Pmax2020 Posted July 9, 2023 Share Posted July 9, 2023 Still looking at Edinburgh, bought for 1.15m exactly 2 years ago….. now ‘offers over’ 975k. https://www.rightmove.co.uk/properties/137043977 Quote Link to comment Share on other sites More sharing options...
mynamehere Posted July 9, 2023 Author Share Posted July 9, 2023 1.2 seems acheivable to me. However hard to tell, as it's in a different market to what I am looking at. The only reliable way to know is to be actively looking and ideally bidding, then you get a sense of how many other people are offering. If a property already has offers then you know for sure it's going over HR. And I'm not looking at this market so no idea what's going on. It could well remain in it's own bubble as it's hard to link a 1.2m house to a FTB chain, it's quite far removed. Nobody is buying such a house from earnings. Also different agents have different approaches to initial list prices. Some agents you don't need to download HR as they automatically list for 25k under HR no matter what. This one I don't know. Quote Link to comment Share on other sites More sharing options...
Pmax2020 Posted July 9, 2023 Share Posted July 9, 2023 42 minutes ago, mynamehere said: 1.2 seems acheivable to me. However hard to tell, as it's in a different market to what I am looking at. The only reliable way to know is to be actively looking and ideally bidding, then you get a sense of how many other people are offering. If a property already has offers then you know for sure it's going over HR. And I'm not looking at this market so no idea what's going on. It could well remain in it's own bubble as it's hard to link a 1.2m house to a FTB chain, it's quite far removed. Nobody is buying such a house from earnings. Also different agents have different approaches to initial list prices. Some agents you don't need to download HR as they automatically list for 25k under HR no matter what. This one I don't know. I admire your confidence. Every link I post for Edinburgh, you confidently bat back. There are a huge number of these 18-24 month purchases coming back on the market - so we will get irrefutable evidence soon. In the case of that £1,150,000 house, supposing the buyer/seller both have a solid 65% LTV value, then the sellers mortgage over 25 years would’ve been about £2960, compared with like 2023 buyers being £4760 per month. (I’m using first directs 2 year fix rates). That’s an astronomical increase and the reason I think it will sell for a loss. It’s probably exactly why the house is back up for sale so soon… Quote Link to comment Share on other sites More sharing options...
mynamehere Posted July 9, 2023 Author Share Posted July 9, 2023 44 minutes ago, Pmax2020 said: I admire your confidence. Every link I post for Edinburgh, you confidently bat back. There are a huge number of these 18-24 month purchases coming back on the market - so we will get irrefutable evidence soon. In the case of that £1,150,000 house, supposing the buyer/seller both have a solid 65% LTV value, then the sellers mortgage over 25 years would’ve been about £2960, compared with like 2023 buyers being £4760 per month. (I’m using first directs 2 year fix rates). That’s an astronomical increase and the reason I think it will sell for a loss. It’s probably exactly why the house is back up for sale so soon… I’m not batting back. I’m just giving my different perspective, it just happens to be consistently different . I’m not disagreeing on purpose. i know anecdotally and from research the average ltv of such a house is about 25% nobody buys a 1.2 million house in Colin ton on a 65 LTV mortgage. They are stores of wealth Quote Link to comment Share on other sites More sharing options...
teal77 Posted July 9, 2023 Share Posted July 9, 2023 Seeing a lot more fixed prices in Glasgow. Quote Link to comment Share on other sites More sharing options...
Pmax2020 Posted July 9, 2023 Share Posted July 9, 2023 1 hour ago, mynamehere said: I’m not batting back. I’m just giving my different perspective, it just happens to be consistently different . I’m not disagreeing on purpose. i know anecdotally and from research the average ltv of such a house is about 25% nobody buys a 1.2 million house in Colin ton on a 65 LTV mortgage. They are stores of wealth Fair enough, as typed that 65% LTV example I did suspect that it’s more likely that it’s ‘family wealth’ that’s affording these homes rather than just a good wage. But being re-listed within 2 years is still uncommon. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted July 9, 2023 Share Posted July 9, 2023 4 hours ago, Pmax2020 said: Still looking at Edinburgh, bought for 1.15m exactly 2 years ago….. now ‘offers over’ 975k. https://www.rightmove.co.uk/properties/137043977 Looks OK, I saw a flat in the New Town not long ago up for 900k though, Edinburgh prices are really detached from the reality of higher interest rates, and as someone mentioned there seems to be a 2 year thing going on with people trying to dump recent purchases and cutting the price to do so, got to be other debt issues going on or something? Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted July 9, 2023 Share Posted July 9, 2023 2 hours ago, mynamehere said: I’m not batting back. I’m just giving my different perspective, it just happens to be consistently different . I’m not disagreeing on purpose. i know anecdotally and from research the average ltv of such a house is about 25% nobody buys a 1.2 million house in Colin ton on a 65 LTV mortgage. They are stores of wealth Not if you are trying to sell for 900k two years later, LOL, that is a store of LOSSES AND stress, you are misguided if you think it is all wealthy "Old Money" buying in these areas, many years ago maybe not now, a lot of it is London Equity where people just made a ton of money on a London property and popped a big slice of it into a "good area" in Edinburgh, doesn`t mean they won`t get caught out when the money taps go off Quote Link to comment Share on other sites More sharing options...
