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Mr. Gruff

Aberdeen, Aspc Stats

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On 5/4/2019 at 2:56 PM, quine said:

Another 5k down today

3 Garthdee Farm Gardens asking price 2019 oo £325k, sold 2014 £434,995

I think I'm seeing London and the South East's future....wow....

It's amazing the cognitive dissonance of the media that totally ignore the pockets like this...Aberdeen...Belfast etc al in the UK...Halifax and their laughable 5% increases. etc.......it just reminds me the bust coming now to Melbourne and Sydney in Oz when many areas have already cratered.....Mining towns etc.....now the bust is in the main cities.....

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On 4/19/2019 at 10:10 AM, stingray192 said:

A lot of people want the security of owning there own homes, a lot of couples start of in a one or two bed flat and then when family comes along they naturally need a bigger home, the hope being that you eventually own your home with no mortgage. Renting is a fools game, your rent increases over the tears and your living with other peoples choice of kitchens, bathrooms etc, with no real long term security, all your doing is paying someone elses mortgage :)

I cant believe how naive you are.....there is no security with a big loan if you time your purchase wrong.....end up in trouble and you'll lose the house....or at best stuck with an asset worth less than what you owe....unsaleable !!!!

if its worth less than the loan you are still liable...check out full recourse mortgages the only type of mortgage sold in the UK....25 plus years is a long time to make that home your own mortgage free....

To buy now is folly....renting is an effective hedge if you believe there is no upside to buying via capital price increases and you do not want exposure to falling prices.....rent or interest payment with capital loss....rent wins....

Buying only works over the long term if you buy at the right time....now is not that time...this is the end of the most overblown bubble imaginable...can you not see that.?...the facts are screaming at you on this thread.....a local UK market that is crashing...wait till the rest of the uK folllows....

Edited by Spindler

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37 minutes ago, Spindler said:

I cant believe how naive you are.....there is no security with a big loan if you time your purchase wrong.....end up in trouble and you'll lose the house....or at best stuck with an asset worth less than what you owe....unsaleable !!!!

if its worth less than the loan you are still liable...check out full recourse mortgages the only type of mortgage sold in the UK....25 plus years is a long time to make that home your own mortgage free....

To buy now is folly....renting is an effective hedge if you believe there is no upside to buying via capital price increases and you do not want exposure to falling prices.....rent or interest payment with capital loss....rent wins....

Buying only works over the long term if you buy at the right time....now is not that time...this is the end of the most overblown bubble imaginable...can you not see that.?...the facts are screaming at you on this thread.....a local UK market that is crashing...wait till the rest of the uK folllows....

Not at all naive, you need to read  the previous posts to realise I was talking about not renting long term , I actually think Aberdeen houses need to come down by at least 50-60% more  and then the prices will be more realistic, I wil always maintain that it’s better to own your own home than rent, but home ownership is a long term proposition, if your wise you will eventually own your own home with no monthly payments, renting short term or in a falling market is sensible, but not your entire life, I know of plenty of people who rent for a while have to move on, find another home, end up leaving that one, can’t decorate to your own taste, a friend recently was renting a flat and the landlord hadn’t paid the mortgage so he was evicted, most people renting face increases every year or two. Aberdeen is one of the exceptions as the rents and prices were extortionate fuelled mainly by the oil boom, now it’s gone the rents are more realistic but still to much. I also think the uk in general is to expensive at the moment, helped by cheap interest rates, especially London

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6 hours ago, hurlerontheditch said:

looks like an oil worker who relocated elsewhere. looks to be an empty house. 

That's a 20% price drop in ca. 5 years. That's about right and close to what it should be. So many family homes in Aberdeen still at crazy prices, ignoring the fact most people will never buy at the actual or past valuation prices! 

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On 10/05/2019 at 20:17, Froggy! said:

That's a 20% price drop in ca. 5 years. That's about right and close to what it should be. So many family homes in Aberdeen still at crazy prices, ignoring the fact most people will never buy at the actual or past valuation prices! 

True, it's very much a buyers market in Aberdeen and customers call the shots!

Everyone will haggle for a discount on advertised prices. Plenty of properties to choose from in Aberdeen, and more being put up for sale each passing day.

