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Ni Houses At Or Below Rateable Value


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well it may be 10% gross, but one needs to consider a, further capital depreciation, and b more importantly rent reductions against rising interest rates. I honestly can see lots of young singles moving back home. Rents will become under pressure and voids will increase. As BTLs get less picky about who they will take on, they will get undesirable tenants that may reck the place or scarper to england and leave debts behind. Ive several data points that suggest this. Chances are he'll be earning his money. I would be very careful about the BTL market in NI going forward. Its going to be a bad scene over the next few years.

When I bought my house about one and a half years ago now, I was told the exact same thing. Despite that, rents seem to be similar (if not slightly up) since then. I bought my place (3 bed terrace) for £52k (it was a distressed sale in fairness) and from what I can see, it would rent for about £450 a month. Ringing around and looking at selling prices, the place I bought is probably worth a few thousand more than what I paid for it. Don't get me wrong though, I am not saying now is the time to buy (ordinary houses looking for 1/4 of a million is proof of that!). What I am saying is that opportunity can strike at anytime, and you have to be out there looking for it. This is just my opinion, but if you are getting a gross rental yield of 10% on the property you're buying, then it's almost impossible for you to go wrong.

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I agree with NuBrit. The right house came up at the right price (it was a repossession too). I've got it for around 15% below the 05 valuation which I think is fair BUT these properties are the exception rather than the norm so I am not calling the bottom of the housing market - not by a long shot (I'm not that smart!). I still think that longer term this is where all properties are headed.

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I agree with NuBrit. The right house came up at the right price (it was a repossession too). I've got it for around 15% below the 05 valuation which I think is fair BUT these properties are the exception rather than the norm so I am not calling the bottom of the housing market - not by a long shot (I'm not that smart!). I still think that longer term this is where all properties are headed.

Can I remind folk here about the story of Richard Branson, and how he acquired Necker Island (an island part of the British Virgin Islands) back in the 70's? I won't bother getting into the detail, I will merely quote Wikiedia.

Branson first became aware that some of the islands in the British Virgin Islands were for sale in 1979. In 1978 Richard Branson went to the British Virgin Islands for a holiday in order to investigate the prospective real estate. On first observing the islands, Branson envisioned using them to put up rock stars for his record label. Upon arrival, they were given a luxury villa and travelled around islands for sale by helicopter. The final island he saw was Necker Island, and after climbing the hill and being stunned by the view and wildlife, fell in love with the island. After making a lowball bid of £100,000 for the £5 million island, however, he was turned down and evicted from the island. A while later, the owner, Lord Cobham, in need of short-term capital, eventually settled for £180,000 after Richard Branson had offered his final price of £175,000 three months before the actual sale took place. However, the Government imposed a relatively common restriction on alien landholders; that the new owner had to develop a resort within five years or the island would revert to the state. Branson committed, determined to build a resort on his tropical dream island, notwithstanding his relatively modest capital at that time in his career.

When Branson bought the 74-acre (300,000 m2) island, it was uninhabited. He purchased the island at the age of 28, just six years after starting Virgin Group. It took 3 years and approximately US$10 million to turn it into a private island retreat.

Don't get me wrong; I am in no shape or form suggesting that we are at a Necker Island moment. I am merely stating that in times of distress (i.e. now), that there are opportunities out there to persons who have liquidity to seize them.
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74 Dobbin Road

RV: £82.500

Asking price: £75,000

*I have gotten a private message that 74 Dobbin Road is a complete shithole (layout is a disaster, structure is barely standing, damp everywhere+roof and/or pipes leaking, and it's off a ridiculously busy road). Property is only worth site value as the house itself needs demolition.*

Apologies to all, I am merely reporting on what I track from property listings. I still appreciate the notice if anything I report on is rubbish, and i humbly await the time that we get to see bog-standard, 3 bed detached properties at reasonable prices.

Edited by NuBrit
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Could someone direct me to the House Price Crash website please? I must be in the wrong place. :P

If members of HPC are starting to buy, it must be the bottom of the market.

Belfastboy where are you? Come quick and stop this madness! :wacko:

Your wish is my command...

Just because someone here has found 1 repo property that is 1/3 of peak 2007 prices and has decided to buy it - does not mean that the housing market has reached bottom.

Though the fact that properties are now selling at that level is encouraging. 1/3 of peak = 60% - 70% of peak. At the bottom for the housing market all properties will be selling around 60% - 70% of peak.

Unfortunately, or fortunately, house prices are irrelevant to my circumstances now - though I am still curious if my predictions of 60% - 70% in 3-7 years will be proven correct.

... happy now?

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When I bought my house about one and a half years ago now, I was told the exact same thing. Despite that, rents seem to be similar (if not slightly up) since then. I bought my place (3 bed terrace) for £52k (it was a distressed sale in fairness) and from what I can see, it would rent for about £450 a month. Ringing around and looking at selling prices, the place I bought is probably worth a few thousand more than what I paid for it. Don't get me wrong though, I am not saying now is the time to buy (ordinary houses looking for 1/4 of a million is proof of that!). What I am saying is that opportunity can strike at anytime, and you have to be out there looking for it. This is just my opinion, but if you are getting a gross rental yield of 10% on the property you're buying, then it's almost impossible for you to go wrong.

Im sure it will work out for you. But you need to be experienced in letting, know the area and be in with the repo agents. So good job. IMO weve been fighting a phoney war these last 2 years, and i know people have taken a massive hit on property prices, but they were just mental. We are now heading for the real pain. Im starting to see emptier roads already. Fuel is reaching painful prices. Add in general vat increases and inflation of commodities, then interest rates, then more taxes, then rising unemployment and on and on. Its going to get real nasty. So be careful who you rent out to. IMO only buy investment property if you have significant deposit, fix rates and can carry long voids.

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We contacted an estate agent today asking to view a house we seen last night on the property news website. 1930's house with most of its period features intact. Nice bay windows and a looker from the outside if you like that style. Asking price of 120k and a rateable value of 140k.

Unfortunately when we contacted the estate agent we found out the house had been sold six months ago.

Just shows most houses will sell if they are priced right.

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Uploaded a Firefox Greasemonkey script to userscripts for property news that adds a button on the left column to look up the rateable value and another to link to the search result without having to do to the search manually. Only works with a full postcode and house number available and is likely a bit broken but might be of use to someone else: http://userscripts.org/scripts/show/91406

Updated the script to work with the recent propertynews changes, adds the buttons above the right column as the left one has gone. Think its working ok now..

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Most of the stuff coming onto the market is at less than RV.

Not in my area ... asking prices are still way out of kilter with the supposed drops of 50% since the peak prices never mind getting anywhere near rateable values.

Its all a bit pointless really ... why bother listing the house at these prices. i dont see any evidence of anything selling unless it is close to rateable values now.

Rateable values are starting to seem expensive these days!

Edited by tinbin
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  • 439 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%



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