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House Price Crash Forum


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About Oily

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  1. I agree with Diver D .... no one really knows. WWIW my view is the Aberdeen market is in terminal decline aided and abetted by a council giving permission to build on every piece of remaining green space on the deluded assumption that the local population is on a sustained upward trend. Also be careful about buying a flat in a traditional granite property as many are in poor state of repair (esp rooves and chimneys) and getting other tenants to agree to pay for essential repairs can be a serious nightmare eg scaffolding requirements now mean that a simple roof repair can cost thousands of poun
  2. I don't know who 'owned' at the end as it's quite difficult to disentangle corporate and personal stakes. A well known property and mortgage company was associated with it and one of the company's owners was involved in an insolvency a year or so ago. so can only speculate. The latest oil price plunge won't be helping Aberdeen so I expect more house price drops, especially as the new builds continue unabated. All supported by the council and it's erroneous assumption that Aberdeen population will rise over the next decade.
  3. ".....losing approximately £9,200/month" PLUS financing of £1.4m for 65 months PLUS stamp duty and it still looks overpriced! Bought by a property "expert" as an investment.
  4. On a positive note the Council's up for a big award!
  5. This is very sad, not to say worrying. Who'd be a teacher nowadays? I recently heard from a teacher at a primary school whose intake is mainly from an newish affluent 'executive' estate on the outskirts of Aberdeen who described the pupils as a friggin nightmare. There's a shock coming for a lot of people (unfortunately*/fortunately*) * Delete as appropriate!
  6. We're going to have to find a new favourite. Was £1.415m when new in 2014, now sold for circa £875k. This property has been removed from your wishlist as it has been sold. ASPC ref. 361153 10 Oakhill Grange, AB15 5EB"
  7. Every few months for the past 5 years ASPC and A&C et al have been saying prices are bottoming out and things are picking up. In reality since Q1 2014 there has been an inflation adjusted drop in house prices of about 40% and the number of houses for sale on the ASPC site will shortly be heading above the 6,000 level again. Supply and demand will only be brought into equilibrium by a fall in supply (but the opposite is happening) or an increase in demand (in terms of number of buyers and their spending power) or a further significant fall in prices. My money is on the last scenario, which
  8. In the long term prices are set purely by supply and demand. In the short to medium term however other considerations come into play such as market expectations. A common expectation is that there will be a revival in the oil industry and an upsurge in the renewable and tourist sectors, resulting in greater spending power and an increase in demand for housing. Hence house prices have remained relatively firm in spite of steadily growing supply as sellers hang on for the recovery. Only time will tell what will happen but all I can see is a declining, less prosperous population and 2,500 - 5,00
  9. Good point about IR35. If it pans out as expected and companies cut back on employing one-man companies then that could have a significant impact on spending power in the region. Thousands (of average ability) individuals earning £100k+ pa will find it hard to secure salaried positions remotely close to their current post-tax incomes. My concern however is that the thousands of new builds will have a serious impact on the value and condition of the existing housing stock, many of which are serious need of maintenance. It's much cheaper and easier to build volume housing on green field s
  10. Funny? I saw one the other day that's been on the market for ages that has been increased in price twice (Woodlands Terrace/Crescent or something like that?). All I can think is that they realise there little chance of shifting property over the winter so they increase the price now and advertise a price reduction in the spring when they reinstate the previous price? Other than that, no idea.
  11. The question that needs to be asked is why would prices ever see a sustained recovery? There are a record number of properties for sale (and rising year on year) and there will be between 2,500 and 3,500 new properties built every year for the forseeable future. The population is in decline and the economy is largely built on a single non-sustainable industry. The BTL owners are off-loading and the older housing stock is in poor condition (just look for trees etc growing out chimneys in the city centre). Or am I missing something?
  12. I agree with the other posters that this is an unattractive house inside and out. The internal layout is confusing and awkward and the garden is a joke. One reason they can't hand the keys back to the mortgage company is that the property was bought by a mortgage company as an 'investment" property! It's been a slow crash in Aberdeen but it's a crash all the same. Bob at ASPC has done a sterling job trying to talk up the market over the past few years with his relentless 'signs of recovery' articles. In reality the year-on-year fall in house prices is accelerating as folks become incre
  13. 27 Garthdee Farm Gardens https://www.aspc.co.uk/search/property/376893/27-Garthdee-Farm-Gardens/Aberdeen/ This house has gone under offer relatively quickly. Price drop of almost £170k=33% in 4 years. A good test of the size of reduction required to shift a property of this type. It will be interesting to see if this affects the survey valuations of houses in this development.
  14. ....and where neither the title nor the content match reality
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