HOW MUCH IS YOUR HOUSE REALLY WORTH?
(AND WHAT PRICE SHOULD NAMA CHARGE FOR ITS PROPERTYS?)
If you would like to know how much your house is really worth
now, compared to its value at the height of the boom in the summer of 2007, there are at least three
property related organisations able to tell you. The trouble is that each provides a different figure for the true value of your home.
Estate agents Sherry Fitzgerald say prices have fallen by 62.3% in Dublin and by 57.3%
outside Dublin.
The Central Statistics Offices (CSO) will tell you that
average house prices have dropped
by 43% over the
above period.
Finally, if you check with the large property websites, Daft.ie and Myhome.ie, they claim
price drops of 48% and 42% respectively.
So why the differences and which set of figures should you use in estimating the true value of your home?
The Daft.ie and MyHome.ie figures are based on the decrease in asking prices by the sellers
and estate agents placing ads on their websites. Asking prices are a very rough guide to
the market, as most sellers will need to accept considerably less to move their houses in
the current buyer's market.
The CSO figures are based on morgagage drawdowns and the trouble with this method is that
by the time the CSO carefully analyse and publish their figures, they are out of date, and
the property market has moved on. Also, the CSO figures do not take into account cash
buyers and, as shown by recent property auctions, there are plenty of cash buyers looking
for bargains at the moment.
Sherry Fitzgerald (and also the DNG Estate Agency group) say they base their figures on an average of
the actual selling prices achieved by their agents across the country and this would seem
to be the most accurate method of estimating current real property values. Under current
data protection legislation however, property firms are not allowed to publish actual selling prices
achieved without the express permission of the former owners, so this method won't tell you what your neighbour's house really sold for.
Just to complicate a confusing situation, there is no longer a national Irish housing
market. Location and type of property is now absolutely vital to determing the real
value of your house in the current very uncertain market.
In June 2012, the establishment of the Property Services Regulatory Authority (PRSA)
should allow greater transparency in relation to actual selling prices achieved from
private property sales across Ireland, going back over the last two years. They will list
actual selling prices by location, finally producing a standard set of data that house
owners and the property industry can use in making their house buying and selling
decisions.
Used as baselines for the various property types and locations, the information
provided by the PRSA will also benefit NAMA, as they seek to sell off their large reserves
of property at realistic prices over the coming years.
This summary is based on recent articles in the Irish Times and Irish Independent Newspapers.
County By County NAMA Property Listings
Carlow Cavan Clare Cork Donegal Dublin Galway Kildare Kilkenny Laois Limerick Longford Louth Meath Mayo Monaghan Offaly Roscommon Sligo Tipperary Waterford Westmeath Wexford Wicklow Northern Ireland UKIf you would like to receive our NAMA and property auction newsletter, with the latest information regarding the properties now under the control of NAMA, as well as private seller auctions, please subscribe to our newsletter by using the form above.

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