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House Price Crash Forum

Jeely piece

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About Jeely piece

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  1. The trend is clear. It will never be a crash in Aberdeen, rather a long term continued downward spiral, maybe around 7% per year, Truth is currently, not much coming on the market, but that is seasonal. Once we get to March or so, much more will come on the market, and to be honest, there are just not that many buyers. The real poison in the ointment is all the new properties available, which to be honest market themselves to be the winners of the competition. Three home purchasers I know currently have gone for new builds. Two Home purchasers I know have gone for old properties. What ever you
  2. On ASPC, 17 Cluny Meadows, Sauchen, under offer at 345K. Last sold at 470K in 2014 as new build. Definite indicator of slump/crash conditions. Great house for that price, somebody got a bargain. Market definitely flooded with this type of family home in the commuter towns, many sticking a long time now in various locations. In Aberdeen central area, good size family homes especially if.done up nicely, still seem to be moving so market conditions reasonable if sellers are slightly flexible on price.
  3. My prediction for what's it's worth, is that the Aberdeen market will stagnate, and house prices will continue to drop, sAy 10-20%. Worldwide, the oil business will stabilize, and oil price will be stable at between 50-70 Usd. Most of the world have lower operating Costs than Aberdeen, so stable oil prices will see oil companies focusing on where they can make a profit, so Aberdeen will likely continue to see downsizing, and downward pressure on house pricing, as more people depart for the more profitable overseas oil centers. No one will be moving in to this area, so the 5000 or so houses cu
  4. Surveyor makes a comment, but doesn't reflect that in the valuation. Would think they'd be lucky to get more than 500k in this market. Nice house, though.
  5. Also Noticed today an ASPC relist of large house on hammerman drive, priced now at 450K, was valued 2 months ago at 500k so probably first came on at that price. 450k is now 30k below the 2007 price which is a significant indicator. Nice spacious houses, but those houses were well over priced in 2007 for the area they are in.
  6. There are definitely a number of delists going on. We viewed quite a few houses recently to upgrade our small 3 bed to 4-5 bed house. Saw some lovely houses mostly owned by 50+ empty nesters. Most of those guys were not working or close to retirement, keen to go off and live their dream, e.g. Retire to France /Spain or England, but stuck cos they can't sell their house. All were likely mortgage free, so staying put doesn't cost anything, just puts the dream on hold. Misguided though in my opinion, they longer they hold on, the less their asset is worth. So most delists I'd say are not not empt
  7. Yep, honestly am local aberdonian, but been too long in the industry that I talk posh and call a flat an apartment, but can spik Doric thin I wan tae, nae doot aboot 'at.
  8. Haha.. So you think I am too optimistic on the average person's ability to budget or to know what makes good common sense! 20 years ago I was a young grad geologist in Aberdeen, bought a place and was paying off at least 10 % of my house every year, even though I was only on a starter salary. After 4 or 5 years, I owned half my apartment. But then again I was a local aberdonian, and I was brought up to be frugal, and save for a rainy day. It was in my genes to minimize what I owe to others. I still think many people will think along those lines, so a llot of people may not owe too much on prop
  9. Agree with recent comments. Don't think there will be sudden crash, it will happen very gradual over 1, 2, 3 years as people realize houses are not selling, and prices gradually readjust. It's too easy to sit on it and wait currently. With mortgage interest so low, even if people are out of work, savings can be used for quite along time to cover payments. I think mr joe blogs average is not really the big big spender you read about on this website, so most people on high paid oil jobs (100k + pa) will have quite a lot of savings. Many may have paid off a big chunk of their mortgage whilst they
  10. So glad I found this site, it's reAlly helped me understand the dynamics of Aberdeen housing market. Made a number of offers on houses in Aberdeen, around 20% below valuation, and mainly owners say they will hold for valuation, cos that's what it's worth.have sympathy for people who bought in last couple of years, as they are losing money, but many greedy people, think they are entitled to large profits, especially where they bought 10 years ago. From my study of valuations, it's pretty worthless, virtually every property is valued at the highest price that a neighbouring house went for in las
  11. Anyone know a good source of info on houses that are repossessed? I am trying to buy a house in Aberdeen city, for around 20% below value, but most people don't want to sell, and are prepared to wait it out. They may be waiting a long time. In the mean time I would rather buy than rent, but not having much success. I think many people are not forced to sell because interest rates are low. I think there is a lot of greed out there, as people think there entitled to sell their house a 2014 peak prices, and they don't wAnt to consider less or maybe just 10k less - big deal! Valuations are unreali
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