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
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and the trouble with this method is that by the time the CSO carefully analyse and publish their figures, they are out of date, and the property market has moved on.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.
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