Aberdeen, Aspc Stats

[euan2020]

I havent been looking at anything this last 2 months cos been busy with work and abroad for about 5 weeks

Put a bid in on a flat in march Offers Over £170K and bid 28% over & still 2nd (nice flat)

Anyway solicitors back then were saying 20/30% over offers over - same guys are now saying 10/15% now when looking to bid

Again depends the original startign price which i get confused about because some people drop more than the 10% below valuation

Also viewed another property friday adn solictors sayign that viewing have decreased dramatically

So looking to put bid on flat again this week and will i be overpaying ? Already had bid knocked back that was a cheeky 13% above the asking price of £165k

Didnt even observe that the developers were all knockign dosh off their asking prices

[tehlam3]

If I were you I would wait at least until this time next year because the crash only seems to be starting here in scotland and why pay a fortune now, when in 1 or 2 years you can buy the same flat / house for substantially less money?

[euan2020]

guess its old expression - got to live somwhere and maybe sat last 2 years not expecting to go higher

think abredeen will be insulated to a degree

even AP clerks here are on decent money

[brownbootcuts]

For Sale: 1662

Added in last week: 181

Fixed price: 399 (24%)

The number of fixed prices is certainly increasing.

[1888]

guess its old expression - got to live somwhere and maybe sat last 2 years not expecting to go higher

think abredeen will be insulated to a degree

even AP clerks here are on decent money

I think there is less than 25yrs oil left up there

anyone taking out a 25yr mortgage should think what will be left by the time they've bought their house

with every year the situation will worsen especially if the over inflated oil price bursts

no oil- no fish- NO POINT

[quine]

Euan - DON'T DO IT. Why don't you look at one of the fixed price flats on the ASPC (and then offer them 30% off (and accept 20% off) - that is what is happening and sellers are accepting these offers). There is still the occasional flat that will go for silly money however the market is on the way down and after reaching the bottom will probably take 10 years or so to start to recover. I recently sold in Aberdeen..buying one at the peak many years ago and only in the past 4 years making it worthwhile selling on!

[euan2020]

not heard of anyone accepting 20% of fixed price in aberdeen ? was it aberdeen ?

mate works as financial consultant in solicitors and says properties slowing up and taking time but still ultimately getting the money they want

notice when some are going to fixed price they are being cheeky and going from for example from offers over £175K to £210K fixed

think it will take bit of time for sellers to be willing to suck in drop in price in aberdeen

also above - theres a lot of workers in the oil industry who dont work in aberdeen - rotate out of aberdeen to africa, europe etc and think aberdeen will always be a form of centre of excellence

[sandster]

In the stand-off phase at the moment imho, which happened in England a while back, we are just lagging

Euan I think I know you , heading to Prague?

[euan2020]

yup - is me

too busy with work at minute - always seems same for games

head to Libya on sunday - april was away libya, tunisia, houston, libya, italy with work so shy kinda not been keeping eye on ball this last 6 weeks

[delboypass]

Asked a couple of boys at football last night and it is pretty much all natural wastage over the next 3 years

Shell IT is all going to be natural wastage AND FORCED REDUNDANCIES...

I know as we have started to recruit some of the chaff

[brownbootcuts]

For Sale: 1707

Added in last week: 172

Fixed price: 423 (25%)

[brownbootcuts]

The number of fixed prices just keeps going up, there are now 441 properties on a fixed price.

[delboypass]

Many be fixed, but still at ridiculously inflated prices compared to selling prices 2 years ago..

Even cove that were £165k 2 years ago appeared today at offers over £335k today....

Madness...

To get a stewart milne flat for £340k....id traditionally need to earn 100k a year...

JUST FOR A 2 BED FLAT...???

Off their rockers..!!

[maxdiver]

Read the P&J Home supplement yesterday.

Interesting article on how Scotland was different with YOY rises still being reported.

It won't last though - but they didn't say that.

Rear-view driving.

P&J supplement had 44 pages again!

[sandster]

Read the P&J Home supplement yesterday.

Interesting article on how Scotland was different with YOY rises still being reported.

It won't last though - but they didn't say that.

Rear-view driving.

P&J supplement had 44 pages again!

If anyone has a graph with volume of sales and house price changes for Aberdeen and one for the UK I would be much obliged. The girlfriend wants to buy this place

http://www-n.aspc.co.uk/cgi-bin/public/Liv...CJPHNPA#picture

I have said it will still be there in a few months.

She has 4 friends in the process 1 had to pull out as they couldn't sell their place, an other is putting their old place up for rent the other 2 are still on the market. Nothing seems to be shifting, hopefully prices willl start falling soon.

Or I suppose I could just say no but that would probably lead to splitting up.

Edited June 12, 2008 by sandster

[euan2020]

was looking last night at the fixed prices

5 pages

but 4 of those pages were for flats there greater than 1 month so dont appear much shifting

good news -

[maxdiver]

If anyone has a graph with volume of sales and house price changes for Aberdeen and one for the UK I would be much obliged. The girlfriend wants to buy this place

http://www-n.aspc.co.uk/cgi-bin/public/Liv...CJPHNPA#picture

I have said it will still be there in a few months.

She has 4 friends in the process 1 had to pull out as they couldn't sell their place, an other is putting their old place up for rent the other 2 are still on the market. Nothing seems to be shifting, hopefully prices willl start falling soon.

Or I suppose I could just say no but that would probably lead to splitting up.

Sandster - first of all that flat looks good - the loft is pretty cool. decent location and doesn't appear to be take the piss expensive

(like a lot of the Citigait type developments nearby)

Regarding the sales and prices - you can get this from the ASPC website and/or the Nationwide or Halifax website.

