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House Price Crash Forum


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About SelfDoIt

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  1. Yep, still bearish, but have been watching the market like a hawk and have found the flat that I want at the price that I want. Made cheeky offer of £10K less than already reduced FP (Scotland) was initially told to bugger off, but then they thought better of it and have come back and accepted. Everyone is going on about how I got a 'bargain'. I got what I wanted at the price I wanted, but I'm not under illusions that the prices aren't going to continue to fall. SelfDoIt
  2. Scottish semiconductor industry. Tap turned off spring 2009, then turned back on Oct 2009. Run off our feet since then, hiring and all. Full bonuses being awarded this year. Fingers crossed it keeps going..... SelfDoIt
  3. I know, it doesn't sound like a good idea at all.... however, since when has being sensible come into it. Statistically HMOs are much more likely to have fires than other types of flats. Now the flat in question is a top floor 'double upper', so that may have something to do with it, but the impression that I got from the conversation is that this would become necessary for all HMOs. From the HMO page: http://www.edinburgh.gov.uk/internet/housing/private_tenants_and_home_owners/houses_of_multiple_occupation/cec_fire_and_electrical_safety_/ <i>The HMO should have either: For double uppers or two storey premises the system must comply with BS 5839: Part 1: Type L3. For HMOs subject to a risk analysis in compliance with BS 5839 Part 6: (option of a LD1:LD2 or LD3 system depending on the constructional and fire resistance qualities of the premises). Where it is not possible to meet the benchmark standards requirement for a second means of escape, one of the alternatives is to provide a domestic sprinkler system throughout the premises.</i> SelfDoIt
  4. An interesting tit-bit from a friend of mine who is an HMO landlord. The legislation on these is changing again such that they will all now have to have automatic fire-suppression sprinkler systems. Her's cost her £15000 to install and she did it while she was doing a major renovation. With the CGT rise and mortgage rates going up this might tip a few more 'parents as landlords' over the edge. Hope so, I do fancy an ex-HMO in Marchmont for a reasonable price! SelfDoIt
  5. There is an enourmous variation in the tenements, often linked to post codes. The nicer ones are huge, with many large rooms and massive windows. They are well sound proofed and make excellent desirable, classy homes. Even some of the smaller ones have more character and bigger rooms that the new builds. I agree that many stairwells are a bit grim, but I've also seen some very handsome ones... in the better postcodes. Some people have problem with mice and rats.... in my experience generally related to badly installed kitchens and floors and poor hygiene/food storage, and not post-code related. The new builds I've seen are very pokey, have low ceilings and poor noise proofing. They also have inflexible layouts and usually charge a fee for maintenance. Give me an old tenement any day of the week. I think they are great. No need to own a car if you live in the centre of town, the public transport is excellent. They are desirable homes, I want one. I feel they are over-priced, but it isn't like they are making more of them, so as much as I hope they will fall a lot, I'm not sure they will fall that much. I'd be very happy with 20%. SelfDoIt
  6. http://www.rics.org/site/download_feed.aspx?fileID=6942&fileExtension=PDF Scroll to the Scotland comments section. The one for Edinburgh is great bear food! Maybe some sanity at long, long last. SelfDoIt
  7. Based on the extreme seasonality of the Edinburgh property year, you have missed your best chance to sell this year. I think there was a windw this spring where a reasonably priced property would have gone quickly, but nothing sells in Edinburgh during the summer. There is a small pick up in the autumn, but I think your best bet is to rent it out for festival and then get a 6 month tenant in and have a go at selling it next spring. i.e. put it on the market in January. SelfDoIt Put Edinburgh into this (noting that land registry is about 3 months behind sales) and you'll see what I mean about the calendar http://www.myhouseprice.com/marketanalysis/AnalysisCharts.cfm
  8. Short answer. Yes. Get firefox, install property-bee and look at http://www.espc.com/UniversalPages/DetailedSearchCriteria1.html
