Aberdeen, Aspc Stats

[quine]

ASPC quarterly reports prices down again - 4 per cent. I've just sold up but it's been stressful so I am aware of what is happening (or rather not happening) in the Aberdeen market. Watch the ASPC...fixed prices are being reduced and properties are coming off the market and being rented out as sellers are not being offered enough. I accepted less than I could have expected in the silly season just 6 months earlier but felt it was a good time to get out (and I still did very well).

[maxdiver]

Prices fell 4% in the last 3 months of 2007.

Makes me wonder why i went to work.

fixed prices being reduced - i haven't seen that but it doesn't suprise me.

Rents are still high though.

Interestingly - a flat near me was on the market o/o £95k for a few months.

No offers apparently.

Went on in ~Nov. at £125k fixed.

Now it says that it is UNDER OFFER.

It came from a renovated bookshop and 2 apartments were made. 1 bed flat -

The first one sold to some idiot FTBer.

They threw a party when they (prob. he) moved in - place was kitted out in all the high spec. shit.

stuff like coffee machine, flat screen tv, etc...

I saw the boxes lie on the street.

This guy has (probably overpaid for a 1 bed flat in the first place) lost £5,000 since he bought the place.

Good job Quine on selling up.

[quine]

Prices fell 4% in the last 3 months of 2007.

Makes me wonder why i went to work.

fixed prices being reduced - i haven't seen that but it doesn't suprise me.

Rents are still high though.

Interestingly - a flat near me was on the market o/o £95k for a few months.

No offers apparently.

Went on in ~Nov. at £125k fixed.

Now it says that it is UNDER OFFER.

It came from a renovated bookshop and 2 apartments were made. 1 bed flat -

The first one sold to some idiot FTBer.

They threw a party when they (prob. he) moved in - place was kitted out in all the high spec. shit.

stuff like coffee machine, flat screen tv, etc...

I saw the boxes lie on the street.

This guy has (probably overpaid for a 1 bed flat in the first place) lost £5,000 since he bought the place.

Good job Quine on selling up.

[quine]

Hello Max

I've been keeping an eye on that flat too (one becomes an "expert" when trying to sell). Surprised it went for that price - horrible! Is this where there used to be a second hand bookshop...down near the junction of Skene something? I can 't work it out from the ASPC map. I was also selling in Rosemount so know the area well (or thought I did).

I found it interersting that when I bought my first flat (Rosemount) all my furniture was second hand (Press and Journal column ads) (lasted for years too!). I was trying to selling almost new furniture after selling up in Aberdeen and hardly anyone called. The only thing that folks can't afford these days is property! The CLAN charity shop on Rosemount benefitted so that's good.

[maxdiver]

Yeah, i think that its a pity that once there was a 2nd hand bookshop - now 2 flats.

any charm that is in an area is turned into young exec. pads.

and everything in the flat was brand new - while i tried to make do w. 2nd hand in my place. most people are only interested in buying new.

i guess that it comes from not wanting to be poor - or seen to be poor.

young execs. can't live in squalor.

there is a group called freecycle where you can get stuff for free.

esp. good if you have kids etc...

but i got a table, lamp, stuff like that from them.

[brownbootcuts]

What Im finding interesting on ASPC is that a number of properties are most certainly coming off and going back on again. One particular property has been on there for at least 3 months.

I had a chat in a solicitors office yesterday regarding another property and was told that "they have had 2 verbal offers but turned down both". Its still on the market with apprently one noted interest, again it has been on the market for some time.

[quine]

bbc (browncutboots)...I know that is happening from my recent of experience of selling my flat. My solicitor was quite open about the problems going on...although admitted that the industry was trying to keep things quiet - of course.

[quine]

http://www-m.aspc.co.uk/cgi-bin/public/Liv...GBLDOIC#picture

This property first came on the market about 5 months ago at an astonishing offers over £250k. No chance - pure greed. It has been reduced twice since then. Now look at it...fixed price £160k.

Bring it on!

[Guest An Bearin Bui]

News from the oil industry that will more than likely affect house prices in Aberdeen:

BP efficiency overhaul to involve heavy cuts of North Sea workforce

BP sent a shudder through the UK’s oil and gas industry yesterday by unveiling plans to cut 10 per cent of its North Sea workforce. About 350 jobs will go over the next six months in Aberdeen as part of the second round of cuts announced by the energy giant since Tony Hayward, the new chief executive, outlined a radical restructuring two weeks ago.

Industry figures have long argued that the financial pressures on oil and gas companies active in the North Sea are growing. Operating costs are up 45 per cent in the past two years... A spokesman for Oil & Gas UK said yesterday that further talks with the Treasury were expected: “BP’s announcement is indicative of the current situation in the North Sea, where rapidly rising costs and declining production are reducing the competitiveness of the basin.â€

Bye-bye Aberdeen HPI!

