Edinburgh - Biggest Jumps So Far

[DoubleBubbleTrouble]

Another week passes and here's the latest house price weather report from Edinburgh. It's not in 3D and it doesn't make Scotland look disproportionally smaller but I don't have the BBC's budget to play with

Big jumps this week, the largest I've recorded...

45.32% of the entire stock on FP

81 properties converting to FP from OO

85 more unsold properties in Edinburgh than last week

Next week we may breach the 1000 mark on flats for sale on Fixed Price.

Just to entertain you here's a selection of most interesting price drops I've spotted (please note these are only a tiny selection of the overall price cutting going on);

£-128,000 - Flat, Stockbridge FP £428,000 back to OO £300,000 ~30%.

£-17,500 - Flat, Fountainbridge FP £165,000 to FP £147,500

£-26,000 - House, Barnton FP £275,000 to FP £259,000

£-8,000 - Flat, Leith FP £110,000 to FP £102,000

Pretty soon this will be getting too wide so I'll start trimming from the left.

                         24/03   31/03   07/04   14/04   22/04   28/04   05/05   12/05   19/05   26/05Central Bungalows       0       0       0       0       0       0       0       0       0       0        Flats           115     121     129     142     145     156     160     166     170     181        Houses          5       6       5       7       7       7       8       8       8       10                                                                                       East    Bungalows       7       8       9       8       7       8       10      15      14      13        Flats           254     264     277     288     298     296     312     336     343     356        Houses          30      30      32      32      36      35      35      37      43      46                                                                                       North   Bungalows       11      11      9       9       9       9       8       7       9       12        Flats           92      89      103     104     97      101     106     116     120     128        Houses          39      41      48      46      50      47      57      56      64      63                                                                                       NWest   Bungalows       1       1       3       2       3       3       3       3       4       5        Flats           0       1       0       0       2       2       2       2       1       1        Houses          9       9       8       10      13      15      13      17      17      22                                                                                       South   Bungalows       10      10      11      9       9       9       11      12      14      14        Flats           110     111     115     130     142     148     148     159     185     204        Houses          49      49      60      61      67      74      77      81      79      89                                                                                       SWest   Bungalows       1       0       0       0       0       0       0       0       0       0        Flats           2       2       2       1       1       2       2       3       2       3        Houses          11      12      14      13      10      10      11      8       11      12West    Bungalows       0       0       0       0       0       0       0       0       0       0        Flats           50      51      49      59      60      66      78      73      75      78        Houses          9       8       7       7       8       8       7       10      10      13Totals  Bungalows       30      30      32      28      28      29      32      37      41      44        Flats           623     639     675     724     745     771     808     855     896     951        Houses          152     155     174     176     191     196     208     217     232     255                                                                                               Grand           805     824     881     928     964     996     1048    1109    1169    1250        Total Props                                                     2566    2608    2673    2758        % FP                                                            40.84%  42.52%  43.73%  45.32%        Headline number                         5468    5622    5733    5859    5907    6029    6126

[donjc]

Sellers still aren't playing though. We've tried to negotiate a price on a house this week. It was FP 250000-ish. 'They can't expect over 250' we thought, because of the rise in SD so offered low expecting to be met in the middle. Oh but they did expect their asking price. They wanted to try and go down the cash for F&F route. A tad illegal methinks and we'll be walking away.

[the end is a bit nigher]

Sellers still aren't playing though. We've tried to negotiate a price on a house this week. It was FP 250000-ish. 'They can't expect over 250' we thought, because of the rise in SD so offered low expecting to be met in the middle. Oh but they did expect their asking price. They wanted to try and go down the cash for F&F route. A tad illegal methinks and we'll be walking away.

<{POST_SNAPBACK}>

Let us know when they call you asking if you are still interested

[Guest magnoliawalls]

Another week passes and here's the latest house price weather report from Edinburgh. It's not in 3D and it doesn't make Scotland look disproportionally smaller but I don't have the BBC's budget to play with

Big jumps this week, the largest I've recorded...

Thank you so much for providing this - its very reassuring for those of us priced out of the market in Edinburgh

[donjc]

Will do! Hopefully by that time it will be too late, as we want to get a purchase agreed soon and have a few other places we are interested in.

Surely they have been advised badly as anyone seeing something fixed just over a SD threshold is going to try and negotiate.

There was two stories in the Scotsman yesterday, one about about First time Buyers and one about BTL.

Edited May 29, 2005 by donjc

[DoubleBubbleTrouble]

Sellers still aren't playing though. We've tried to negotiate a price on a house this week. It was FP 250000-ish. 'They can't expect over 250' we thought, because of the rise in SD so offered low expecting to be met in the middle. Oh but they did expect their asking price. They wanted to try and go down the cash for F&F route. A tad illegal methinks and we'll be walking away.

<{POST_SNAPBACK}>

I think currently a lot of sellers are still in buyers market mode and have already bought their next place. Consequently they have a certain price they have to achieve in order to proceed... resulting in the complete stubborness of their price demands.

If they paid more attention to what's going on at the bottom of the market they would be getting very edgy indeed. New build 2 bed flats look set for a big price implosion very soon now.

I've seen a couple of places now on my route to work which had been marked as "Sold" reappearing for sale. I've also notice 3 places with seemingly permanent "Under offer" stickers up (4 weeks+)! Also spotted some clustering behaviour recently where one place goes up for sale and then another 2 or 3 flats nearby suddenly appear too.

If I ever get a digital camera I might start posting some photo's of the most affected streets for fun.

[Thistle]

I've been following price changes in some new developments (built within last 2-5 years) in the Easter Road/Leith area. Albion Gdns (sample 7 flats, 2 beds): as with many other newish developments, all flats are on FP, some of them have been on the market at least since Oct 2004. Only in the last month and a half there has been an average drop in (asking) FP of 3.6% (again in Albion Gdns). A quick look at nethouseprices tells you that (barring a couple of exceptions from some buyers who have so obviously just landed on this planet) they are actually shifting at heavy discounts. So DBT you're absolutely right about the prices of new flats plummeting -- it's actually happening as we speak.

[donjc]

DBT, I could understand if if that was the case. But almost every house we look at the owner has, ahem, died. So it's whoever has inherited it that wants every last penny. Can't blame them I suppose, we wanted and got a good price for ours. Not concluded yet though ...

Very little new stuff came on this week in the area/bracket we are looking at. Boo.

[DoubleBubbleTrouble]

DBT, I could understand if if that was the case. But almost every house we look at the owner has, ahem, died. So it's whoever has inherited it that wants every last penny. Can't blame them I suppose, we wanted and got a good price for ours. Not concluded yet though ...

Very little new stuff came on this week in the area/bracket we are looking at. Boo.

<{POST_SNAPBACK}>

Unless you are exclusively looking for do-er upper's wouldn't that indicate that noone is selling those type of properties through choice at the moment.

The amount of people actually selling in the areas I would consider buying in has dropped right off since Christmas. I get the distinct impression the smarter cookies who don't have an urgent need to move right now are waiting for the storm to blow over.

[donjc]

We are exclusively looking for do-er uppers. We throw away the schedules that say extensively modernised etc. Trying to make life even more difficult for ourselves obviously.

[DoubleBubbleTrouble]

We are exclusively looking for do-er uppers. We throw away the schedules that say extensively modernised etc. Trying to make life even more difficult for ourselves obviously.

<{POST_SNAPBACK}>

Brave brave people

[donjc]

Let us know when they call you asking  if you are still interested

<{POST_SNAPBACK}>

They did exactly this, we've agreed a price, survey is done and it's all systems go!