Diver Dan Posted May 23, 2018 Share Posted May 23, 2018 (edited) 41 minutes ago, stingray192 said: a friend put an offer on one about 4-5 years ago, he put in £165K and wasn't the highest, it was a repossession needing work Sounds like he dodged a bullet. I'm hearing stories of people with flats for sale just agreeing to whatever crazy offer comes back n because they know that they might not get another any time soon. That place on Virginia St. will undoubtedly be in a bad state of repair which could be a good bargaining chip if you really want it and aren't afraid to spend a bit of time/money on renovation. I'm going to favourite it to see what it eventually goes for. Edit to add: Here's the general condition of the place: Edited May 23, 2018 by Diver Dan Quote Link to comment Share on other sites More sharing options...
EME Posted May 23, 2018 Share Posted May 23, 2018 Those numbers suggest it's in worse condition than an old tenement Quote Link to comment Share on other sites More sharing options...
CGS Posted May 23, 2018 Share Posted May 23, 2018 The OGA released their results today and proves there is hard appetite for growth and exploration. Heading Summary OGA announces transformational 30th Offshore Licensing Round awards The Oil and Gas Authority (OGA) has offered for award 123 licences over 229 blocks or part- blocks to 61 companies in the 30th Offshore Licensing Round. These successful awards act as a strong platform for future exploration and production across the UK Continental Shelf (UKCS) and can help transform exploration activity levels. In response to strong interest, the OGA has made available huge areas of acreage; a total of 26,659 km2 has been offered for award and if the offers are taken up, the additional area under licence will be an increase of 50% on existing acreage held. The OGA expects this round to lead very quickly to activity, providing a welcome boost to exploration. The new work programme commitments include eight firm exploration/appraisal wells, nine firm new-shoot 3D seismic surveys and 14 licences progressing straight to field development planning (second term licences) Far more details here - https://www.ogauthority.co.uk/media/4885/oga-press-release-30th-licensing-round.pdf Summary Infographic here - https://www.ogauthority.co.uk/media/4884/oga_-30-round-infographic.pdf Breakdown of Awards - https://www.ogauthority.co.uk/media/4881/30th-round-table-of-potential-awards-by-block-may-2018.pdf -- I see the P&J were also commenting on employment in the City. Read into that what you will ...... https://www.pressandjournal.co.uk/fp/news/aberdeen/1480951/granite-city-stages-a-big-bounce-back-as-employment-rates-soar-again/ Quote Link to comment Share on other sites More sharing options...
Ignorantbliss Posted May 23, 2018 Share Posted May 23, 2018 39 minutes ago, CGS said: I see the P&J were also commenting on employment in the City. Read into that what you will ...... https://www.pressandjournal.co.uk/fp/news/aberdeen/1480951/granite-city-stages-a-big-bounce-back-as-employment-rates-soar-again/ I must hang around with the wrong people as I am still hearing of more layoffs going on (I see BP announced global 3% cut in upstream headcount yesterday). No discussion in that article about the quality of the jobs being created compared to the ones lost during 2015/16 - I would bet on them being a lot lower paid, but still, some money is better than no money. Another hit for the local economy is going to come from the ongoing rapid automation in the O&G industry. These articles give you a flavour of what is coming - the Houston one is interesting as that already has a much more diversified economy than Aberdeen. Oil industry's future seen more automated, leaner, skilled but fewer workers With “Lower For Longer” Oil Prices, Houston Might Need A New Job Creator Quote Link to comment Share on other sites More sharing options...
CGS Posted May 23, 2018 Share Posted May 23, 2018 Was equally confused by the P&J article hence my parting comment. Merely flagging the content that's out there in the public domain Indeed, automation will hit us all in the future regardless of where you work...... --- Here's an interesting article too. Many new builds still being proposed & apparently shifting relatively quickly encouraging new phases to be pushed forward. The point I'm making here is that confidence is driving these purchases..... http://cbmcommunity.org.uk/wp-content/uploads/2016/02/February-Planning-Report-2.pdf Quote Link to comment Share on other sites More sharing options...
