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Mr. Gruff

Aberdeen, Aspc Stats

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Hearing quite a few horror stories about people trying to exit 'Help to Buy' homes. Selling below purchase value is causing a conflict with the Govt. and their share of equity. They are being pushed back on purchase prices/offers and sellers being asked to take a bigger chunk of the loss.

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2 hours ago, shortbread said:

Hearing quite a few horror stories about people trying to exit 'Help to Buy' homes. Selling below purchase value is causing a conflict with the Govt. and their share of equity. They are being pushed back on purchase prices/offers and sellers being asked to take a bigger chunk of the loss.

I'm not particularly clear on htb at a loss. I've googled but very little is written about it. Iirc i read on MSE that you required permission form the scheme to sell if it was at a loss and permission was either granted or not. But if they allow a sale at a loss then they take their share of the fall in equity. I can't see how they can suddenly decide you need to pay more? 

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From HTB Scotland website

However, the buyer will need to pay back the full equity support in certain situations, such as if they decide to sell their home.

The value of the equity to be repaid is based on the value of the property at the time of the repayment.

I'm guessing that first sentence means you would have to pay back what the government gave you in the first place, not a percentage of what the house is worth now.

https://www.mygov.scot/help-to-buy/information-for-lenders-and-ifas/

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3 hours ago, babo456 said:

I'm guessing that first sentence means you would have to pay back what the government gave you in the first place, not a percentage of what the house is worth now.

There are a number of HtB schemes and the rules may be different for each...but this is the kind of thing I was thinking of...

https://www.google.com/amp/s/www.thisismoney.co.uk/money/mortgageshome/article-6131611/amp/Help-Buy-left-trapped.html

https://www.google.com/amp/s/amp.theguardian.com/money/2018/apr/25/help-to-buy-agency-writes-down-loan-on-flat-over-grenfell-style-cladding

In both cases they say the repayment of the HtB Loan reduces in line with the value of the house. I believed you needed permission to sell at a loss, the 2nd example isn't quite saying that, its where a couple have been able to repay the htb loan an a 90% 'discount' without selling because their home has Grenfell style cladding and because of that the current market value is almost nil.

I'm sure I've read somewhere that you required permission from the scheme to sell at a loss. Perhaps the reality is that the discount in line with the market value requires sign off by the scheme to avoid people trying to scam the system (I'm not suggesting the cladding people are scamming the system, but I could see some people selling a house for a quid to their partner the arguing the market value had been reduced to a quid.....or similar)

Edited by regprentice

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23 hours ago, regprentice said:

I'm not particularly clear on htb at a loss. I've googled but very little is written about it. Iirc i read on MSE that you required permission form the scheme to sell if it was at a loss and permission was either granted or not. But if they allow a sale at a loss then they take their share of the fall in equity. I can't see how they can suddenly decide you need to pay more? 

The challenge for sellers is that if one finds a buyer at a lower price, getting Government approval can be a challenge. Especially if official valuations do not match. Or the seller coughs up to cover the equity so that the prospective buyer does not lose interest and move onto something else. 

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Just learnt that the Soul casino has downed shutters!

5d0b2415b106c7.40157468-848x564.jpg

Quote

Aberdeen city centre imploding’ as Soul Casino closes down

A bar operator today said the city centre was “imploding” as a shut down – with bosses blaming an increase in venues opening later and high business rates. Owner of Epic Group Mike Wilson made the comments after Granite Rock Casino Ltd announced that Soul Casino on Union Street had closed.

Mr Wilson, whose firm operates nightclubs in the city, said a number of late night entertainment bosses hoped to meet to discuss the issue with the night-time economy manager.

“There’s a lot to be said, but no one is listening. The shift in times has been catastrophic.” The closure of Soul Casino was announced yesterday by Granite Rock Casino Ltd with a “heavy heart”.

A statement said: “We are proud to have operated Scotland’s only independent, family-owned casino for over 12 years, and this decision was not made lightly.