mynamehere Posted July 9, 2023 Author Share Posted July 9, 2023 25 minutes ago, dances with sheeple said: Not if you are trying to sell for 900k two years later, LOL, that is a store of LOSSES AND stress, you are misguided if you think it is all wealthy "Old Money" buying in these areas, many years ago maybe not now, a lot of it is London Equity where people just made a ton of money on a London property and popped a big slice of it into a "good area" in Edinburgh, doesn`t mean they won`t get caught out when the money taps go off Fair point. It’s 100k in stamp duty alone for those two years. London equity / family money. Point is the same. few buy 1M houses on earnings. it is interesting in the two year point. Maybe they are not seen as viable wealth storage anymore vs money in the bank and they are due a crash. It’s not quite the same thing but similar. We are def happy renting right now put it that way! Quote Link to comment Share on other sites More sharing options...
Timm Posted July 9, 2023 Share Posted July 9, 2023 On 08/07/2023 at 15:49, AThirdWay said: St Andrews is holding up quite well, I imagine, as previously suggested, because of lack of supply. North of the Tay, I'm seeing a lot of stuff coming 'back on the market' or going to fixed price. A sure sign that deals are falling through and some are struggling to get 'acceptable' offers. Not sure why deals are falling through, whether it's mortgage offers being withdrawn or buyers getting cold feet? We're slightly different up here in that if you get far enough down the purchasing process and pull out, the vendor can sue for any extra costs... On 07/07/2023 at 23:25, Pmax2020 said: Hard to tell because it’s a small place with not a lot coming to market. I know St Andrews really well though because I was there at the same time as a royal 😉 Thank you both - much appreciated. On 07/07/2023 at 23:25, Pmax2020 said: I spotted this. Jeez, imagine building a crappy wee outbuilding in your garden and trying to sell it for 220k!!! https://www.rightmove.co.uk/properties/135486347 Gosh. If they get anywhere near that price for that thing, then St Andrews does seem to be holding up. Quote Link to comment Share on other sites More sharing options...
Pmax2020 Posted July 10, 2023 Share Posted July 10, 2023 Mysterious 18-24 month itch continues.. https://www.rightmove.co.uk/properties/137141120 (312k in Aug 2021) https://www.rightmove.co.uk/properties/137158937 (449k Mar 2022) Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted July 10, 2023 Share Posted July 10, 2023 On 09/07/2023 at 15:58, mynamehere said: Fair point. It’s 100k in stamp duty alone for those two years. London equity / family money. Point is the same. few buy 1M houses on earnings. it is interesting in the two year point. Maybe they are not seen as viable wealth storage anymore vs money in the bank and they are due a crash. It’s not quite the same thing but similar. We are def happy renting right now put it that way! Fair enough, my point was just that more people now have access to that kind of "wealth" due to the property bubble than previously (if they sold at the right time, in especially London, and took that bubble money to a different part of the country) Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted July 10, 2023 Share Posted July 10, 2023 1 hour ago, Pmax2020 said: Mysterious 18-24 month itch continues.. https://www.rightmove.co.uk/properties/137141120 (312k in Aug 2021) https://www.rightmove.co.uk/properties/137158937 (449k Mar 2022) Polwarth, best part of half a million, LOL. Who is getting a mortgage for that now? and if you had the cash you would be better off sticking it in the bank and going travelling or something, Lordy this Edinburgh bubble has a long way to fall. The WH one has most chance of going for near asking IMO, but don`t think it will make 300k now. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted July 10, 2023 Share Posted July 10, 2023 On 09/07/2023 at 18:06, Timm said: Thank you both - much appreciated. Gosh. If they get anywhere near that price for that thing, then St Andrews does seem to be holding up. I felt a touch of nausea looking at that shed, human greed is quite sickening when it is fully displayed isn`t it? Hopefully it will remain unsold and the seagulls will use it for toilet practice. Quote Link to comment Share on other sites More sharing options...
