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Edinburgh 'luxury Apartments' Become Council Flats..

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As predicted by many on this forum. Good to see they are borrowing the money to do it as well...rolleyes.gif

Looks like the average price paid is over £90k ?!

Aye - great deal on flats that are unfinished and nobody wants to buy. Bail out for the builders and nothing else. As a bulk deal these are probably worth little more than £20-30k each.

PS - These people will be living next door to others who paid £300-500k for 'executive apartments'.

Council flats

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I had a feeling these £300k apartments weren't going to sell. The cabbie was telling us about them on a business trip and the waterfront area was like a ghost town, I just couldn't 'see' the demand and I was just a casual visitor.

Some lovely properties in Edinburgh....just not these.

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As predicted by many on this forum. Good to see they are borrowing the money to do it as well...rolleyes.gif

Looks like the average price paid is over £90k ?!

Aye - great deal on flats that are unfinished and nobody wants to buy. Bail out for the builders and nothing else. As a bulk deal these are probably worth little more than £20-30k each.

PS - These people will be living next door to others who paid £300-500k for 'executive apartments'.

Council flats

Are those the flats built near to the Scottish govt offices?

From occasional passing observation I've imagined that this is the back of beyond, nearest other habitation relatively dire, poor build quality, braving the elements as wind drives salt water and grit against the structure?

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i hope they rehouse the chavvier residents of Oxgangs to Leith, 'cos then my house value will go up :ph34r:

Seriously though, that's like reason no 2 never to buy a new build flat, you really don't know who any of your neighbours are going to be (unlike say tenements where it's usually one or two flats a year changing hands)

PS reason no 1 is that they're made out of compressed cardboard and mdf and look like shit after 5 years

PPS No-one ever builds 'adequate' flats do they? They're always luxury or executive.

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Steven Currie, a director of Edinburgh-based Murray and Currie, said: "The average developer bank is very exposed at the moment and would love the opportunity of an exit strategy.

Corrected.

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i hope they rehouse the chavvier residents of Oxgangs to Leith, 'cos then my house value will go up  :ph34r:

Seriously though, that's like reason no 2 never to buy a new build flat, you really don't know who any of your neighbours are going to be (unlike say tenements where it's usually one or two flats a year changing hands)

PS reason no 1 is that they're made out of compressed cardboard and mdf and look like shit after 5 years

PPS No-one ever builds 'adequate' flats do they? They're always luxury or executive.

Normal flats are still built, they tend to be even smaller. The luxury ones have a lift and higher end taps, the low end ones have flurecent tube lighting in lounge/kitchen

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"It would then offer the completed units at "mid-market" rental rates, usually about a fifth lower than the rental market. "

lha?

Council chiefs have announced plans to borrow £55m in order to buy up around 600 properties from the city's "ghost estates".

Sounds expensive though.

Edited by SarahBell

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i hope they rehouse the chavvier residents of Oxgangs to Leith, 'cos then my house value will go up :ph34r:

Seriously though, that's like reason no 2 never to buy a new build flat, you really don't know who any of your neighbours are going to be (unlike say tenements where it's usually one or two flats a year changing hands)

PS reason no 1 is that they're made out of compressed cardboard and mdf and look like shit after 5 years

PPS No-one ever builds 'adequate' flats do they? They're always luxury or executive.

There was a story posted on here once where someone broke into a flat from next door by pushing the cardboard wall through!

Edited by Minos

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"HUNDREDS of flats that developers can't sell are to be snapped up by the city council in a multi-million pound spending spree"

Just the first line annoys me. If they've sat unsold for an age how can they be "snapped up"?

Idiots.

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"HUNDREDS of flats that developers can't sell are to be snapped up by the city council in a multi-million pound spending spree"

Just the first line annoys me. If they've sat unsold for an age how can they be "snapped up"?

Idiots.

It's hack-speak.

I've known quite a few hacks - I've even shared houses with some. The ones I've known have been intelligent and highly educated people - who write utter cr*p because that's their job.

On another point, A E Housman, eh? What a cynical old git he could be. Right about the malt, though.

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I just dont get why developers continue to build them, they are a failed experiment.

One big new block in my area (centralish London) that I have been watching with interest in the last 18 months is a great example of why they dont work. Of course for the developers to build this block they had to provide their quota of 'affordable housing', so this particular block has been sectioned up. First two floors are straight council properties. Second two are 'affordable housing scheme part buy, part rent'. The top two are private sales. Each of the three sections has a seperate entrance and the private flats are on the market for £355k for a one bed. They must have sold one or two of the private flats tops, out of about 25 flats. They went on the market in February.

