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House Price Crash Forum

Pmax2020

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Everything posted by Pmax2020

  1. Not sure. The TSB just take their nationwide driven postcode valuations as gospel when working our LTV. In the couple of weeks since I spoke to them last, mine has dropped 7%!!! Bl**dy cheek!! The prices around my way like the rest of the UK seem to just climb and climb so I find it suspicious that they are suggesting a pretty significant drop now.
  2. The nationwide have dropped my areas price estimates by 7% at some point in the last 2 weeks!!! I’m not having that one bit!!
  3. I live just outside Edinburgh in a popular town with good schools, nice parks and amenities. Average prices here are a little under Scotland’s national average making them pretty affordable. With a modest commute to both Glasgow and Edinburgh, you really can live well for less!! Two weeks ago TSB had my house down as 219k whilst I sorted out a potential house move/purchase. Today that valuation which is driven by the nationwide index is 204k, a 7% decrease. It doesn’t impact the price I fix at but I find it staggering that the nationwide are publishing month of month rises, yet they have targeted my area for such a sobering leveller. Roll on their next monthly report... anything other than a UK wide drop is propaganda!!!
  4. The tide is definitely turning now. Perth is a good example where every month a handful of period properties would come onto the market and instantly sell for a few thousand more than the previous. As we saved and cleared debts, we were growing increasingly concerned about how much we might end up paying. Today however not only is there about 15 stuck on the market (250 - 350k)... many are being reduced. For the 2 or 3 years prior nothing stayed on longer than a few months unless it was a daft price, but now you have a good dozen that fit our criteria, and all on simultaneously which is completely out of the ordinary. Edinburgh has seen a deluge or 1-2 bed, 300 - 350k flats listed in the last few weeks. It remains to be seen how well they will sell but there appears to be unprecedented competition amongst sellers at the moment.
  5. Some people put their families or personal well-being ahead of house prices. Every single day we make decisions about our finances... big and small... I don’t think you can judge people without knowing their personal circumstances.
  6. The 4 or 5 parties I know that are actively seeking to move this year are doing so for two main reasons - the assumption that home working will be integral to working life and the threat of further lockdowns. The 6th couple I know are selling up to buy the parents home because both of their jobs are precarious. Im in a similar position where while I fully expect prices to drop a little in Scotland, I’d buy a fixer upper and accept I’m possibly 10/15k out of pocket versus waiting a year.
  7. Ive trawled rightmoves sold prices for July for Edinburgh and a couple of surrounding towns, and good luck finding any properties that’s sold lower than any former purchase prices shown. Where two transactions appear, 95% represent a healthy rise. When will prices fall!!!!!!!
  8. If I punch in various towns and villages near me in Scotland, 20-35% of properties listed in the last 14 days have went “under offer” within that short timeframe. Say what you like about how this doesn’t constitute a confirmed sale, but in Scotland most sellers won’t agree a sale unless you are in a cash position and I rarely see houses come back on after being ‘sold’. A ball park estimate would be that not even 5% come back on after going “under offer”. Property is booming in Scotland... regrettably.
  9. After saying all year prices would fall 5 - 10% in Scotland we bid 15% over the home report valuation on a 250k house and still didn’t get it!!! It was a period home in an area we may well have to wait 2 years on another shot at. You just have to do what’s right for you and/or your family. I think prices will fall but I also think the market could be very stagnant so I fear the older houses we like may remain pricey as they will become even rarer. The house we bid on was priced low, but supposing we got it and another similar one was to sell for 30k less the following year then I could of lived with that. There’s more to life than house prices and we make financial decisions every day of our lives.
  10. No. 700 job seekers from a handful of villages and towns surrounding. The point is they normally get 40-50 applications, and while the majority are probably those applying against their own will, the latest number was exponentially higher!!
  11. My wife is on mat leave from the NHS and ALL of her non-clinical colleagues were redeployed to help in various capacities with Covid, some even in the wards. I only know a couple of people that have lost their jobs due to covid. Many were on furlough, disingenuously by their employers purely as a cost savings exercise. But all but those 2 now back working.
  12. In a modestly sized village near us, 700 people applied for a receptionist job at the local medical practice. The staff were pretty devastated to learn how so many people were desperate for that one small part time job. It’s going to be a really horrible period for millions. I also know someone who has has to sell their house and move back with parents after 6 months of not being able to find work since March.
  13. It doesn’t take 2-3 months in scotland. Sold prices appear in rightmove around 6 weeks after the end of each month, though admittedly Julys are late this month. Alternatively you can get most sold prices within 4 weeks by just going on registers of Scotland website.
  14. Within a 10 mile radius of where we live rightmove has 159 properties listed in the last 14 days.... of which 48 have “under offer / STC”. It is utter madness!!
  15. That’s nonsense. When we are in Scotland prices are still insane. We put an offer in on an old period property last week, 15% above the asking and we were still out bid. Im desperate for a crash but there’s very little sign of it here in Scotland. The odd reduced property yes, but I cannot find any bargains to of sold in recent months. Prices are still very strong thanks to record low rates and probably in part due to people like my wife and I save a packet on a commute in to work...