[Glinch]

This doesn't bode well for me as I have a place to sell in Aberdeen but not for a year or two.

Planning to move back to N Ireland where the market is in chaos to say the least.

[sandster]

http://www-m.aspc.co.uk/cgi-bin/public/Liv...GBLDOIC#picture

This property first came on the market about 5 months ago at an astonishing offers over £250k. No chance - pure greed. It has been reduced twice since then. Now look at it...fixed price £160k.

Bring it on!

I hope my gf doesn't see that one as it looks okay to me, I am hoping for a major fall out before July as that's when her tie-in drops and the pressure will be seriously on me to get somewhere together.

[brownbootcuts]

In regard to fixed prices in Aberdeen:

A friend has just had an offer accepted for a house in the city. They put in an offer around 10-12% below the fixed price.

[brownbootcuts]

Well well well, it looks like things are certainly happening up here.

In addition to my above post, one property I have been eyeing up for a few weeks is now on ASPC with a 10% reduction. Earlier this week it was O.O 249k now O.O 225K.

I have seen a few others chopping and changing in price in the past few weeks.

[maxdiver]

That offer below the fixed price - makes interesting reading.

it means that sellers are no longer dictating prices.

Still - Aberdeen is cheap compared w. Northern Ireland.

i don't think house prices are that expensive here given that salaries are much higher and job prospects much better than the rest of the UK.

[quine]

I found this property recently on ASPC

http://www-p.aspc.co.uk/cgi-bin/public/Liv.../253943#picture

Fixed price of £140,000 for a (basic) 2 bed in Ashgrove.

What is interesting is this: The tenement building is subject to a serious disrepair notice in terms of which the building will be upgraded throughout. Further details and costs can be obtained on request.

Who would take this on - I can't see anyone wanting to.

I looked at a flat next door for o/o 89.9k in Dec 05 with 3 beds and the roof needed replacing. I had a look around and walked right away.

I also noticed this:

http://www-p.aspc.co.uk/cgi-bin/public/Liv.../252299#picture

DRASTICALLY REDUCED FIXED PRICE FOR QUICK SALE

Anyone seen any others like this?

Anyway - for the stats.

For Sale in Aberdeen (City and Suburbs) - 1267

Fixed price - 322 (25.4%)

Added in last week - 114 (9.0%)

Added in last month - 571 (45.1%)

For sale outwith of Aberdeen - 691

Fixed price - 147 (21.3%)

Added in last week - 6 (0.9%)

Added in last month - 31 (4.5%)

These numbers don't seem to have moved much in a week.

Also - have a look at hte 2nd bedroom pic for 11 ashgrove Road - is it the biggest bed you have ever seen, the smallest sofa or a trick of the eye???

http://www-p.aspc.co.uk/WM/databases/activ...d-bedrrom_2.jpg

The image “http://www-p.aspc.co.uk/WM/databases/active_1.1/full_particulars/254779/gallery/gallery_images/11_ashgrove_road-bedrrom_2.jpg

Max

[quine]

Maxdiver

Re the above property "drastically reduced for a quick sale" ha ha. This horrible looking property (on the inside) is still on the market at this overpriced asking price.

News on the street is that flats are selling but prices are sticking or being reduced. Fixed prices are open to negotiation too! Houses are moving very slowly. Some people with too much money are buying the Stewart Milne shoe boxes on Queen's Road and the horrendous Aurora flats overlooking the prison.

[quine]

http://www.stewartmilne.com/home/news.cfm?...p;homenews=1257

This is what I like to see! Stewart Milne shoeboxes not moving!

"As if the opportunity to own a new apartment in one of Aberdeen's most prestigious new home developments wasn't attractive enough, prospective homebuyers at Kepplestone, have an added reason to consider the West End development. This month, Stewart Milne Homes is contributing £8000 towards stamp duty, or providing all the carpets and/or floor coverings." 21 Feb 08

[maxdiver]

Read in the P&J on Tuesday about "Affordable Letting";

Included was a £825/month 2 bed flat - (one bathroom)

Is that really affordable - someone on minimum wage - sharing this flat would have to work for almost 2 weeks a month to pay the rent - and then there is council tax etc...

Also an article on how the market was picking up - i've got some friend who are completing buying at the minute.

With rents this high - it makes buying seem less insane.

Soon the ASPC numbers will be out - i wonder what will happen - after a 4% drop in Q4 2007.

???

[maxdiver]

Had a chat w. my solicitor today.

He was upbeat about the property market in Aberdeen and said that while the belief that house prices were going to rise had evaporated from buyers intentions he said that people still wanted to buy for the usual reasons.

He also mentioned that most people he was seeing had "massive" deposits and were borrowing "low-multiples" of their salaries.

