and dropped to £299K after. It's RV was £360K. It is now sale agreed which happened about a month after the price drop. I've been using RV and as a rule of thumb it appears to hold up well when looking at houses that are sale agreed. I've spent many hours comparing prices! There are also areas which quite a number of houses are well below RV. Ballylesson/Shaw's Bridge springs to mind. I am not sure how to proceed when the asking price is well above the RV. There was one house I viewed on Saturday which I was very keen on beforehand. Asking was £180K and RV £145K with two sales already fallen through. Ironically it was in far worse condition than expected and I would have priced it below RV to start with. Without going into too much detail houses like this aren't two-a-penny. I don't think the vendor has a grasp of just how much work is required and so I think I am going to sit it out and see what happens. It's taken me so long to save up and I am enjoying the wind blowing in my favour with regards the market. Heaven knows I spent long enough being laughed at before the crash! Quote Link to comment Share on other sites More sharing options...
Ausdave Posted February 27, 2013 Share Posted February 27, 2013 This one popped up in my feed today. If I remember correctly this house SOLD under 12 months ago foroffers around 250K http://www.mortonpinpoint.com/View-Property.aspx?ID=172949&Search=S It's on again now at offers around 265K http://www.propertypal.com/66-beechwood-grove-belfast/225978 Can someone please tell Templeton Robinson (who are in my opinion the worst agents in N.I. when it comes to overvaluing) that average prices dropped 13% in the last 12 months. 19% for detached. Went at approx 235 sale agreed a year ago, then purchaser withdrew. Know this as it was a colleague. (purchaser) Quote Link to comment Share on other sites More sharing options...
The_Equalizer Posted February 27, 2013 Share Posted February 27, 2013 Discussion on RV (capital value). HPC 'propaganda' gets a mention http://forums.moneysavingexpert.com/showthread.php?t=4325809 This doesn't make sense. You can back the RV and sale agreed price with fact. A few very nicely done up houses have sale agreed above RV, and I do note this doesn't mean it was actually agreed above RV, but most are around this. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 27, 2013 Share Posted February 27, 2013 Went at approx 235 sale agreed a year ago, then purchaser withdrew. Know this as it was a colleague. (purchaser) It looks like it sold and now the buyers 12 months ago are try to sell with 30k profit. TR enable this kind of delusion. I've noticed they have started to drop the prices on stuff sitting for year. Obviously try to get people bidding against one another. Quote Link to comment Share on other sites More sharing options...
Ausdave Posted February 27, 2013 Share Posted February 27, 2013 It looks like it sold and now the buyers 12 months ago are try to sell with 30k profit. TR enable this kind of delusion. I've noticed they have started to drop the prices on stuff sitting for year. Obviously try to get people bidding against one another. Yeah, one in motelands, has also reappeared on market. Sold a year ago. They're always be speculators in any market. Feel TR will have their work cut out trying to milk anything extra out of the one you highlighted. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted February 27, 2013 Share Posted February 27, 2013 (edited) Went to view a Belfast apartment that was competitively priced (i.e. cheaper than similar ones) - apparently there's been masses of people viewing it - 10 on one day ect... ...there has been a cash offer in excess of the asking price; but after costs (maint fees, rates) this equates to a rental yield of less than 5% - good luck to the person buying it but apartments are still too expensive in my opinion - I'll stick to renting... Edited February 27, 2013 by JoeDavola Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 27, 2013 Share Posted February 27, 2013 Yeah, one in motelands, has also reappeared on market. Sold a year ago. They're always be speculators in any market. Feel TR will have their work cut out trying to milk anything extra out of the one you highlighted. You'd have trouble getting the surveyors to value at the increase in this market. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 27, 2013 Share Posted February 27, 2013 Went to view a Belfast apartment that was competitively priced (i.e. cheaper than similar ones) - apparently there's been masses of people viewing it - 10 on one day ect... ...there has been a cash offer in excess of the asking price; but after costs (maint fees, rates) this equates to a rental yield of less than 5% - good luck to the person buying it but apartments are still too expensive in my opinion - I'll stick to renting... Which development was this joe. If you don't mind me asking. Quote Link to comment Share on other sites More sharing options...
tankspeed Posted February 27, 2013 Share Posted February 27, 2013 seriously folks , am i missing something here http://www.propertypal.com/34-south-studios-tates-avenue-belfast/223307, http://www.propertypal.com/37-south-studios-tates-avenue-belfast/223333, http://www.propertypal.com/12-south-studios-tates-avenue-belfast/223337....... and then ... ta daaa... http://www.propertypal.com/unit-apt-16-south-studios-85-tates-avenue-belfast/158720 I mean , come on, how blinkered can a person be,and so enters the four horsemen of the housepocalypse.. Debt, , Deflation, Denial and Desperation. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted March 5, 2013 Share Posted March 5, 2013 I notice that most houses we post links to on here make it to the most popular tabs on propertypal. (like the one I mentioned a few posts back) There must be loads of forum guests clicking away. I wish some would contribute more. I wonder if we could make money out of this. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted March 5, 2013 Share Posted March 5, 2013 Which development was this joe. If you don't mind me asking. It was this apartment; now sold: http://www.propertynews.com/Property/Belfast/GOCGOC0900/706-Park-Avenue/224824268/ Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted March 5, 2013 Share Posted March 5, 2013 It was this apartment; now sold: http://www.propertynews.com/Property/Belfast/GOCGOC0900/706-Park-Avenue/224824268/ Does it have to be here Joe? Soundproofing is said to be awful here. There's some cheaper apartments coming up in Margerita. Quote Link to comment Share on other sites More sharing options...
Malthus Posted March 5, 2013 Share Posted March 5, 2013 (edited) I see RoI has launched a register of the actual selling price of individual properties similar to GB. In the absence of the same here in NI, can anyone advise of how much houses tend to go for relative to asking prices here? I know this is hugely variable from type of sale,sellers motivation, location etc but does anyone have a vague idea? Perhaps people could anecdotally post sales values they reliably know of(just general property types, not addresses!)? I'd really appreciate anything on semis/terraces in the Holywood area, nice areas of east or south belfast. When I asked an estate agent in Holywood they said most sales are very close to, and sometimes over asking price....which I find hard to believe. Any opinions much appreciated! Also, to any EAs reading - as a first time buyer, I really think you should be advocating for such a register here in NI. I think it would entice buyers, especially first timers that are unfamiliar with the whole process and don't know what they can actually get for their budgets. Yes, current sellers might not like it especially if they are reluctant to lower their (unrealistic) asking prices but the sooner price get to the bottom the sooner more buyers will join the market. It will also encourage new sellers to price realistically which should result in faster sales which is good for all involved. - just my two cents. Our current experience of viewings and offers shows there are still a lot of deluded sellers out there with EA's who aren't doing them any favours My advice, if you haven't had any offers in 2 years and the EA insists that they can get the asking price, get a new EA Edited March 5, 2013 by Malthus Quote Link to comment Share on other sites More sharing options...
eek Posted March 5, 2013 Share Posted March 5, 2013 Our current experience of viewings and offers shows there are still a lot of deluded sellers out there with EA's who aren't doing them any favours My advice, if you haven't had any offers in 2 years and the EA insists that they can get the asking price, get a new EA My advice, if you think its worth more than Rateable value you need a psychiatrist. Quote Link to comment Share on other sites More sharing options...
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