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Ni Houses At Or Below Rateable Value


JoeDavola

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HOLA441
On the bright side i'm mortgaged fixed for the next 5 years (got in before the banking collapse last year). Also my next door neighbour bought in the summer of 2007 for £240,000 . (Lolz)

HFS - Don't tell me their rateable value is 80K too? ...Thats 3x , I knew things have gotten out of hand but I didn't think it was that bad.

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HOLA444

I've had 3 near enough at RV in April in my search (within 1 decimal place anyway on adprice/RV scale), Previously none.

Latest one Cabin Hill Park,Belfast says needs modernisation, but pictures don't seem to show it. While it is Stormont and a nice street and all that, I think the RVs are a bit high for the space/density.

http://www.propertynews.com/brochure.php?p=ECHECH17485

Rv: £220K

Ad price: £225K (went on in Oct for £310K)

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HOLA445
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HOLA446
Hard to see where it needs modernised. It looks like a developer has been in. That's a really really nice house. I agree that the RV is high - similar things in south Belfast have R.Vs around 180k. Still, it's very hopeful.

I wonder if it was on the market, didnt sell so they've tidied it up new piccies and forgot to change the description?

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HOLA447
I wonder if it was on the market, didnt sell so they've tidied it up new piccies and forgot to change the description?

Its empty and white which tends to indicate developers, but the style seems more personal/lived in to me. Also there are a few other indicators of lack of development if you look at the higher res photos.

1. In The second picture there appears to be damp or bare wall+cornice at the top of the wall left hand side

2. In the kitchen there is some exposed electrical conduit below a switch.

3. The photos where taken end last summer and the garden seems to have been untended for some time.

4. Bulb out in living room

As I mentioned it went on at £310K in October 08, so not much time for developing, and you would think a developer would take care to get the ad right.

Anyway there is no money to be made fixing up properties, there never was unless you are a builder and have no other work or are converting to flats. The added sales value from fixing up was less than its cost usually, its just that in the time it took the property had increased in value anyway. I had thought that most developers have realised this but there are still development programs on TV every day for present day(ish).

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HOLA4411
Sale agreed in 4 days!

Keep an eye out for it going back on after they don't get mortgage. Not that it shouldn't sell, but the RV again seems a bit high for the size, and only E7 heating (RV record central heating is 'assumed'), very old fashioned looking decor and really small rooms. I would say its priced for current market nothing more.

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HOLA4412
Keep an eye out for it going back on after they don't get mortgage. Not that it shouldn't sell, but the RV again seems a bit high for the size, and only E7 heating (RV record central heating is 'assumed'), very old fashioned looking decor and really small rooms. I would say its priced for current market nothing more.

I've been bidding on properties recently (and also on a property next door to this one). I had to get a letter from my bank to show that I had the mortgage in principle and that I had a high deposit. I say most Estate agents would demand this now adays.

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HOLA4413
I've been bidding on properties recently (and also on a property next door to this one). I had to get a letter from my bank to show that I had the mortgage in principle and that I had a high deposit. I say most Estate agents would demand this now adays.

Well you would think wouldn't you, but I know many EAs are only happy to have 'sold' up on their signs/Property News etc even it is only temporary.

It would be interesting to know how may other EAs are actually demanding this. There are many reports of numbers of properties going on a sold for a week then back on market again on TDGGTTS.

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HOLA4414
Well you would think wouldn't you, but I know many EAs are only happy to have 'sold' up on their signs/Property News etc even it is only temporary.

It would be interesting to know how may other EAs are actually demanding this. There are many reports of numbers of properties going on a sold for a week then back on market again on TDGGTTS.

its not always the case that EAs rush to go sale agreed

on mine I had to give evidence of cash which took a few days, give solicitor details etc

which is fair enough I reckon

but I know of one in bangor that took weeks to go sale agreed when the sale was concrete/ cash

why? because the EA had 2 houses of a similar type in the same area that were negotiating at 10-15k above the agreed one

if they went sale agreed on it the other buyers might ask what it sold for

and drop out of the negotiations on the other two

so the later ones actually got marked sale agreed one day and the earlier one shortly after

sneaky?

