SelfDoIt Posted June 10, 2009 Share Posted June 10, 2009 I am currently looking for a 2 bed unfurnished property in the city centre for less than £600 pcm; and I have to say I am spoiled for choice! 95% or more of the properties to let are furnished, but even the relatively few that are unfurnished total to a lot of choice. One of the properties that was listed, for example, was a proper 2 bed tenement with kitchen diner and lounge near the botanics for £650 pcm. That property would cost more than twice that per month on a mortgage. Either they bought it a long time ago, or they are taking a massive hit each month. I think that all the properties to let and their relatively low rents is good evidence of pent up supply. I wonder if they will all be able to muddle through for the next 3-4 years or if they will capitulate and sell. SelfDoIt Quote Link to comment Share on other sites More sharing options...
ccc Posted June 10, 2009 Share Posted June 10, 2009 Cheers for that. Always good to have real life experience to back up the stats. The sheer numebr of flats I see sitting around 'To Let' for months on end is staggering. They are everywhere in this place !! Quote Link to comment Share on other sites More sharing options...
fflump Posted June 10, 2009 Share Posted June 10, 2009 Cheers for that. Always good to have real life experience to back up the stats. The sheer numebr of flats I see sitting around 'To Let' for months on end is staggering. They are everywhere in this place !! On citylets website alone there have been 150 properties added this week that are available now or in the next couple of days. In total there are around 1500 properties on this single website available now!! How many of these are the rent-it-out instead brigade? Quote Link to comment Share on other sites More sharing options...
ccc Posted June 10, 2009 Share Posted June 10, 2009 On citylets website alone there have been 150 properties added this week that are available now or in the next couple of days. In total there are around 1500 properties on this single website available now!!How many of these are the rent-it-out instead brigade? Number for rent = HUGE Number for sale = Low to average Actual Sales = TINY I would say rather a lot are the rent it out instead brigade !! Either wannabe failed developers (I know of 2 personally[ish]) or wannabe 'sell for 2007 prices' and move on/away (I know more than 2 personally) Something will have to give. Rents will keep on falling, or houses will start selling for lower prices. Probably a combination ? In fact the first will probably lead to the second. As for people who think prices in Edinburgh will rise soon ? I simply see NOTHING to back this up - other than hope. This is all without even mentioning job losses. Barring high/hyperinflation - if Edinburgh prices are nominally higher in 2014 than today I would be very surprised. Quote Link to comment Share on other sites More sharing options...
geed Posted June 10, 2009 Share Posted June 10, 2009 I am currently looking for a 2 bed unfurnished property in the city centre for less than £600 pcm; and I have to say I am spoiled for choice! 95% or more of the properties to let are furnished, but even the relatively few that are unfurnished total to a lot of choice.One of the properties that was listed, for example, was a proper 2 bed tenement with kitchen diner and lounge near the botanics for £650 pcm. That property would cost more than twice that per month on a mortgage. Either they bought it a long time ago, or they are taking a massive hit each month. I think that all the properties to let and their relatively low rents is good evidence of pent up supply. I wonder if they will all be able to muddle through for the next 3-4 years or if they will capitulate and sell. SelfDoIt I think that all the properties to let and their relatively low rents is good evidence of pent up supply. I wonder if they will all be able to muddle through for the next 3-4 years or if they will capitulate and sell. Wait until interest rates rise in the next few years....and wait until prices DO show REAL signs of recovery (not this totally predictable Eburg spring bounce), the market will get flooded with "forced to rents", skyrocketing supply and driving prices down further creating a second downward wave in the crash. Long, long, long way to go yet. Quote Link to comment Share on other sites More sharing options...