This is not the case in the rest of the UK.

One woman i overheard is trying to sell her flat - he was told that there would be interest - esp. if it was new on the market and that it should sell.

This is a different picture from the rest of hte UK.

[Dosser]

Had a chat w. my solicitor today.

He was upbeat about the property market in Aberdeen and said that while the belief that house prices were going to rise had evaporated from buyers intentions he said that people still wanted to buy for the usual reasons.

He also mentioned that most people he was seeing had "massive" deposits and were borrowing "low-multiples" of their salaries.

This is not the case in the rest of the UK.

One woman i overheard is trying to sell her flat - he was told that there would be interest - esp. if it was new on the market and that it should sell.

This is a different picture from the rest of hte UK.

Not exactly what I wanted to hear (an apocalyptic picture would have been a tad better). If the stats on the BBC house prices site are correct house prices went down in Aberdeen city by 1.4 % during the last quarter (was it 4.5% the quarter before?). This is without the mortgage squeeze kicking in. Hence, I wouldn't be surprised if the next quarter brings further falls. Even if people are buying for 'the usual reasons' all it takes is a shift from being a sellers market to a buyers market and then we'll a return to 'sensible' fixed prices - sensible prices being the price that's already on most houses without the offers over bit, i.e. if a house is on for O/O 200k similar houses will go for 200k fixed (not the stupid fixed prices we're seeing at the moment where a house is on at 300k fixed but would be lucky to get that even in the overheated offers over system).

for example

http://www-r.aspc.co.uk/cgi-bin/public/Liv...CBLOABJ#picture

WTF?!?!? "Popular suburb of Bucksburn" - they must laugh to themselves when they write such tosh.

I could see Aberdeen staying higher for longer when compared with other places. If that is the case, then anyone who doesn't have strong ties to the area through oil or family will bugger off (I know I will).

Thanks for posting.

D

Edited April 7, 2008 by Dosser

[klee]

Had a chat w. my solicitor today.

He was upbeat about the property market in Aberdeen and said that while the belief that house prices were going to rise had evaporated from buyers intentions he said that people still wanted to buy for the usual reasons.

He also mentioned that most people he was seeing had "massive" deposits and were borrowing "low-multiples" of their salaries.

This is not the case in the rest of the UK.

One woman i overheard is trying to sell her flat - he was told that there would be interest - esp. if it was new on the market and that it should sell.

This is a different picture from the rest of hte UK.

For a bear you seem to be reporting the truth rather than a bearish view on it! Yes traditional flats especially city centre ones are still selling quickly and for the same prices as last summer (at market value, not the crazy person value). I'm also based in Aberdeen and the city centre flats (not the new builds) is the market which I keep an eye on.

[Highball78]

For a bear you seem to be reporting the truth rather than a bearish view on it! Yes traditional flats especially city centre ones are still selling quickly and for the same prices as last summer (at market value, not the crazy person value). I'm also based in Aberdeen and the city centre flats (not the new builds) is the market which I keep an eye on.

There are a fair few new builds sitting empty in Aberdeen. A fair few defaulted as well which is promising.

I went to view a 2 bed flat in Cults last night. Was o.o 190k. The ea told us it had been on the market for 11 months and was previously fixed price 230k. It needed a new bathroom and the kitchen was only 1/2 finished. The estate agent asked my what I thought, and I said it was over priced. Her reply was 'mmm'

haha...oh well. On the market for 11 months though?! I fear it will be on for another 11 months at the price.

[sandster]

Friends cousin recently bought a 1-bed in Strawberry Bank Parade and this was 20k less than 12 months ago (according to the buyers Dad), I feel there is an oversupply of new builds in the city centre and they will go the same was as any other city centre with this problem. The number of for sale signs in new builds is high.

[klee]

There are a fair few new builds sitting empty in Aberdeen. A fair few defaulted as well which is promising.

I went to view a 2 bed flat in Cults last night. Was o.o 190k. The ea told us it had been on the market for 11 months and was previously fixed price 230k. It needed a new bathroom and the kitchen was only 1/2 finished. The estate agent asked my what I thought, and I said it was over priced. Her reply was 'mmm'

haha...oh well. On the market for 11 months though?! I fear it will be on for another 11 months at the price.

New builds flat are at some stupid prices, I've no idea how people can afford them.

I don't understand why the vendor just doesn't open their eyes and realise that if it's been on the market that long they need to realise it over priced, it's not rocket science! That flat will be on the market until the next boom starts!

[klee]

Friends cousin recently bought a 1-bed in Strawberry Bank Parade and this was 20k less than 12 months ago (according to the buyers Dad), I feel there is an oversupply of new builds in the city centre and they will go the same was as any other city centre with this problem. The number of for sale signs in new builds is high.

What did the 1 bed go for?