Category Archives: Buying

State lost €31m by overpaying in five property deals

More than €31 million of taxpayers’ money was overpaid by the Office of Public Works (OPW) in five property deals over a four-year period, an internal report has found.

Completed last year by two surveyors working for the OPW, the report has since been sent by OPW management to the Comptroller and Auditor General and has recently been sent to the Oireachtas Public Accounts Committee (PAC).

The unpublished report, seen by The Irish Times, concluded the Civil Service culture in the OPW was resulting in “poor value for money outcomes”. It claimed there was “considerable potential for corruption to arise in property transactions” conducted by the OPW, because waste of funds “is tolerated within the system”.

The five transactions examined by the surveyors, one of whom has...

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How much does buying that house really cost?

Buying a home in the UK will set you back £235,000 on average, according to the latest figures published this morning by the Office for National Statistics (ONS).

“But hold on a minute,” I hear the news-hounds among you say. “Yesterday I read that it was much higher than that.”

And indeed you may have. The website Rightmove grabbed a load of column inches itself on Monday after saying that the typical British home is...

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Number of buyers for each property on sale in England reaches 12

The number of buyers chasing each property in England hits highest level since 2008 in the first quarter of 2014, research shows. Some 12 buyers are chasing each new property coming on the market, an increase of over 20% compared to the 9.7 buyers in the first three months in 2013, according to the latest quarterly housing market review from Countrywide. In London, the figure was much higher with 25 buyers for every new property and the research also shows that 47% of people aged between 20 and 30 live in a city, a number expected to reach 50% by 2018 if current rates of growth continue. At a time when the population of England is ageing, the average age of residents within the 10 largest...
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Questions to ask before buying a home

What is this property worth in today's market?

For ethical reasons, agents can't tell you how much to offer, says C.D. "Chip" Boring, broker/owner of Re/Max Realty Plus in Sebring, Fla. Instead of asking directly how much the home is worth, you ask indirectly, by seeking information about comparable sales, or "comps."
An agent should arm you with plenty of comparables -- prices of similar, nearby homes that have been sold recently -- along with high and low ranges for a particular property, Boring says. Your agent can tell you how long homes are staying on the market, and the percentage of the asking price sellers are getting, says Dick Gaylord, past president of the National Association of Realtors and broker with Re/Max Real Estate...
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