CGS Posted May 24, 2018 Share Posted May 24, 2018 Summary of results from the 28th Aberdeen & Grampian Chamber of Commerce were released today ...... Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted May 24, 2018 Share Posted May 24, 2018 ASPC 5848 as of the time stamp on this post. @CGS.... that survey is silly. Like asking folk how they feel on pay day. Nothing more than this: Better to do a survey to say where the global big equity players are putting investment... Middle East, Pan-Asia, Africa... Even more interesting to elaborate on how firms are investing the monies formally gobbled up by the exchequer in supplementary charge and petroleum revenue charge taxes. However, they note that the rate of job cutting is slowing. That's hardly a surprise, but positive. The industry wasn't ready for the big drop to $30ish BOE, and now they are 'lean' they are not ready to absorb even minor drops. I'm not sure where the P&J gets their optimism from. (yes I do) I know of many still on consultation and firms still letting folk go. Further, rates are crap. My recruiter contacts keep me informed, and jobs formally at £60k plus are going at half that rate. The job spectrum and landing a permanent role is rather arbitrary now as qualifying service is 103 weeks. Most engineering design jobs reach their natural conclusion well before that and the mega-projects are few and far between. Competition is fierce and lets not forget that you still need your tickets to get offshore. How many in unemployment will keep those up on their on volition? There's not much purchase left in the UKCS for oil and gas. The party is in wind for now...with thousands of massive monopiles to be set in.... unfortunately done almost exlusvely by non-UK actors... but more in the service of the near 6000 large offshore turbines that will be up and operation midway through next decade. Quote Link to comment Share on other sites More sharing options...
CGS Posted May 24, 2018 Share Posted May 24, 2018 Pretty sure if those AGCC results were grim though you might be inclined to share the URL ? Again, simply sharing what I find.... Do you actually realise how much of the cash generated in the UKCS funds other mega-projects world-wide ? Many would be surprised how sizeable it is.... -- Interest rate rises likely ? ..... https://www.theguardian.com/business/2018/may/23/uk-inflation-falls-april-lower-airfares-ons Ironically this is partly due to the strong dollar, weak sterling & high oil price which helps the FTSE & O&G companies in turn... ONS report below https://www.ons.gov.uk/economy/inflationandpriceindices/articles/priceseconomiccommentary/may2018 -- Repsol reporting proposed job cuts today also.. http://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-44237944 --- This is always worth a scan - note the mix of development and decomm work plus drilling, seismic etc http://www.seafish.org/media/1774457/issue_10_oil_gas.pdf Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted May 25, 2018 Share Posted May 25, 2018 8 hours ago, CGS said: Pretty sure if those AGCC results were grim though you might be inclined to share the URL ? Again, simply sharing what I find.... Do you actually realise how much of the cash generated in the UKCS funds other mega-projects world-wide ? Many would be surprised how sizeable it is.... -- Interest rate rises likely ? ..... https://www.theguardian.com/business/2018/may/23/uk-inflation-falls-april-lower-airfares-ons Ironically this is partly due to the strong dollar, weak sterling & high oil price which helps the FTSE & O&G companies in turn... ONS report below https://www.ons.gov.uk/economy/inflationandpriceindices/articles/priceseconomiccommentary/may2018 -- Repsol reporting proposed job cuts today also.. http://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-44237944 --- This is always worth a scan - note the mix of development and decomm work plus drilling, seismic etc http://www.seafish.org/media/1774457/issue_10_oil_gas.pdf Repsol did recently state their intention to pursue 'greener' avenues for investment. Can't blame them. Better get in now or miss the boat. https://reneweconomy.com.au/uk-wont-need-new-gas-plants-2025-coal-phase-47891/ <- interesting, but conjecture nonetheless One can quickly get an idea of the employment options... a scan of the usual suspects employment portals shows very little in the way of engineering roles. There are almost no options for graduates at all, anywhere... which is pretty poor for those who've invested in any kind of oil and gas post graduate MSc training. Even worse if you've gone down the route of petroleum engineering. Trade shows.... more often they are turning into faux recruitment fairs. They may not write about it so much here in the UK, but the yanks do: https://www.houstonchronicle.com/business/article/Oil-job-market-hasn-t-caught-fire-yet-as-12886563.php For the North Sea... investment is ultimately thwarted as board rooms struggle to get a grip on the actual costs of DECOM. Hard to tell the shareholders your returns may be gobbled up in exit fees...or that the philosophy is to run until unprofitable then declare bankruptcy, essentially turning stock tickets into toilet paper. https://www.pressreader.com/uk/the-press-and-journal-inverness-highlands-and-islands/20180524/282454234656480 Quote "frightening picture" how uncertain operators were of their costs Further, the decline in output forecast until at least 2020 is having impacts. Quote Link to comment Share on other sites More sharing options...