  9. I think there was a sweet spot for rents last year due to lots of 'can't sells' going landlord. Apparently the rental supply is down this year, presumably because the sales supply is up. I'm definitely going to hang on to my cheap place as long as possible, and will politely refuse to pay for any rent increases. Not that they've asked for any yet. On the other hand, a 1 bedroom ground floor in the New Town was £550 to rent 5 years ago, so rents don't appear to have gone up much overall. SelfDoIt
  10. So a wierd spike in the Edinburgh data. Something to do with the stamp duty ending? But that doesn't make sense as that would be lower end properties. Can anyone explain it? http://www.myhouseprice.com/marketanalysis/AnalysisCharts.cfm SelfDoIt
  11. My ESPC search is showing lots and lots of new stuff coming on for sale for high prices, but also plenty of reductions in properties that have been on the market for a couple of months. I wonder if after the 'bounce' they will be pulled from the market and let out, or if they will keep reducing the prices? Maybe a mix of the two. The highlights (PropertyBee required to see price drops) http://www.espc.com/buying/281269.html http://www.espc.com/buying/281581.html http://www.espc.com/buying/263971.html http://www.espc.com/buying/281462.html http://www.espc.com/buying/285000.html http://www.espc.com/buying/285990.html http://www.espc.com/buying/283531.html
  12. Crikey. Check out the ROS data. Edinburgh has just shot past the peak! http://www.myhouseprice.com/marketanalysis/AnalysisCharts.cfm I do know loads of people who are buying at the moment, and I did think this spring would be a sweet spot for sellers (did think about selling my old flat, but decided it was too much hassle and unfair to my tenant). I've just re-run my spreadsheets and reckon I'll be able to buy in 2012. Gosh I hope things have fallen by then! This is crazy. SelfDoIt
  13. I concur with the view that prices are dropping significantly. On my current watch lists, there are more flats than ever that are dropping their prices, some by huge amounts, and several that have been on the market for 18 months. New ones, just coming on the market in January, seem to be coming on at comedy peak prices. If the stats are going up it is because of a skew and not because 'normal' flats are going up in price. My evidence (You'll need property bee) Price Drops http://www.espc.com/Buying/261320.html http://www.espc.com/Buying/271927.html http://www.espc.com/Buying/281932.html http://www.espc.com/Buying/263971.html http://www.espc.com/Buying/255629.html http://www.espc.com/Buying/279254.html Comedy Prices http://www.espc.com/Buying/283354.html http://www.espc.com/Buying/283407.html And my favourite, with box-room kitchen! http://www.espc.com/Buying/283379.html
  14. OMFG! What planet are they living on? No bath, tiny floor space and no window in the bedroom... or rather a window to the hall so you can hear people walking past your bed. How completely hideous. I can't believe they've sold any! Who really wants to live like that? Especially people who are earning the £40000+ that you would need to get a mortgage at that size. I can only assume they are counting on cash-rich (stupid) parents to put their offspring in them while at uni. That or the people buying them haven't bothered to look at what they can get for the same money if they don't go for a new-build. They need to drop the prices by 50%.... and even then I still wouldn't buy them. SelfDoIt
  15. I'm in the same boat as you i.e. could 'afford' to buy the kind of place I want, but not willing to at what I consider to be silly prices. I am going to start looking toward the end of next year, but am really not in any kind of a rush. I am interested to see how all this plays out and 3% tax free in an ISA may not be fantastic, but its a better return than I'd be getting if my money was tied up in property AND I have the extra cash from my 'renting' lifestyle. What I've decided to do is put aside in savings the difference each month between what my rent is and what my mortagage would be. This way I am investing the same amount of money as I would were I a property owner, but I am going to keep this money in cash ISAs. This means that I am getting a net benefit in a falling market, and as this money mounts up; one day it will make more financial sense to buy than to rent. SelfDoIt ED: I don't think interest rates are a problem. If they stay low, it is because we are in a deflationary environment and it will be good to be a saver not a debtor. If they go up, it will be due to the economy 'recovering' but will bring about more forced sales due to continuing redundancies which will force house prices to drop. i.e. to my eyes staying out of the property market for another year or 3 is a win-win situation.
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