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27 Garthdee Farm Gardens

https://www.aspc.co.uk/search/property/376893/27-Garthdee-Farm-Gardens/Aberdeen/

This house has gone under offer relatively quickly. Price drop of almost £170k=33% in 4 years. A good test of the size of reduction required to shift a property of this type. It will be interesting to see if this affects the survey valuations of houses in this development. 

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5 hours ago, Oily said:

27 Garthdee Farm Gardens

https://www.aspc.co.uk/search/property/376893/27-Garthdee-Farm-Gardens/Aberdeen/

This house has gone under offer relatively quickly. Price drop of almost £170k=33% in 4 years. A good test of the size of reduction required to shift a property of this type. It will be interesting to see if this affects the survey valuations of houses in this development. 

Still seems expensive it’s tiny for a family home

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Trying to get my head round this listing on Rightmove

Find the massive £158500 drop in price over 3.5 months completely unbelievable...

Snag_28e8dcb.png.375b14a48030bf935b332e811a1fc6e7.png

and cannot find any entry for the house on ScotLIS = link

Any ideas where Rightmove got the figures from?

Snag_29f76f5.thumb.png.7bb2caf1b78111d2a7551d6e7328a88c.png

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Positive spin on the Aberdeenshire housing market by Galbraith's - link

The percentage increases they quote seem impressive but would like to have known the actual physical numbers used to generate those figures. 

Certainly seeing good properties going quickly now around here - for example this one now has a sold sign after just over a month on the market - link.  Still a lot of unrealistically priced properties though.

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1 hour ago, Ignorantbliss said:

Positive spin on the Aberdeenshire housing market by Galbraith's - link

The percentage increases they quote seem impressive but would like to have known the actual physical numbers used to generate those figures. 

Certainly seeing good properties going quickly now around here - for example this one now has a sold sign after just over a month on the market - link.  Still a lot of unrealistically priced properties though.

Agreed re. positive spin in Aberdeen. They only have 10 properties for sale in Aberdeen, definitely an insignificant estate agent compared to ACo. 

Surveyors in Aberdeen still unrealistic especially for family homes of 4+ beds. Knock 10% off their valuations and the market will start moving. 

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3 hours ago, shortbread said:

More Aberdeen houses piling up for sale! ASPC crosses 5900+

Last year we hit 6000 on the 14th June (page 258) then things slowed considerably and, Iirc, we never hit 6500. a lot of properties came off the market in the late autumn/winter. Looks like we are on track for broadly the same timing this year but it remains to be seen whether it will cool off again or whether the numbers will keep rising, I remember predicting 7000 by autumn which never happened. 

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HM Land Registry: UK House Price Index Scotland: March 2019

The Aberdeen house price fall gathers momentum! The fall last year was -2% while this March the fall has increased to -7%! For first time the city's average house prices fell below the 150k benchmark, now in line with the Scottish average. The gap between Glasgow and Aberdeen now less than 30k.

Quote

Scotland house prices increased by 3.3% in the year to March 2019, up from 0.5% in the year to February 2019. Scotland house prices were growing faster than the UK annual rate of 1.4% in the year to March 2019. 

House prices increased over the last year in 21 out of 32 local authority areas. The biggest price increase was in Midlothian, where prices increased by 12.2% in the year to March 2019 to £194,000. The biggest fall was recorded in City of Aberdeen, where average prices fell over the year by 7.0% to £148,000.

184026656_Aberdeenavgpricefall.thumb.PNG.b4eda621ecda72be6995d71a38bb1361.PNG

1520644057_AberdeenfallMar19.thumb.PNG.a6f648b390c71c70fc0d0511e665c2cf.PNG

 

https://www.gov.uk/government/publications/uk-house-price-index-scotland-march-2019/uk-house-price-index-scotland-march-2019

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8% seems to be the average discount on Aberdeen asking prices! So that's a £12k reduction on an average.

Quote

Latest data from Zoopla reveals a strong buyer's market

New data released by Zoopla has revealed that cautious buyers are negotiating harder on price resulting in a 3.9% widening in the difference between asking and selling prices.

According to the report from Zoopla, the gap between average asking prices to average achieved prices has increased in Q1 2019 across nearly all (16) cities, compared to 2018.

With the exclusion of Leicester, these discounts are increasing off a relatively low base and indicate that buyers are not prepared to keep pace with asking price growth. Different market dynamics in Edinburgh and Glasgow mean property sells for more than the asking price but the scale of the premium has declined in 2019Q1 compared to 2018. The current UK average for the gap between asking price to selling price is 3.9%, up from 3.3% in 2018.