“The closure comes following a shift in late night entertainment culture in the city, which has seen a significant drop in footfall to the casino. In addition, the overall economic climate in Aberdeen, coupled with high business rates, has unfortunately made trading no longer sustainable. We’d like to take this opportunity to thank the long-serving management and staff for their hard work over the years, and for their recent efforts to keep Soul Casino trading.”

https://www.eveningexpress.co.uk/fp/news/local/aberdeen-city-centre-imploding-as-soul-casino-closes-down1/

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Just heard about another pitfall of the slow housing market round here.

Colleague at work bought a new house at the end of 2017 and moved into the new house then - they moved before completing the sale of their own house.

As a consequence they were hit with the LBTT Additional Dwelling Supplement Tax (LBTT-ADS).

Roll forward 19 months and they finally sell the old property - only to find that to get a refund of the LBBT-ADS,the sale of the first house has to be completed within 18 months.  Ouch, thousand of pounds down the drain.

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1 hour ago, Ignorantbliss said:

Just heard about another pitfall of the slow housing market round here.

Colleague at work bought a new house at the end of 2017 and moved into the new house then - they moved before completing the sale of their own house.

As a consequence they were hit with the LBTT Additional Dwelling Supplement Tax (LBTT-ADS).

Roll forward 19 months and they finally sell the old property - only to find that to get a refund of the LBBT-ADS,the sale of the first house has to be completed within 18 months.  Ouch, thousand of pounds down the drain.

Dont see many Scottish landlords voting SNP the next time round!

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Came across this document this evening whilst doing some house hunting research - Draft Housing Land Audit 2019.

Dates from March 2019 but gives a good year by year overview of the number of houses built/planned to be built in Aberdeen City and Aberdeenshire.

Spent the day viewing a mix of houses today out in the shire and what a depressing affair.  Feckless owners unable to answer simple questions through to home report surveys that miss out serious issues (a garage with a section of badly decayed asbestos roof).  Add to that, made mistake of visiting a new build development at Inverurie at insistence of the other half - so much money for so little.

Final rant, just wish ASPC et al would allow you to sort house searches by size in m2 and price per m2.  Basing a search on number of bedrooms should be a secondary factor.  Oh, and quantifying the height of the rooms in the sales brochures would help as well!  

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7 hours ago, Ignorantbliss said:

 

Final rant, just wish ASPC et al would allow you to sort house searches by size in m2 and price per m2.  Basing a search on number of bedrooms should be a secondary factor.  Oh, and quantifying the height of the rooms in the sales brochures would help as well!  

I asked them over a year ago if it would be possible to have smaller gradations for internal area than 25m2, because the difference between a 51 and a 74m2 is quite stark but ASPC treats them the same. It wouldn't even be that difficult to change how the website checks their database but they gave a vague waffly response and it's still the same.

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7 hours ago, Diver Dan said:

I asked them over a year ago if it would be possible to have smaller gradations for internal area than 25m2, because the difference between a 51 and a 74m2 is quite stark but ASPC treats them the same. It wouldn't even be that difficult to change how the website checks their database but they gave a vague waffly response and it's still the same.

American property sites are so much better to what we put up with the UK.  Note how the size of the property is prominently listed and easily searched by - link.

The cynic in me says its all to do with not highlighting just how small UK properties are in the greater scheme of things. 

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More 'Help to Buy' negative equity traps in the pipleline! Bring em on I say, more choice to the buyers. 

Quote

Affordable homes planned on outskirts of Aberdeen

An application for planning permission in principle to build 30 three-bedroomed terraced and semi-detached houses at Sunnyfield, to the east of Kingswells, has been submitted to Aberdeen City Council.

A design statement produced by Aurora Planning, agents for the application, said the proposed development would deliver “much needed affordable housing”.

Designed by Mackie Ramsay Taylor Architects, the development would particularly target those who cannot afford private sector rented accommodation or who have “no realistic opportunity” of being allocated social housing in the near future.

The design statement said: “As a charity, the LAR Housing Trust also places great value on the wider benefits which good quality, affordable housing can bring in terms of ensuring that people can continue living and working in their own community, offering security, stability and a chance to plan for the future.”

https://www.scottishconstructionnow.com/article/affordable-homes-planned-on-outskirts-of-aberdeen

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Was having a look on ASPC the other day and what surprised me was the number of B&B / ex B&B type places up for sale. 10-12 bedroom places. The árse has obviously fallen out of that game.

