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Ni Houses At Or Below Rateable Value


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  • 3 weeks later...

Hi all,

been wathcing this forum for a while with interest as we are looking to buy a house. We put an offer in on a house at 80% of RV in BT9 and got it accepted (we initially offered ~78% RV). Anyway, we thought that %80 RV was good but have found out that the closest other offer was ~20k less (house is over > 380k, and the 20k less offer has been the only one).. Its been sitting on the market since very early in the year. Now we are not so sure, and worried we are over paying ?

Is it possible for RVs to be really out of whack ?

We abs love the house, but obvisouly don't want to overpay especially given the hit we took on price :(

ds

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I tend to find that the RV is a useful guide but no more than that. From what I can see it is based almost entirely on the location and the size of house(m2). It does not take any account of other things that might make the house more or less desirable eg a big plot, south facing plot, recent refurbishment etc nor does it allow for the opposite ie it will tend to over estimate the price of a wreck.

In my opinion a better guide is to find out the price at which other similar properties have sold for in the area.

20000 over the best other offer seems a lot but without knowing more hard to comment further.

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  • 8 months later...

Here's on from Propertypal and Guntree.

I don't get why people offer their house thorough different online sites at different prices. They seem to lose track of the asking prices.

This one is all over the place, with asking prices from £169,000 to £189,000.

Why not just price at a level you are willing to take.

http://www.propertypal.com/67a-newton-park-four-winds-belfast/243223

http://www.bazaar3.com/index.php?option=com_adsman&view=adsman&task=details&id=738

http://www.gumtree.com/p/flats-houses/country-feel-in-the-city-5-bedroom-2-ensuite-2-reception-detached-double-garage-with-annex/1024538311

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  • 3 weeks later...

Thanks , Don't know how they can value a house at 180k when I bought it 6 wks ago for 94k , suppose they need it for the next round of big pay rises .up

on the hill.

But every other house would have dropped the same since 2005. The total rates they need to collect stays the same. Result being you pay pay the same.

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Thanks , Don't know how they can value a house at 180k when I bought it 6 wks ago for 94k , suppose they need it for the next round of big pay rises .up

on the hill.

Valued at 180k in 2005. The price you've payed today is a combination of the inflating ramp in the 2005 market and the current state.

I would just be content in the money you've saved by waiting til now.

System may be flawed but it is a way of raising the revenue required to run services.

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no surprise , I think the rates ,is a licence for the powers that be up in Stormont to spend and waste however much they like , a bit like the EU but smaller.

little consideration is given to working families getting it tight.

To be honest I have more sympathy for business users when it comes to rates. At least residential users can see some of the services they receive. Besides rates are small scale (1.5 billion) compared to the 10 billion we get given from London every year.

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Doesn't seem too bad, couple of miles of a dual carriage way, but I'm sure it would be somewhere closer to £200k than the £250k

As I say I'm no expert but I'm sure it would cost a fortune to build that, never mind the plot , no where near that price if you went at approx £75sqf

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Rtv £300,000 offers £249.500, seems quite a few are beginning to drop below rtv , people wiseing up to reality

I'm guessing you couldn't build this house for what it will sell for

http://www.propertypal.com/10-redbridge-road-moneymore/84334

Most people are but there are still people out there who will pay through the nose and this is holding things up in some regard I would guess.

A colleague told me the other week she was buying a semi detached house in Belfast. Paying 30K above RV. Part funded by bank of you know who. No other bidders in for the house....crazy..

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Doesn't seem too bad, couple of miles of a dual carriage way, but I'm sure it would be somewhere closer to £200k than the £250k

As I say I'm no expert but I'm sure it would cost a fortune to build that, never mind the plot , no where near that price if you went at approx £75sqf

Any thoughts on what it would cost to build (not including site) and finish a property like this ie. kitchen, tiling etc. It looks fairly similar to the thousands of others that appeared on almost every country road in the last 10 years - the dream self-build perhaps. It seems to me that it is the prices in this sector that are the most sticky. Given than these houses represent a huge section of the middle market their price will have to fall eventually if upgraders are to be able to buy them. I would have thought that their actual build cost (+ agricultural land price on which they sit) would be a useful baseline to at least have in mind.

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  • 429 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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