The Haiwide don't give volumes or levels on sale - but give prices and are fairly accurate.

I posted here a while back the numbers of houses for sale and sold per quarter.

Genreal trend is for the level of sales to be consrtant and for the houses on market to be falling from 2000-2007 and from then till now increase.

I will update the graphs and tables when the Q2 details come out - probably after my soon to come holiday.

If you can't wait till then - you're a mug.

[euan2020]

depends how much they want really

one i bid onto 2 months ago was offers over £170K for 2 bedroom - went for £222K

[maxdiver]

Yeah - it's really hard to tell with the O/O system.

Which leads to the worst case of panic when prices are rising as not knowing is worse than knowing.

fear and greed.

here's the thing - that place would cost what £800/pcm to rent and say 200k to buy.

a 200k mortgage (IO) will come in at £1000 per month at 6%.

renting seems expensive but prefereable at hte minute.

[Highball78]

Hi all,

I was looking for some advice. My wife and I are still looking around for a property as we are currently paying around 10k a year to rent a 2 bed in the west end. We were up looking at the Gladedale apartments in the new Kingseat Development near Newmacher.

They were offering what seemed like a tempting deal as follows:

2 bed apt. 234k

75% / 25% shared equity deal, + our deposit would mean a mortgage of 165k on it. So Gladedale are essentially investing around 50k in it. We were thinking that it might be a not bad idea in the current climate as if the price goes down...we owe less. If the price goes up...we owe more, but our equity goes up. Any improvements we make on the property are deducted.

Its a really nice apartment and the development looks nice from looking at the development brief on Aberdeeshire Councils website:

http://www.aberdeenshire.gov.uk/planning/d...pmentBrief2.asp

They are putting in a shop / playing field / wooded walks etc.

Does anyone have any thoughts about these types of deal? I still think buying now is a bit silly, and wouldn't (couldn't) pay 234k for it. But I like the idea of sharing the risk.

Any thoughts and comments would be appreciated.

[svag]

Hi all,

I was looking for some advice. My wife and I are still looking around for a property as we are currently paying around 10k a year to rent a 2 bed in the west end. We were up looking at the Gladedale apartments in the new Kingseat Development near Newmacher.

They were offering what seemed like a tempting deal as follows:

2 bed apt. 234k

75% / 25% shared equity deal, + our deposit would mean a mortgage of 165k on it. So Gladedale are essentially investing around 50k in it. We were thinking that it might be a not bad idea in the current climate as if the price goes down...we owe less. If the price goes up...we owe more, but our equity goes up. Any improvements we make on the property are deducted.

Its a really nice apartment and the development looks nice from looking at the development brief on Aberdeeshire Councils website:

http://www.aberdeenshire.gov.uk/planning/d...pmentBrief2.asp

They are putting in a shop / playing field / wooded walks etc.

Does anyone have any thoughts about these types of deal? I still think buying now is a bit silly, and wouldn't (couldn't) pay 234k for it. But I like the idea of sharing the risk.

Any thoughts and comments would be appreciated.

"Housing bubble could be on brink of bursting"

"There was fresh evidence last night that the north-east housing bubble could be about to burst as new figures pointed to a huge slowdown in the market.

The Press and Journal can reveal that the number of properties for sale across the north-east has almost doubled over the last year, from 1,559 on June 15, 2007, to 2,933 yesterday.

And over the same period, the number of properties available at a fixed price has more than quadrupled, from 154 last year to 726.

The figures were calculated using the Aberdeen Solicitors Property Centre (ASPC) listings for houses and flats across the whole north-east – and prompted warnings last night that prices could be about to tumble."

"Sales appear to be tougher for developers, who are now offering cashback incentives on new homes."

http://www.pressandjournal.co.uk/Article.a...93749?UserKey=0

[maxdiver]

Yeah Highball,

read the P&J today - front page news.

avoid buying in this sort of scheme - it is a ploy to sell homes by the developer.

Also - i'd ask you to consider the cost of living in Newmacher (cost of petrol-wise).

Also work out the cost of a 234K mortgage + the finance per month and ask yourself if beyond a resonable level of doubt - that this is a good deal for you.

You might find that renting in Aberdeen at 1k a month is the lesser of two evils.

By the way - there may be a real glut of apartments to let on the market soon - you might be able to get the equivalent flat you are in at the minute at a negotiated discount -

good luck

[Highball78]

Thanks for the replies. I guess that we have at the back of our minds some doubts....If its seems to good to be true etc.

I spoke to our solicitor, who is a family member, and he also had his doubts. He mentioned that Stewart Milne are offering (about to offer?) 50k off Kepplestone, but I dont have that confirmed. He also mentioned that costs of moving out the road and also the fact that for selling the property on, if there is a glut of 2 beds in the City. Who is going to buy 7 miles away.

Hhmmmmm....Just read that article as well..thanks both of you for poiting it out.

We should hear from the mortgage people in the next 24 hours and gladedale are chasing us for an answer. I gues if there is any doubt, then its the right decision to forget it?

[euan2020]

Are a lot of these "discounts" not what they ahve jacked the prices up these last 6-8 months anyway ?

i know Citigait are giving dicounts but these are still no whre near the initial prices that they were originally selling for

So I'm not sure they are giving any discount but just less profit than before

Hear that Citigait is reducing the amount of builders to extend the time that it takes to complete the project

[quine]

Euan...don't do it!

I don't know enough about these shared schemes but there have been some very good responses to similar questions on the main forum. The property market is crashing down and sellers are getting desperate. If you watch the ASPC you will see prices reducing. There's a long long way to go. Save your money by renting and don't let the sales people at Newmacher change your mind.