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Scunnered

Average House In Edinburgh Costs More Than £200000

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... according to the Evening News. They're repeating the ESPC figures which appeared about a month ago, so I'm not sure why they've suddenly decided to make this their front-page story.

They also have an editorial on the subject. It's a bit more thoughful than the kind of thing that they usually print. They realise that it's causing problems for people, but they seem to think that it's inevitable:

Still fuelling the bonanza are the hefty salaries and even heftier bonuses being paid by the city's financial institutions and as long as the banks continue to prosper so too will property values continue to soar.
The piece ends with the following, which infuriated me:
But to get on the ladder there's a simple plan - save like mad, find a partner and don't split up, and wait till your late 30s. No-one said it would be easy.
... and spend the rest of your life paying huge amounts of money to the prospering banks while never being able to afford to have children.

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There is a huge amount of money in Edinburgh at the moment though. A friends little sister is at Uni there, and she is in a class with 5 other children who each live in a flat bought for them whilst studying by their Parents. I know this is starting to get fairly common in some of the better University towns around the UK, but this is the first hand evidence I have came across in a place as traditionally expensive (for Scotland) as Edinburgh.

The attitude in the town amongst those with money is that as long as you buy in a good area, and are in it for 5 years minimum, your backing a winner. Dont waste your time worrying.

I doubt very much they will give a toss about the recent quarter percent rate rise. In fact, I'd be surprised if it even blips on their radar.

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I doubt very much they will give a toss about the recent quarter percent rate rise. In fact, I'd be surprised if it even blips on their radar.

What's changed since last year then? When rates went to 4.75% and we had the largest number of fixed prices in the town we've ever seen. The number of unsold places went through the roof.

It was only when they lowered the rates and many people erroneously assumed that was the top of the tightening cycle that things took off again.

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Whats changed? I honestly dont know. I just know that the people who have money, the real kind of money (usually inherited TBH), really are not worried at all. But then, they all seem to want to live in 3 or 4 very particular areas, and wouldn't purchase property outside of those. If a slowdown comes, it will hit the areas which are less than salubrious, but have had people buy inside them just to get something.

The rich get richer..? I know this much, it must be nice to be 24, nearing the end of Uni, about to walk out with a decent degree (architecture in this case) and already have a nice flat all bought and paid for under your belt. How the other half live? :blink:

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  • 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%



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