Six cities registered average discounts above the current national average, with Aberdeen registering the highest discounts at over 8%. This is consistent with the decrease in demand for housing in the city due to the collapse in the oil price since 2015. 

Only two cities, Glasgow and Edinburgh, registered average sale prices as higher than average asking prices. Typically, properties in Edinburgh sell for 6.3% more than their listing price, while stock in Glasgow shifts for 5.2% above asking price.

https://www.propertyreporter.co.uk/property/ind-the-gap-latest-data-from-zoopla-reveals-a-strong-buyers-marke.html

Edited by shortbread

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Now on national news as well.....

Quote

Aberdeen is the top location for discount property

The latest figures show the gap between asking prices and selling prices is widening across the UK

Reality is hitting home for sellers hoping to make a profit in the current market. Figures released this week show the gap between asking prices and selling prices is widening across the UK.

Nearly every location featured in the April Zoopla UK Cities Index registered lower selling prices than asking prices for the first quarter of the year, with the average gap increasing to 3.9% from 3.3% a year earlier.

The top location for discount property is Aberdeen, with some properties selling for 8% below asking price, while London’s average discount grew from 4.8% to 5.7%.

However, two cities are bucking this depressing trend, and both are in Scotland: Glasgow and Edinburgh were the only locations where the majority of properties sold for more than the asking price.

My theory is that while house price fall is rampant across the North East, its the city centre BTL crash that is leading this phenomenon!

They are just haemorrhaging value. The only thing that depreciates faster than Aberdeen city centre properties must be brand new french cars!

btl.PNG.5d5227327b0bacc3f2662c39f23cf177.PNG

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On 09/05/2019 at 19:16, Diver Dan said:

March's Rightmove shows 236 sales with some pretty spicy reductions from previous sold prices, especially over the last 5 years. Several increases too over 10 years and older prices though, it has to be said.

https://www.rightmove.co.uk/house-prices/detail.html?country=scotland&locationIdentifier=REGION^4&searchLocation=Aberdeen

Shortbread has already posted the for-sales on ASPC but there are also 677 for rent.

Citylets has 1276 for rent, of which 1073 are classed as flats.

April's Rightmove shows 301 sales in Aberdeen 

Rightmove Aberdeen April 2019

ASPC just broke 6000. Who thought it would take till July? 711 places to rent.

Citylets at 1365 of which 1172 are flats.

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On 14/05/2019 at 12:32, Oily said:

27 Garthdee Farm Gardens

https://www.aspc.co.uk/search/property/376893/27-Garthdee-Farm-Gardens/Aberdeen/

This house has gone under offer relatively quickly. Price drop of almost £170k=33% in 4 years. A good test of the size of reduction required to shift a property of this type. It will be interesting to see if this affects the survey valuations of houses in this development. 

Bargain hunters' paradise at Garthdee Farm Gardens at the moment.  34 Garthdee Farm Gardens sold for £363k in 2015.  In 2019 it's just gone under offer at "price around £225k."

image.thumb.png.44c8a9909c8edc1d13ff7627ac1c23a3.png

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4 hours ago, quine said:

Bargain hunters' paradise at Garthdee Farm Gardens at the moment.  34 Garthdee Farm Gardens sold for £363k in 2015.  In 2019 it's just gone under offer at "price around £225k."

image.thumb.png.44c8a9909c8edc1d13ff7627ac1c23a3.png

Lost approx. 140k in 3 years!

A 360k property losing close to 40% of its value in 3 years must be some sort of national record! Shouldn't this be termed as a crash?

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Just sold my main residence in Aberdeen and bought a bigger one

Took a week to sell mine, got valuation, lost £12k in 5.5 years

Bought one that’s lost £90k in 5.5 years

Could not be happier

 

 

 

 

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45 minutes ago, EME said:

Just sold my main residence in Aberdeen and bought a bigger one

Took a week to sell mine, got valuation, lost £12k in 5.5 years

Bought one that’s lost £90k in 5.5 years

Could not be happier

 

 

Of course you did  :rolleyes:

 

 

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Sorry, not posting links to either house 😉

I don’t want any obsessive types turning up

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  • 242 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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