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lanie

How Much Is It Worth?

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Looks like a new 3 bed semi, somewhere in Northern Ireland.

Could be worth anything or nothing depending on where it is located.

If it's located on the Malone Road in Belfast (doubt it is) then I'll would probably be worth around 200k.

If it's located on a clif edge with the sea eroding away the land between the house and the sea - then (as happened to a house in England) it's worth nothing (banks won't lend you any money to buy it).

Hope this helps ;)

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Looks like a new 3 bed semi, somewhere in Northern Ireland.

Could be worth anything or nothing depending on where it is located.

If it's located on the Malone Road in Belfast (doubt it is) then I'll would probably be worth around 200k.

If it's located on a clif edge with the sea eroding away the land between the house and the sea - then (as happened to a house in England) it's worth nothing (banks won't lend you any money to buy it).

Hope this helps ;)

It's on the outskirts of a town in County Fermanagh. There are a couple for sale in that area!

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A house like this has a r.v. of 92k in Arindale, Maghaberry. In Fermanagh I think it is worth a little less. Depends on the area I suppose!

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A house like this has a r.v. of 92k in Arindale, Maghaberry. In Fermanagh I think it is worth a little less. Depends on the area I suppose!

Realistically is it going to fall that low. How long would I have to wait before it was selling at that price. On secong thoughts, maybe not that long!

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I think rateable value is a good measure and have always thought this. If you look at the measures of growth for the UK when we were rising by 50% per annum, the UK had almost 0% growth. Likewise we are dropping by say 6% nationally but by 20% locally. Hence all estimates of 20% drops nationally are child's play next to what we must do to realign. A house that was 225k at the peak, I think can drop to 90k. We will drop this far if not further.

How long? anyone's guess, here's my thoughts...

We will be 40% from the high by November/December and by next Spring we will be heading for 50+%.

Winter will be long and cold, and Christmas will be basic.

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I think rateable value is a good measure and have always thought this. If you look at the measures of growth for the UK when we were rising by 50% per annum, the UK had almost 0% growth. Likewise we are dropping by say 6% nationally but by 20% locally. Hence all estimates of 20% drops nationally are child's play next to what we must do to realign. A house that was 225k at the peak, I think can drop to 90k. We will drop this far if not further.

How long? anyone's guess, here's my thoughts...

We will be 40% from the high by November/December and by next Spring we will be heading for 50+%.

Winter will be long and cold, and Christmas will be basic.

I don't believe you can use rateable value as a price guild, unless of course they will put their hands in their pockets and give you the value. You can't value something if your not prepared to purchase it.

When I worked in the car business the amount of twats who said " Joe Bloggs said my car is worth £xxx but Joe Bloggs had to much stock and didn't want to buy it, so my car must be worth that much".

Phone land valuations and ask them how many houses they bought in the last 3 years.

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I don't believe you can use rateable value as a price guild, unless of course they will put their hands in their pockets and give you the value. You can't value something if your not prepared to purchase it.

When I worked in the car business the amount of twats who said " Joe Bloggs said my car is worth £xxx but Joe Bloggs had to much stock and didn't want to buy it, so my car must be worth that much".

Phone land valuations and ask them how many houses they bought in the last 3 years.

:lol:

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I don't believe you can use rateable value as a price guild, unless of course they will put their hands in their pockets and give you the value. You can't value something if your not prepared to purchase it.

When I worked in the car business the amount of twats who said " Joe Bloggs said my car is worth £xxx but Joe Bloggs had to much stock and didn't want to buy it, so my car must be worth that much".

Phone land valuations and ask them how many houses they bought in the last 3 years.

Like an antique dealer who says I'll give you £300 for a painting that sold for £4500?!? or the car dealer who offered me £3000 for a car he could sell for £5500 easily!(1yr old VW Fox). I think that they are impartial enough for it to work. In fact the fact that they aren't going to buy helps.

I thought the way they valued houses was by looking at what price a house similar to the one they are valuing achieved, then use value added/detracted calculations to come up with a number. Still saying that, you should only pay what you think it is worth. I personally would use a similar method to the one they would use, so I am going to save myself the legwork and start with their figure and adjust down a bit.

I am certain that these are not perfect, but I would add that someone without the "ooooh pretty!" thoughts swaying their feelings would give a more objective valuation. I realise you will no doubt add that the R.V translates directly to the rates bill you receive, that is why I adjust down.

