Jump to content
House Price Crash Forum
Duplex

The Scotsman Troubled Waters For Landlords

Recommended Posts

Guest Charlie The Tramp
"I'd question the wisdom of building a rash of apartments on the market at £250,000 in Glasgow or around the £280,000 mark in Edinburgh. Affordability is a massive issue and there are too few people prepared to buy flats that cost as much as family homes. Indeed, with money still so relatively cheap to borrow, there must also be a limit on the number of people who'd eschew a mortgage yet still pay monthly rents of £800+ per month for an executive apartment. "The golden sector is for flats at around £120,000-£190,000 - that's what real people can afford and that's the group we should concentrate on serving," says Mugmaioni.

This guy understands simple arithmetic, sadly lemmings seem to have missed out in this vital part of their education.

Share this post


Link to post
Share on other sites
The Glasgow Harbour flats are set to be a huge disaster - they are ugly buildings and hugely expensive. You'd be completely off your head to buy one of them.

Indeed. For those not in the know, this is probably one of the largest and most expensive development of flats in recent years in Glasgow; a huge number of "luxury apartments", where the builder recently knocked £45,000 off the price, but also claimed that "this does not mean that they were overpriced to begin with".

Yes, they were knocking off that much money through sheer philanthropism. :rolleyes:

Share this post


Link to post
Share on other sites

Found this a bit puzzling though;

"In Edinburgh, Sundial's William Gray Muir believes that a slowdown means choice for the consumer and an opportunity to burn out all the over-priced and low-quality developments from the market."

Is that when the bijou BTL crack den catches fire then?

Or when the owner torches it for the insurance valuation to pay off the mortgage?

Share this post


Link to post
Share on other sites

What makes me angry is the lack of social housing - Partick is hardly a prosperous part of town, but the house prices there are shocking. People who have been brought up in Partick are completely priced out of the whole of the West End. Plus, the fact that the flats are absolutely hideous.

Share this post


Link to post
Share on other sites
What makes me angry is the lack of social housing - Partick is hardly a prosperous part of town, but the house prices there are shocking. People who have been brought up in Partick are completely priced out of the whole of the West End.  Plus, the fact that the flats are absolutely hideous.

"The West End" has got a lot of snob value attached to it. Some of it is undoutedly impressive, like Dowanhill, but a lot of it is average. Places like Yorkhill, Woodlands, etc. have seen huge property price rises on the back of the all-encompassing term "The West End". Many of these areas, as you point out, are hideous.

I think the prices in some areas of Glasgow have FAR to fall.

P.S. I keep reading that "The West End" is a hotbed of car crime in Glasgow. Why is this? I thought it was supposed to be upmarket.

Share this post


Link to post
Share on other sites
Guest Guy_Montag
P.S.  I keep reading that "The West End" is a hotbed of car crime in Glasgow.  Why is this?  I thought it was supposed to be upmarket.

Probably neds hoping on the underground from the southside & east end, coming in for better pickings.

Share this post


Link to post
Share on other sites
Probably neds hoping on the underground from the southside & east end, coming in for better pickings.

Ha ha. Nice try, but the underground doesn't touch the east end and barely touches the south side proper.

Maybe it's impoverished students doing it all. Or maybe the 'greater west end' is not as nice as everyone thinks it is. Everywhere west of the city centre wants to call itself "the west end" because this is seen as a licence to add on extra money for mediocre property.

Share this post


Link to post
Share on other sites
Indeed.  For those not in the know, this is probably one of the largest and most expensive development of flats in recent years in Glasgow; a huge number of "luxury apartments", where the builder recently knocked £45,000 off the price, but also claimed that "this does not mean that they were overpriced to begin with".

Yes, they were knocking off that much money through sheer philanthropism. :rolleyes:

I previously posted about these flats, but can't find the link. Lenders reluctant to give mortgages on some of these places as they are such poor quality (styrofoam core with brickwork surround). Not an unusual way to build flats, but surveyor's have pointed out that the cladding on them is only expected to last 10 years before they'll need redone. For £250,000? Ha ha.

