Jump to content
House Price Crash Forum
Sign in to follow this  
roblpm

At Last A Sign Of Slowdown In Edinburgh

Recommended Posts

This should be in the regional subforum but it is dead dead dead in there. Mods, move this if you like!!

Anyway, Morningside is one of the most expensive areas in Edinburgh and demand is still high .............. until now??

Meadowspot is in the catchment of good schools and is a pretty nice place if you like new houses. So detached 5 bed comes on the market I think 6 weeks ago, offers over £525k, then went to fixed price £595k but now dropped to fixed price £569k.

If you are quick you can see they havent updated the schedule yet:

http://www.espc.com/Buying/253855.html

This from land registry for last 2 years:

2007-05-03 109 Meadowspot, Edinburgh, EH10 5UY £560,000

2006-09-08 139 Meadowspot, Edinburgh, EH10 5UY £525,000

2006-08-04 135 Meadowspot, Edinburgh, EH10 5UY £611,117

(US date format btw)

No idea if they are all exactly the same but looks to me like for the first time the prices are not up on last year at least!

Cheers

Rob

PS Just have to persuade the missus that renting for another year is a good idea!

Share this post


Link to post
Share on other sites

And while I am at it........................

Property developer bought this: http://www.espc.com/Buying/254989.html

For 485k in September

2007-09-06 47 Comiston Drive, Edinburgh, EH10 5QS £485,000

Now on at offers over £595k where it has been for weeks.

So will be interesting to see if they make any money on it!

Share this post


Link to post
Share on other sites
Guest An Bearin Bui
And while I am at it........................

Property developer bought this: http://www.espc.com/Buying/254989.html

For 485k in September

2007-09-06 47 Comiston Drive, Edinburgh, EH10 5QS £485,000

Now on at offers over £595k where it has been for weeks.

So will be interesting to see if they make any money on it!

I'm seeing a lot of this kind of thing in Morningside right now - developers seem to view the area as a solid bet and assume they can make over 100k in the space of a year without effort. A couple of flats in the area were bought for about 250k a year ago and are now on at the 340k mark. Funnily enough, they're not selling either! Nothing is selling in the area for over 300k according to the last list of sales I saw (don't have a link unfortunately).

I'm curious to know when this seller / buyer stand off is going to end and we see real price drops and forced sales. The message on the new credit environment and lack of buyers does not seem to be getting through to Edinburgh property developer types - if you do a quick search of the popular areas of Marchmon / Morningside on ESPC, there are about 100 properties for sale between 100-400k and most of them are typical buy-to-let 2-bed flats that have been given a TV makeover and are aimed at the lettings market. The owners seem to have timed their market exit about six months too late however as too many are for sale at once and inventory is building... :D

Share this post


Link to post
Share on other sites

I have been keeping an eye on Edinburgh flats and there are quite a few switching from o/o to fixed price. Now I'm watching those fixed prices to see if they come down over the next couple of months. I think we're in a waiting game just now - it's going to be another few months before we start to see more substantial drops.

Share this post


Link to post
Share on other sites

I know people that are trying to sell in Edniburgh. No luck at all. Of course there are still the stories yo hear of 20 couples turnign up to look at a house in the first day, but generally very very few people ar thinking about buying. To prove the point get a copy of this months ESPC. Open the back pages to the listings. Look for the pink 'fixed price' listings. These probably make up ~50% of the total houses for sale !!

Now considering this is supposed to be the 'busy' part of the year for Edinburgh this is massive news. Mega crash likely over the enxt few years. Nothing to justify the average house at 5 11 times the average salary. It is a very nice place, lots of tourists in summer, students etc.. so perhaps 4-5 times could be justified. But 11 ? No danger. Average properties in Edinburgh in 5 years will be 5 times average earnings. So in todays prices that would be 125k. Seems reasonable.

Share this post


Link to post
Share on other sites
I know people that are trying to sell in Edniburgh. No luck at all. Of course there are still the stories yo hear of 20 couples turnign up to look at a house in the first day, but generally very very few people ar thinking about buying. To prove the point get a copy of this months ESPC. Open the back pages to the listings. Look for the pink 'fixed price' listings. These probably make up ~50% of the total houses for sale !!

Now considering this is supposed to be the 'busy' part of the year for Edinburgh this is massive news. Mega crash likely over the enxt few years. Nothing to justify the average house at 5 11 times the average salary. It is a very nice place, lots of tourists in summer, students etc.. so perhaps 4-5 times could be justified. But 11 ? No danger. Average properties in Edinburgh in 5 years will be 5 times average earnings. So in todays prices that would be 125k. Seems reasonable.

Seems very reasonable.

Share this post


Link to post
Share on other sites

That minging thing is in Edinburgh? It looks more like Surrey to me.

For other examples of properties sticking for sale for a long time, try these:

http://www.espc.com/Buying/249109.html – on sale for the same price since late September

http://www.espc.com/Buying/246371.html – on since late August, price unchanged

http://www.espc.com/Buying/249484.html – on since before Christmas, originally at this price but then at 415 FP for a while; bought for 342 and tarted up by a developer last year

I was seeing a lot of Fixed Price late last year, but so far this year it’s mostly Offers Over while sellers wait for the legendary Spring Bounce. Some stuff is selling, but a lot is sticking. It’s very much a waiting game.

Share this post


Link to post
Share on other sites

Posted this earlier on another thread but it is certainly pertinent here also. Edinburgh is no different. The trend mimics the national trend. 2 yrs and we may look to buy at 20% reduction, but we may leave it longer.

Edinburgh_house_prices__up_my_street_2.bmp

I think the Scottish housing market should be given more exposure on this site as many media sources keep saying that it is bucking the trend!! load of cobblers there is just a lag. Wales and England are definietly starting to crash, there is no argument now but Scotland is more interesting and still up for debate as to when it will start to slide, this chart though is promising, look at the massive gains towards the end of 2007, just bonkers!

Edinburgh_house_prices__up_my_street_2.bmp

Share this post


Link to post
Share on other sites
Posted this earlier on another thread but it is certainly pertinent here also. Edinburgh is no different. The trend mimics the national trend. 2 yrs and we may look to buy at 20% reduction, but we may leave it longer.

Edinburgh_house_prices__up_my_street_2.bmp

I think the Scottish housing market should be given more exposure on this site as many media sources keep saying that it is bucking the trend!! load of cobblers there is just a lag. Wales and England are definietly starting to crash, there is no argument now but Scotland is more interesting and still up for debate as to when it will start to slide, this chart though is promising, look at the massive gains towards the end of 2007, just bonkers!

I concur more scottish exposure would be good!

shuggy

Share this post


Link to post
Share on other sites

Since we've got an Edinburgh thread, I'll hijack it for a moment to point out that it looks like the Edinburgh housing allowance for MSPs is going to be abolished:

http://news.bbc.co.uk/1/hi/scotland/7289474.stm

http://www.theherald.co.uk/news/news/displ...econd_homes.php

http://www.theherald.co.uk/news/news/displ...econd_homes.php

This has been fairly controversial: MSPs from other areas who have to attend the parliament in Edinburgh are allowed to claim an accommodation allowance of up to £11,400 a year, which they can use to pay off mortgage interest. This has allowed people to buy into the Edinburgh housing market and then keep all of the profits when they sell the house. There was one guy who used this to "race up the property ladder" by buying 3 flats in 8 years. There's been a lot of public criticism, and a committee set up to look into the expense system has now recommended that it should be abolished. It looks like it may not be fully phased out until 2011 though, and they're not going to claw back any profits, so they may be closing the stable door after the horse has bolted.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 293 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.