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On the NOlan show this am at 9.35 Tom McLelland President of the RICS said that houses in NI were overpriced in 2005 and should have slowed down. That says to me clearly that the Rateable value is the top price you should pay - not the most reasonable.

Thats quite an admission by the RICS i.e. given the house prices in NI increased by over 40% in 2006, not to mention further increases in H1 2007, it shows how far that prices need to drop, simply to reach an "overpriced" level ...

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On the NOlan show this am at 9.35 Tom McLelland President of the RICS said that houses in NI were overpriced in 2005 and should have slowed down. That says to me clearly that the Rateable value is the top price you should pay - not the most reasonable.

Happy days, theres a case for a rebate from the rates office if thats the case.

Bring on the recession.

BTW I wounder if the RICS are going to refund their over priced valuation fees from 2005 as they are based on the value of a property.

Edited by statinstoinker

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Happy days, theres a case for a rebate from the rates office if thats the case.

Bring on the recession.

BTW I wounder if the RICS are going to refund their over priced valuation fees from 2005 as they are based on the value of a property.

:lol:

You can ask!

So happy that I've never paid rates, they've always been included in the rent (which makes 'real' rent even lower).

:)

Doccy, can you post a link to that Newsletter article from the other site? I'd say people will be getting a scare this morning reading that!!!

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On the NOlan show this am at 9.35 Tom McLelland President of the RICS said that houses in NI were overpriced in 2005 and should have slowed down. That says to me clearly that the Rateable value is the top price you should pay - not the most reasonable.

Just listened to the link on listen again. Very interesting. He was suggesting that the 50% 'price spike' would be completly wiped out by the 30% fall which he appears to believe is likely. Except house prices in '05 were still expensive. As someone else on this thread has mentioned before, its very obvious that EAs are positioning themselves to call the 'end of the slump' when prices return the end-of 05 levels - despite the fact that property was still grossly overvalued at this stage also. I dont think it'll work though as sentiment has changed so completely. Just wait until we get the offical pronouncement of recession!!!

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:lol:

You can ask!

So happy that I've never paid rates, they've always been included in the rent (which makes 'real' rent even lower).

:)

Doccy, can you post a link to that Newsletter article from the other site? I'd say people will be getting a scare this morning reading that!!!

I only started paying rates last year after living in my new home for the last 6 years. I built it in 2001 when the land was cheaper, £42k for 3.6 acres.

Although I don't have a mortgage. I would ask for a rates refund if my homes value fell below 2005 rates values, as the man in tesco says every little helps.

I would ask for a rates refund if my homes value fell below 2005 rates values.

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I only started paying rates last year after living in my new home for the last 6 years. I built it in 2001 when the land was cheaper, £42k for 3.6 acres.

Although I don't have a mortgage. I would ask for a rates refund if my homes value fell below 2005 rates values, as the man in tesco says every little helps.

I would ask for a rates refund if my homes value fell below 2005 rates values.

Go for it, but you'd be lucky. It's only a means of comparing one house with another

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I only started paying rates last year after living in my new home for the last 6 years. I built it in 2001 when the land was cheaper, £42k for 3.6 acres.

Although I don't have a mortgage. I would ask for a rates refund if my homes value fell below 2005 rates values, as the man in tesco says every little helps.

I would ask for a rates refund if my homes value fell below 2005 rates values.

Ha. Some chance of getting it too. Were you prepared to pay more rates as your home increased in value?

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Ha. Some chance of getting it too. Were you prepared to pay more rates as your home increased in value?

I don't see what the value of a house has to do with how much rates you should pay.

The rates office seen house prices going up and thought it was a good way of introduce a hidden tax that was obviously going to increase over a period of time as house prices continued to rise (as they hoped).

A £200k house with 1 person pays the same as a £200k house with 5 people living in it. Doesn't make sense to me.

To answer you question no because I built my home to bring up my family and hopefully live along retired life in it. If it was worth 1 million its no good to me unless I was prepared to sell it, which I'm not.

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I don't see what the value of a house has to do with how much rates you should pay.

The rates office seen house prices going up and thought it was a good way of introduce a hidden tax that was obviously going to increase over a period of time as house prices continued to rise (as they hoped).

A £200k house with 1 person pays the same as a £200k house with 5 people living in it. Doesn't make sense to me.

To answer you question no because I built my home to bring up my family and hopefully live along retired life in it. If it was worth 1 million its no good to me unless I was prepared to sell it, which I'm not.

Groan. Here we go again. It's a wealth tax instead of an income tax. Good idea. That's my piece said. No more.

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  • 396 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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