Also, since some of them have patio gardens built on the roof of the flat below in a "stepped" manner, mortgage companies are querying them as who owns the garden? The flat below as it's on their roof? Total minefield.

Share this post


Link to post
Share on other sites
I previously posted about these flats, but can't find the link. Lenders reluctant to give mortgages on some of these places as they are such poor quality (styrofoam core with brickwork surround). Not an unusual way to build flats, but surveyor's have pointed out that the cladding on them is only expected to last 10 years before they'll need redone.  For £250,000? Ha ha. 

Also, since some of them have patio gardens built on the roof of the flat below in a "stepped" manner, mortgage companies are querying them as who owns the garden? The flat below as it's on their roof? Total minefield.

Good grief.

I wouldn't like a garden above my head. I can see water leaking in on your head while you sleep.

I think many of the flats built in the last 5 years across the country will be tomorrow's high-rise monstrosities, delapidated and awaiting demolition. Meanwhile (especially in Glasgow) we've destroyed many historic buildings either by demolishing them at the first opportunity, or ripping them apart and remodelling them internally.

The last few years has been nothing but a shameful money grab at the expense of much irreplaceable heritage and history.

Share this post


Link to post
Share on other sites
"The West End" has got a lot of snob value attached to it.  Some of it is undoutedly impressive, like Dowanhill, but a lot of it is average.  Places like Yorkhill, Woodlands, etc. have seen huge property price rises on the back of the all-encompassing term "The West End".  Many of these areas, as you point out, are hideous.

I think the prices in some areas of Glasgow have FAR to fall.

P.S.  I keep reading that "The West End" is a hotbed of car crime in Glasgow.  Why is this?  I thought it was supposed to be upmarket.

I moved from Yorkill because of a group of young people who lived in the area and were terrorising the area. After being broken into, witnessing someone being flung through a shop window, and then finding out about an attempted murder on the doorstep, I realised it was time to move. Partick and Yorkhill are traditional working class areas, and large chunks of it have been taken over by neds.

Share this post


Link to post
Share on other sites

Similar things have been happening in Aberdeen.

Aberdeen is awash with 'Luxury flats' (Does nobody build flats anymore?)

There is a new super expensive 'Luxury, Executive, Penthouse, Mews, Carlos Fandango' development by a local builder with prices of 3/4 of a million for some of the larger cement builds. They were advertised in a fanfare of how wonderful it is too have near million pound properties in aberdeen on the front page of the builder sponsored local rag the P&J. The development is on the main dual carriage way through Aberdeen AKA North Circular and in the development are high rise flats, sorry luxury executive carlos fandango etc etc apartments, which offer an excellent vantage point of every window and back garden of the 3/4 mil luxury executive townhouses. When three of these were already sold when the newspaper did its front page spread, little did the people of Aberdeen know that the developer himself had bought them himself through an intermediary. I believe that he has sold two of them on now, bu for far short of his ridiculous asking price.

FYI you can buy a granite house in the Aberdeen area which has lasted for 100 years and has at least 300 to go for the same price and get several hundred acres thrown in :lol::lol::lol:

Aberdeen has at last hit the buffers, though it is being well concealed by the vested parties. Not a good time to buy.

Share this post


Link to post
Share on other sites
"The West End" has got a lot of snob value attached to it.  Some of it is undoutedly impressive, like Dowanhill, but a lot of it is average.  Places like Yorkhill, Woodlands, etc. have seen huge property price rises on the back of the all-encompassing term "The West End".  Many of these areas, as you point out, are hideous.

I think the prices in some areas of Glasgow have FAR to fall.

P.S.  I keep reading that "The West End" is a hotbed of car crime in Glasgow.  Why is this?  I thought it was supposed to be upmarket.

I think that the prices in lots of areas in Glasgow have Far to fall including south side and eastend.

If it is people from the South who have been buying at the ridiculous prices. What happens when this dries up? Local people do not earn the wages to buy flats at such huge prices.

I agree that some of the flats are hideous.

I have noted that the market seems to be much slower in Glasgow. Perhaps this is the start of seeing some price changes over the coming months.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.