  16. While recent sold prices in Scotland are a bit surprising... I think all we’ve seen is a minor spike in sales from those that had to move after a period where they couldn’t move. I think it’s nonsense to suggest people would commit to buying a home because they somehow feel their employment is now underwritten by the government for many months to come. Any boom in my view is down to thousands of people finding themselves saving a shedload on their commute thanks to home working. We’ve also had many months where it’s difficult to spend disposable income on gyms, meals, nights out, haircuts, gambling, or pricey summer holidays for that matter!
  17. I started a new job so I’m in most days but will hopefully get to work a decent amount from home once I get up to speed, as is the company policy right now. Er.... so despite talking about HPC... I put an offer in on a property last week. It was knocked back and put to a closing date. So later this week we will take another look and then up our offer for the Friday deadline accordingly. Its an old wreck in a good spot. It was listed 20% lower than historic prices so I’m not too worried about its value potentially dropping next year as that will be offset by the work we do.
  18. The issue I have with people that don’t wear masks is the majority of them are fundamentally selfish. Supposing in the fullness of time we learn that masks/face coverings actually only reduced the R value by 0.005. Result! What a simple, low cost, minimal sacrifice adaption it would of been to reduce the spread of the virus in conjunction with a range of other measures and strategies. I think what makes the non-wearers worse is they think it’s all about them. Even if you believe they are truly ineffective, why not just put it in to give the likes of shop workers that extra bit of confidence and support from their customers. Who knows how many of them fear for not only their jobs and but also their well-being whilst working on the front line.
  19. I live in the central belt in Scotland and for the first time in many, many years I’m seeing certain types of properties ‘reduced’ that historically sold well. I’m talking period properties in sought after areas where prices were steadily rising year on year. It’s a clear sign demand has dropped and confidence amongst sellers is also dwindling. I see a lot of city flats appearing on the market but many still appear to be selling strongly at levels 10-20% more than 18-24 months ago. I can’t believe what I’m seeing really. This week someone I know put in an offer on a place that was ‘Offers over £575k’. It’s a prominent house in a town 30mins from the city. When I spotted it a few weeks ago I mentioned it to friends and said I felt a lot of these were coming onto the market because ‘older’ people aren’t daft... they know now is the time to downsize before a crash. As it happens, I actually know who has bought it and they now have to sell their city place for an eye-wateringly high price a local agent has said is achievable. They need this price to then take the mortgage over a record breaking term that will see them still paying it at an age I didn’t think was permitted!!!! I’ve seen it all... so it just wouldn’t surprise me if they blow the ceiling price for their property and then buy something for 575k in Scotland at what I feel will be the peak of the market for a decade. I might have to delete this post later on as the person who bought it could feasibility visit this site and read this comment!!
  20. Guys, it’s on! I’ve posted a few times about prices in Scotland but in the last week or so I’ve seen some really positive indicators of the tide now turning. There are period properties in historically strong areas that I’ve observed for many years edge up in price... only to keep selling each and every time one appears. This month in Perth there ere 4 reductions in asking price which is actually unprecedented. At the same time, sold prices for June show a lot of flats selling below previous prices in 2017/2018. I know many will say it’s subjective but I really feel there is a difference to the types of property being listed and the reductions I’ve seen are contrary to the trend of the last 6/7 years.
  21. I have a really wide search area as I travel daily for work so our next house move (Spring 2021) means we can be flexible on location. Areas near the M90 from Perth down to Queensferry. Central/West fife, Clackman and West Lothian/Falkirk area. It never ceases so amaze me how ‘better’ properties in Perth where average prices are significant higher... are still considerably cheaper that central/west Fife. Check this place out... nearer the bridges in Fife, this place would be £350l all day long. https://www.rightmove.co.uk/property-for-sale/property-95802119.html
  22. I live in Scotland too and I feel there have been more properties listed in recent weeks than ever. They tend to be larger properties too. Perhaps people recognise now is the best time to downsize. I guess we have to just see how things go over the next 2 or 3 months.
  23. Tell me about it... I’ve been keeping an eye on Edinburgh as the collapse of this years fringe festival is set to cost their local economy 300 million. You also have student rentals toiling due to distance learning, not to mention over 10,000 Airbnb‘s that will be largely vacant for many months to come. Of the 530 properties to be listed on rightmove in the last 14 days, 440 already have “under offer/SSTC”. That’s 17% within a fortnight which I find staggering considering many of them look like really strong prices.
  24. A good friend of mine is looking to pick up a BTL outside Edinburgh and recently made enquiries regarding two places that were listed very recently. The first agent said “Sorry, we don’t have any viewings left and it’s going to a closing date on Friday”. The other said they needed a scanned copy of a mortgage agreement in principle before they would allow him to view it.... I don’t think there is necessarily a stampede to view places, but agents seem to be guarding the low cost fixer-uppers from mass viewings. Perhaps some agents don’t want the level of enquiries to go to their clients head and for them to then risk going for a higher, but less reliable offer.
  25. Mine was always 999 in the Barclays CC app. Unless it drops a bit when you clear debt it should still be that.
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