Pmax2020 Posted July 11, 2023 Share Posted July 11, 2023 St Andrews. Paid 605k less than a year ago. What psychopath paid that!?!? Back on offers over 590k. https://www.rightmove.co.uk/properties/137168297 605k is staggering. You could buy a mansion a short 5-10 minute drive from St Andrews for that money… Quote Link to comment Share on other sites More sharing options...
mynamehere Posted July 12, 2023 Author Share Posted July 12, 2023 new home asking price index out today, (based on rightmove but slightly different method) Scotland had the biggest falls last month, but has the highest YoY growth still. England was flat MoM. Perhaps the start of something? Quote Link to comment Share on other sites More sharing options...
mynamehere Posted July 19, 2023 Author Share Posted July 19, 2023 Oof Oof double oof scotland bucking the trend in march land registry data. England was down. Quote Link to comment Share on other sites More sharing options...
robmatic Posted July 19, 2023 Share Posted July 19, 2023 The rental market seems nuts in Edinburgh. I have a flat in the city centre so I keep an eye on the market, and 2 bed flats appear to have gone up by 20% in the last year. There's nothing available for less than £1200/month. Quote Link to comment Share on other sites More sharing options...
mynamehere Posted July 21, 2023 Author Share Posted July 21, 2023 On 19/07/2023 at 11:08, robmatic said: The rental market seems nuts in Edinburgh. I have a flat in the city centre so I keep an eye on the market, and 2 bed flats appear to have gone up by 20% in the last year. There's nothing available for less than £1200/month. Probably something like that. 14% overall. I'd say rents for flats similar ot ours have gone up 10% in past six months! Quote Link to comment Share on other sites More sharing options...
mynamehere Posted July 28, 2023 Author Share Posted July 28, 2023 Edinburgh and scotland both topping the tables on todays zoopla index. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted July 28, 2023 Share Posted July 28, 2023 On 07/07/2023 at 23:25, Pmax2020 said: Hard to tell because it’s a small place with not a lot coming to market. I know St Andrews really well though because I was there at the same time as a royal 😉 I spotted this. Jeez, imagine building a crappy wee outbuilding in your garden and trying to sell it for 220k!!! https://www.rightmove.co.uk/properties/135486347 OMFG! Where to start with this one? Firstly, from the outside it looks like a personal sauna room/block. And does that really back onto a public park? So you could have rowdy chavs pissing it up right on your doorstep/decking and be completely powerless to do anything about it. Anyone that buys that deserves what they get. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted July 28, 2023 Share Posted July 28, 2023 And the council that gave planning permission also needs shot with sh1t! Quote Link to comment Share on other sites More sharing options...
mynamehere Posted August 9, 2023 Author Share Posted August 9, 2023 If this is half true, then I can't see much logic for any houseprice falls in most of Scotland or most of UK either Quote Link to comment Share on other sites More sharing options...
mynamehere Posted August 10, 2023 Author Share Posted August 10, 2023 RICS report 8th August Recent interest rate rises stifl ed market activity, though demand still exceeds supply in some sectors The ongoing infl ationary pressures are causing buyers to think long and hard over any purchase decision. Prices are holding up so far in this area, but where they go later in the year will depend on costs of borrowing and ongoing infl ation. Caution is at the forefront of most in the market. There remains a hesitancy in some sectors of the market due to increased costs, but the underlying market seems to be stable. There continues to be a lack of supply in some key areas within the country house market and demand still outweighs supply The market has steadied this summer and an interest rate over 5% has made purchasers more cautious. The summer continues in a steady manner, some buyer caution is evident but, still seeing a healthy number of sales at solid prices. Summer holidays in full swing and rising mortgage rates has reduced activity to some extent in the market. Agents are still seeing some properties selling quickly, but the large premium being paid just last year has disappeared entirely Quote Link to comment Share on other sites More sharing options...
teal77 Posted August 10, 2023 Share Posted August 10, 2023 On 7/28/2023 at 1:06 PM, bomberbrown said: OMFG! Where to start with this one? Firstly, from the outside it looks like a personal sauna room/block. And does that really back onto a public park? So you could have rowdy chavs pissing it up right on your doorstep/decking and be completely powerless to do anything about it. Anyone that buys that deserves what they get. St. Andrews doesn't really have chavs. Only chaps and chapettes in lesser brands of tweed. Quote Link to comment Share on other sites More sharing options...
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