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38 minutes ago, sandster said:

Was having a look on ASPC the other day and what surprised me was the number of B&B / ex B&B type places up for sale. 10-12 bedroom places. The árse has obviously fallen out of that game.

So many hotels in town now so there's a lot more competition. Plus b&b owners often have slightly questionable decor choices such as several shelves of creepy clown-dolls (true story)

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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.

Rightmove shows 323 sales in Aberdeen in May.

ASPC is at 6702 for sale and 791 to rent.

Citylets at 1384 of which 1183 are flats.

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11 hours ago, sandster said:

Was having a look on ASPC the other day and what surprised me was the number of B&B / ex B&B type places up for sale. 10-12 bedroom places. The árse has obviously fallen out of that game.

Traditional B&B owners can’t compete with Airbnb done right

Im making a mint with mine in City centre Aberdeen at the moment, loads of tourists, during the summer, getting twice what I used to make long term renting through an agency.

Offshore Europe first week in Sept, jacked the nightly price right up and still got bookings early.

Happy days

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On 10/07/2019 at 20:54, stingray192 said:

Aspc has now passed 6701    It’s bound to pass the 7000 mark in a few weeks, at this rate there will be more houses for sale than not 

I don’t think it will pass 7000 this year, we’re halfway through the year now of course, I would say that as the only positive person in here lol

Might top 7000 next Spring I reckon

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2 hours ago, EME said:

I don’t think it will pass 7000 this year, we’re halfway through the year now of course, I would say that as the only positive person in here lol

Might top 7000 next Spring I reckon

Lol! Of course no one knows what will happen but there is currently 25-30 house being added each day, as a home owner in Aberdeen I certainly don’t want to lose the equity I currently have  but I genuinely believe that houses have to become more affordable for all , to truly get the market moving, especially the starter one bed flats and the seriously over priced new builds, if property is priced right it will sell, Aberdeen is currently one of the few places in the uk that is not selling 

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9 hours ago, EME said:

I don’t think it will pass 7000 this year, we’re halfway through the year now of course, I would say that as the only positive person in here lol

Might top 7000 next Spring I reckon

I agree. I expected 7000 later last year but the market 'peaked' at just over 6000 then dropped slowly til xmas, not rising again til spring. It does seem to be the seasonal ebb and flow of the Aberdeen market.

It'll either shoot past 7k now and we're in uncharted territory compared to the past 8 years or so, or it'll sink off again and we will be looking for next year's seasonal spike to hit the 7k in late spring/early summer.

Edited by regprentice

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Some eye opening discounts there!

Check out the pinewood gardens one!

Makes me think I could have bagged a slightly better deal on the one I’ve just bought, oh well

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Well folks I thought you guys might find it amusing that I 'matched' with an estate agent employee on Tinder. For those of you who are older - this is a dating app for those of us in society who are too ugly to approach in person.

Anyway. All was going well. Until I slagged off Aberdein Co. and their BS propaganda reports of the last 3 years, with only the most recent one really beginning to acknowledge the house market is dropping and sellers have to be 'realistic' with prices - I know, no wonder I can't get a girlfriend with chat up lines like this....

Turned out she actually works for Aberdein Co.... and was most unamused at my assessment of their quarterly reports and crap they say in the EE and P and J....

Oh well, plenty more fish in the sea.

Edited by babo456
typo

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3 hours ago, babo456 said:

Well folks I thought you guys might find it amusing that I 'matched' with an estate agent employee on Tinder. For those of you who are older - this is a dating app for those of us in society who are too ugly to approach in person.

Anyway. All was going well. Until I slagged off Aberdein Co. and their BS propaganda reports of the last 3 years, with only the most recent one really beginning to acknowledge the house market is dropping and sellers have to be 'realistic' with prices - I know, no wonder I can't get a girlfriend with chat up lines like this....

Turned out she actually works for Aberdein Co.... and was most unamused at my assessment of their quarterly reports and crap they say in the EE and P and J....

Oh well, plenty more fish in the sea.

You should start an off topic thread and call it "Deluded Old Estate Agents On Dating Sites."

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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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