Now the bottom floors have started to move in, up goes the washing lines on the balconies, the grubby old net curtains, of course the whole block now looks like it has been lifted out of an estate. Any chance they had of selling one beds for £340k have now gone from slim to non existant. They are still advertising them in the local paper every week though. I guess eventually they will either give the private flats up to the council or the part buy scheme, but what about the stupid mugs who paid top whack for their flats? Gutted would probably be an understatement.

Anyway, punchline is the same company have recently announced another similar project down the road!??!

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I just dont get why developers continue to build them, they are a failed experiment.

One big new block in my area (centralish London) that I have been watching with interest in the last 18 months is a great example of why they dont work. Of course for the developers to build this block they had to provide their quota of 'affordable housing', so this particular block has been sectioned up. First two floors are straight council properties. Second two are 'affordable housing scheme part buy, part rent'. The top two are private sales. Each of the three sections has a seperate entrance and the private flats are on the market for £355k for a one bed. They must have sold one or two of the private flats tops, out of about 25 flats. They went on the market in February.

Now the bottom floors have started to move in, up goes the washing lines on the balconies, the grubby old net curtains, of course the whole block now looks like it has been lifted out of an estate. Any chance they had of selling one beds for £340k have now gone from slim to non existant. They are still advertising them in the local paper every week though. I guess eventually they will either give the private flats up to the council or the part buy scheme, but what about the stupid mugs who paid top whack for their flats? Gutted would probably be an understatement.

Anyway, punchline is the same company have recently announced another similar project down the road!??!

Where in Central London is that? Can you say?

I'd love to see a link to the developer's website where this wonderufl investment opportunity is shown.

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Are those the flats built near to the Scottish govt offices?

From occasional passing observation I've imagined that this is the back of beyond, nearest other habitation relatively dire, poor build quality, braving the elements as wind drives salt water and grit against the structure?

Yep there will be lots down that way. Know someone who rented one. Said it was ok but there are lots of developments and varying qualities. He thought his flat was not the most solidly built.

Right beside the sea, Scotland, salt water and spray, exposed to everything ?

They are going to be in a right state in a few years time.

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I wonder if we are going to see loads of this increase now when the new housing benefits come in - Govt preferring to pay rent to local Councils and HAs rather than to private landlords... so Govt maybe gives a bit of cash to HAs and Councils to buy up loads of empty flats?

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Govt preferring to pay rent to local Councils and HAs rather than to private landlords...

This is a Tory government, with Grant Shapps in charge of housing. I'm fairly sure they would much rather pay rent to private landlords than any public sector organisation.

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I wonder if we are going to see loads of this increase now when the new housing benefits come in - Govt preferring to pay rent to local Councils and HAs rather than to private landlords... so Govt maybe gives a bit of cash to HAs and Councils to buy up loads of empty flats?

Yes, seems like an easy thing to paint as a win-win--> good for LHA tenants, good for councils and HAs, good for hapless BTLers, good for a government that is being accused of not caring about the poor.

Not so good, of course, for the taxpayer.

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Yep there will be lots down that way. Know someone who rented one. Said it was ok but there are lots of developments and varying qualities. He thought his flat was not the most solidly built.

Right beside the sea, Scotland, salt water and spray, exposed to everything ?

They are going to be in a right state in a few years time.

If I recall from my childhood the sea in that vicinity includes a sewage outlet.

Edited by Jadoube

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some quotes from the article:

'Estate agents say the move is likely to be a "saving grace" for developers that do not have the confidence to finish sites because of tough conditions.'

"Nobody really knows what will happen to the market just now so if they can do a deal on plots and units it will be a saving grace for some developers."

Looks like someone is getting a bail-out.

A serious lesson here... Never buy a flat on a new 'up and coming' estate...

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As predicted by many on this forum. Good to see they are borrowing the money to do it as well...rolleyes.gif

Looks like the average price paid is over £90k ?!

Aye - great deal on flats that are unfinished and nobody wants to buy. Bail out for the builders and nothing else. As a bulk deal these are probably worth little more than £20-30k each.

PS - These people will be living next door to others who paid £300-500k for 'executive apartments'.

Council flats

Comment no.1 says it all, imo.

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I was at a stag do in Edinburgh at the weekend. THe company that organised the events put us in apartments in the Western Harbour development near the 24hour ASDA. Cheap as chips.

The neighbours seemed delighted. :lol:

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There was a story posted on here once where someone broke into a flat from next door by pushing the cardboard wall through!

Lol!!!!!

Good post, ccc... what a joke, huh? It just looks so deserted there every time I drive past... Never read all the story - so the council are buying them to give to DSS or something?

Have you been to Platinum Point? The flats look good but the prices are a joke.

Guy at my work here bought a 3-bed detached 8 years ago for £54k. Who on Earth would want to buy a flat for anything close to a tenth of a million pounds?

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  • 244 Brexit, House prices and Summer 2020

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