shortbread Posted May 29, 2018 Share Posted May 29, 2018 Registers of Scotland, Scotland March'18 House Price Index: The Aberdeen fall continues Falls in both average price and sales volume recorded. Sales volume fell by 33% in the city as compared to the previous year! Quote The latest publication of the monthly shows that the average price of a property in Scotland in March 2018 was £146,009 – an increase of 6.7 per cent on March in the previous year and an increase of 0.5 per cent when compared to the previous month. This compares to a UK average of £224,144, which was an increase of 4.2 per cent on March in the previous year and virtually unchanged when compared to the previous month. Average price increases were recorded in the vast majority (27) of local authorities in March 2018, when comparing prices with the previous year. The biggest price increases were in Falkirk, City of Edinburgh and West Lothian, where average prices increased by 12.7 per cent to £123,800, 12.5 per cent to £252,992 and 12.0 per cent to £153,550 respectively. Decreases were recorded in Aberdeen City and Inverclyde where prices fell by 2.1 per cent to £160,464 and 1.4 per cent to £97,924 respectively. Increases in sales volumes were recorded in less than one quarter (7) of local authorities in January 2018, when comparing volumes with the previous year. The biggest increases were in Stirling and East Ayrshire, where volumes increased by 21.0 per cent to 121 sales and 11.3 per cent to 128 sales respectively. The biggest decreases were in Moray, Aberdeen City and Aberdeenshire, where volumes fell by 32.8 per cent to 86 sales, 25.1 per cent to 191 sales and 24.7 per cent to 216 sales respectively. The most expensive city Edinburgh has now opened a 100k gap as compared to Aberdeen. Glasgow keeps creeping closer to Aberdeen's falling prices with just 36k now separating the two cities. https://www.ros.gov.uk/about-us/news/2018/monthly-house-price-index-statistics-for-march-2018-published Quote Link to comment Share on other sites More sharing options...
quine Posted May 29, 2018 Share Posted May 29, 2018 Now 4 houses on Rubislaw Den South up for sale and 1 in Rubislaw Den North. All £1m+. Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted May 30, 2018 Share Posted May 30, 2018 ASPC 5885 as of the time stamp on this post. Also this: https://www.hometrack.com/uk/insight/uk-cities-house-price-index/april-2018-cities-index/ Quote Aberdeen has largest discount to asking prices The largest discounts (9.6%) are in Aberdeen where there has been a major demand side shock on the back of a lower oil price. House prices are falling by 7.2% per annum and have fallen by 19% since the end of 2014. This is what the site is about. Quote Link to comment Share on other sites More sharing options...
shortbread Posted May 31, 2018 Share Posted May 31, 2018 16 hours ago, cashinmattress said: ASPC 5885 as of the time stamp on this post. Also this: https://www.hometrack.com/uk/insight/uk-cities-house-price-index/april-2018-cities-index/ Making national news as well https://www.ftadviser.com/mortgages/2018/05/30/house-price-growth-in-cities-slows/ Quote FINANCIAL TIMES: House price growth in cities slows Just one of the 20 cities in the index saw house prices fall: Aberdeen, which saw property prices drop 7.2 per cent to £173,200 in the year. Hometrack said demand in Aberdeen, a major centre of the British oil industry, had been hit by lower oil prices, with house prices down 19 per cent since the end of 2014. Quote Link to comment Share on other sites More sharing options...
senõr willie Posted May 31, 2018 Share Posted May 31, 2018 Neighbour just taken down his for sale sign today. 3 bed semi bought about 5 years ago for 245k. Was on market for offers over 200k and just accepted 185k after being on market for 18 months and no real interest. Said he couldnt afford to take the risk of it going down any more so would rather take a 60k hit than a 80,90,100k drop. Has wiped out all his savings paying back what he owes. Quote Link to comment Share on other sites More sharing options...
stop_the_craziness Posted May 31, 2018 Share Posted May 31, 2018 3 hours ago, senõr willie said: Neighbour just taken down his for sale sign today. 3 bed semi bought about 5 years ago for 245k. Was on market for offers over 200k and just accepted 185k after being on market for 18 months and no real interest. Said he couldnt afford to take the risk of it going down any more so would rather take a 60k hit than a 80,90,100k drop. Has wiped out all his savings paying back what he owes. Where on earth is that? Quote Link to comment Share on other sites More sharing options...