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HOLA4417

Interesting that this area is one that seems to be adjusting to RV most rapidly. There are semis and terraces in Ormeau area asking almost as much as this house, but they are up to 100% over RV!!

A house like that for 400-450k is value IMO. I think that would probably be a 2003ish level - what do you think this house would have sold for at peak? I would guess something ridiculous like 7-800k.

Maybe the rich folk of BT9 are also sensible and pragmatic and know the boom is over and not coming back anytime soon.

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HOLA4419

Nearly there

1 Knockmore Pk Bangor 435

RV 425

Dropping like a stone

13 May 2009

* Price changed: from '£ 465,000' to '£ 435,000' [Found by n/a]

* Status changed: from 'Sale Agreed' to 'For Sale' [Found by n/a]

03 April 2009

* Status changed: from 'For Sale' to 'Sale Agreed' [Found by n/a]

16 February 2009

* Price changed: from '£ 525,000' to '£ 465,000' [Found by n/a]

03 October 2008

* Price changed: from '£595,000' to '£ 525,000' [Found by blazer]

09 July 2008

* Price changed: from '£695,000' to '£ 595,000' [Found by gordlorn]

12 April 2008

* Initial entry found. [Found by property_exile]

I smell a distressed seller

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  • 1 month later...
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HOLA4422
http://www.propertynews.com/brochure.php?r...=1&sort=l2h

House at rateable value - 3 bed semi, nice garden, not bad for E. Belfast

£150k

And to think that 3 years ago this probably would have been listed at almost double it's current price.

The funny thing is, it's still overpriced at £150K. But at least we're heading in the right direction.

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HOLA4423

hello again guys,

Im totally confused about rateable value

i checked out the LPSNI website and i checked out a few RV's and was very shocked at how low they are. i began to then check out propertys that i know, for example my parents own a detached bungalow with garden, farm and outbuildings (approx 15 out buildings both single and two storey), the holding has approx 1 acre of land. the bungalow is three bed approx 100sq metres and the RV is £90k..... is this for real.

is RV for the house only or do they count all out buildings and land???????

im confused the house i own is a mid terrace two storey 100sq metres also, small garden and no out building/garage and its RV is £75k????

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HOLA4424
hello again guys,

Im totally confused about rateable value

i checked out the LPSNI website and i checked out a few RV's and was very shocked at how low they are. i began to then check out propertys that i know, for example my parents own a detached bungalow with garden, farm and outbuildings (approx 15 out buildings both single and two storey), the holding has approx 1 acre of land. the bungalow is three bed approx 100sq metres and the RV is £90k..... is this for real.

is RV for the house only or do they count all out buildings and land???????

im confused the house i own is a mid terrace two storey 100sq metres also, small garden and no out building/garage and its RV is £75k????

Hi sneeze. The LPSNI website should say "house outbuildings" beside the search result if the outbuildings are included. As for your parents house - it will be classified as 'agricultural' ie a farmhouse which makes the rates lower. I dont know why, but it seems to be the case for other similar properties i have seen.

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HOLA4425
Hi sneeze. The LPSNI website should say "house outbuildings" beside the search result if the outbuildings are included. As for your parents house - it will be classified as 'agricultural' ie a farmhouse which makes the rates lower. I dont know why, but it seems to be the case for other similar properties i have seen.

o ok thank you. I know a lot of rural areas where there are houses at x square metres on the RV but in reality the houses are bigger and some garages are noted as an 'outbuilding' as i have noticed the addition of a garage seems to raise the RV....... talk about a NI black market???

in saying this am i correct that the RV 's are based on 2005 prices and some areas (banbridge in particular i looked at) are sitting at RV's of £62,500 and in Jan 2005 these propertys i am looking at sold for £85k (and today some of these houses ae asking prices of £167k!!!!!!!!!).. i wonder will we go right the way back to that kind of selling price at £62,500 or below or will people stay put rather than make the loss?????......

..................but in the words of my father ' theres no such thing as a house being worth x amount, a house is only ever worth what someone is willing to pay for it'

and the whole world is in a recession .... so i guess them sellers asking £167k may take the 1 off the front of that figure.

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