Guest An Bearin Bui Posted June 10, 2009 Share Posted June 10, 2009 (edited) What's more interesting is the forest of To Let signs appearing around the city. On my way through Bruntsfield recently there was a whole host of To Let signs up on streets where I hadn't seen any before. Bruntsfield Avenue just where Bruntsfield Primary is, for example, had about 10 To Let signs all along the street and all with different letting agents. Yet I've just checked on espc now to get some evidence for posting here and there isn't a single one advertised online at that address??! If this is typical then the online results are only half the story... Have to say I'm seriously tempted to upgrade now as there are some great 3-beds available in all the upmarket areas... Edited June 10, 2009 by An Bearin Bui Quote Link to comment Share on other sites More sharing options...
ccc Posted June 10, 2009 Share Posted June 10, 2009 What's more interesting is the forest of To Let signs appearing around the city. On my way through Bruntsfield recently there was a whole host of To Let signs up on streets where I hadn't seen any before. Bruntsfield Avenue just where Bruntsfield Primary is, for example, had about 10 To Let signs all along the street and all with different letting agents. Yet I've just checked on espc now to get some evidence for posting here and there isn't a single one advertised online at that address??!If this is typical then the online results are only half the story... Have to say I'm seriously tempted to upgrade now as there are some great 3-beds available in all the upmarket areas... The Edinburgh facts and figures thread has been advertising this for at least 6 months.. You choose a street in Edinburgh in May 2008. It has 10 houses/flats for let. Today it has 20 houses/flats for let. Multiply that across the entire City. CARNAGE... Quote Link to comment Share on other sites More sharing options...
SelfDoIt Posted June 11, 2009 Author Share Posted June 11, 2009 If this is typical then the online results are only half the story... I think that this is valid. Many rental flats turn around so quickly that there isn't much point in taking the time to put them online. Most estate agents have their own printed lists or use the newspapers. SelfDoIt Quote Link to comment Share on other sites More sharing options...
fflump Posted June 11, 2009 Share Posted June 11, 2009 What's more interesting is the forest of To Let signs appearing around the city. On my way through Bruntsfield recently there was a whole host of To Let signs up on streets where I hadn't seen any before. Bruntsfield Avenue just where Bruntsfield Primary is, for example, had about 10 To Let signs all along the street and all with different letting agents. Yet I've just checked on espc now to get some evidence for posting here and there isn't a single one advertised online at that address??!If this is typical then the online results are only half the story... Have to say I'm seriously tempted to upgrade now as there are some great 3-beds available in all the upmarket areas... Very few letting agents list their properties on ESPC. Try citylets or lettingweb websites. This is where they tend to be. Quote Link to comment Share on other sites More sharing options...
lulu Posted June 15, 2009 Share Posted June 15, 2009 I am currently looking for a 2 bed unfurnished property in the city centre for less than £600 pcm; and I have to say I am spoiled for choice! 95% or more of the properties to let are furnished, but even the relatively few that are unfurnished total to a lot of choice.One of the properties that was listed, for example, was a proper 2 bed tenement with kitchen diner and lounge near the botanics for £650 pcm. That property would cost more than twice that per month on a mortgage. Either they bought it a long time ago, or they are taking a massive hit each month. I think that all the properties to let and their relatively low rents is good evidence of pent up supply. I wonder if they will all be able to muddle through for the next 3-4 years or if they will capitulate and sell. SelfDoIt But I am looking for a one bedroom place just now and the choices are limited (unless I head Leith/Easter Road way which I dont really want to for work purposes). I was chatting to one of the agents about this as I said I had noticed just what bad value the one bedroom places are, and he admitted that they are being offered far more two bedroom flats than they have demand for but there are far less one bedrooms coming up so the prices are holding up for them alot better. I am working hard to try to bribe someone to share with me but I am running out of time on that one... Quote Link to comment Share on other sites More sharing options...
lulu Posted June 15, 2009 Share Posted June 15, 2009 Very few letting agents list their properties on ESPC.Try citylets or lettingweb websites. This is where they tend to be. Thanks for that, I have resorted to heading straight to agents websites as I noticed most were not coming up on the searches. Somewhere where they all come up would be useful. Quote Link to comment Share on other sites More sharing options...
Dom75 Posted June 20, 2009 Share Posted June 20, 2009 Try the gumtree as well for one bed apartments, I was looking recently and through the gumtree one can rent direct from the landlord, reducing the price. Quote Link to comment Share on other sites More sharing options...
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