pmgdawau Posted May 31, 2018 Share Posted May 31, 2018 3 hours ago, senõr willie said: Neighbour just taken down his for sale sign today. 3 bed semi bought about 5 years ago for 245k. Was on market for offers over 200k and just accepted 185k after being on market for 18 months and no real interest. Said he couldnt afford to take the risk of it going down any more so would rather take a 60k hit than a 80,90,100k drop. Has wiped out all his savings paying back what he owes. ouch, mark to market instead of mark to fantasy, should scare the banks if that continues Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted May 31, 2018 Share Posted May 31, 2018 4 hours ago, senõr willie said: Neighbour just taken down his for sale sign today. 3 bed semi bought about 5 years ago for 245k. Was on market for offers over 200k and just accepted 185k after being on market for 18 months and no real interest. Said he couldnt afford to take the risk of it going down any more so would rather take a 60k hit than a 80,90,100k drop. Has wiped out all his savings paying back what he owes. Not just that. I imagine they factored in the LTV and it's impact on mortgage repayment, plus the fact that the property market in Aberdeen has all but failed looking at the huge quantity of it advertised. Lucky this person had savings to dig into and have to deal with other, less favourable exit routes. Further, who's going to tap into savings to do up a property to get a better price in this market? AirBnB says 300+ in the area advertised... some for £12 a night... Mental. Then you've got the bypass workers clearing out in the near future. Case in point from the ASPC stock: 928x 1 bedroom, 1848x 2 bedroom, 1298x 3 bedroom etc... In fact, there is so much property of all types it would make buying a proper headache. Far too many similar properties. There has been a big increase in NUS student digs around the city as well. And of course the terminal decline of the basin, but that goes without saying. It's probably start to sink in for most. There's plenty of folk in this scenario, especially for new-builds over the past decade and knackered BTL flats. Now just imagine all those on IO mortgages...sheesh. Quote Link to comment Share on other sites More sharing options...
sandster Posted June 1, 2018 Share Posted June 1, 2018 12 hours ago, senõr willie said: Neighbour just taken down his for sale sign today. 3 bed semi bought about 5 years ago for 245k. Was on market for offers over 200k and just accepted 185k after being on market for 18 months and no real interest. Said he couldnt afford to take the risk of it going down any more so would rather take a 60k hit than a 80,90,100k drop. Has wiped out all his savings paying back what he owes. That's brutal! Selling price just went on Zoopla for the house across the road from me. Went for what ours was valued at in 2009 when we bought. We offered under. Quote Link to comment Share on other sites More sharing options...
ABZ_RVK Posted June 1, 2018 Share Posted June 1, 2018 13 hours ago, senõr willie said: Neighbour just taken down his for sale sign today. 3 bed semi bought about 5 years ago for 245k. Was on market for offers over 200k and just accepted 185k after being on market for 18 months and no real interest. Said he couldnt afford to take the risk of it going down any more so would rather take a 60k hit than a 80,90,100k drop. Has wiped out all his savings paying back what he owes. This is in which area? is in shire or city center? i dont see such drops in shire. Quote Link to comment Share on other sites More sharing options...
shortbread Posted June 1, 2018 Share Posted June 1, 2018 17 hours ago, senõr willie said: Has wiped out all his savings paying back what he owes. The earlier they take the hit, the better. No point clinging on in hope and wait till things get desperate! Quote Link to comment Share on other sites More sharing options...
EME Posted June 1, 2018 Share Posted June 1, 2018 This week an inventory person told me the rental market is moving really fast now and they can hardly cope with the demand and my BTL in the city centre will definitely rent for approx 15% more than I've been charging the past 2 years if I redecorate and fix a couple of things because of the great location it's in. (no, I'm not telling where) *Awaits cries of: "Well they would say that and you're a complete idiot for believing it" Quote Link to comment Share on other sites More sharing options...
shortbread Posted June 1, 2018 Share Posted June 1, 2018 Citylets Average Rent (£) Citylets Time to Let (days) Quote Link to comment Share on other sites More sharing options...
ccc Posted June 1, 2018 Share Posted June 1, 2018 1 hour ago, EME said: This week an inventory person told me the rental market is moving really fast now and they can hardly cope with the demand and my BTL in the city centre will definitely rent for approx 15% more than I've been charging the past 2 years if I redecorate and fix a couple of things because of the great location it's in. (no, I'm not telling where) *Awaits cries of: "Well they would say that and you're a complete idiot for believing it" Did this person have spiky hair, pointy shiny shoes and drive a mini emblazened with livery by any chance ? Quote Link to comment Share on other sites More sharing options...
senõr willie Posted June 2, 2018 Share Posted June 2, 2018 On 31/05/2018 at 22:53, stop_the_craziness said: Where on earth is that? Stonehaven. We did think he'd paid a bit much for it to begin with but that was 'the norm' 2013/2014. Same is true for the William Mackie area where prices were up over 300k for a 4 bed detached and were going on the market at the start of this year for 245k and still not selling. Quote Link to comment Share on other sites More sharing options...
quine Posted June 2, 2018 Share Posted June 2, 2018 I'm surprised that you're all surprised re Stonehaven https://espc.com/property/7-castle-street-stonehaven-kincardineshire-ab39-2pa/34916053 £434 in June 14 £358 in Jan 18 Quote Link to comment Share on other sites More sharing options...
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