Deleriad Posted March 4, 2011 Share Posted March 4, 2011 a hunner? you wish http://www.espc.com/buying/288312.html hunner n fiddy for a garden that looks like a wooden box full of woodchips should have piled in when they were just the hundred I think my brain just exploded. If someone buys that at anything like that price then I'm off to somewhere saner. Looks like that works out something like £3600 per sqm. On Peffermill Road! I suppose on the plus side you get to watch the occasional lorry crash into the railway bridge at Cameron Toll. Always good entertainment value in that. Quote Link to comment Share on other sites More sharing options...
ccc Posted March 4, 2011 Share Posted March 4, 2011 I think my brain just exploded. If someone buys that at anything like that price then I'm off to somewhere saner. Looks like that works out something like £3600 per sqm. On Peffermill Road! I suppose on the plus side you get to watch the occasional lorry crash into the railway bridge at Cameron Toll. Always good entertainment value in that. Some averages from 2006 £ per sq M London was £3883 Edinburgh was £2218 So this place is pushing peak bubble London prices. Quote Link to comment Share on other sites More sharing options...
ccc Posted March 9, 2011 Share Posted March 9, 2011 LIke everyone else I almost missed this. Edinburgh prices predicted to drop 5% over coming months. ESPC story. Probably the smallest story on Edinburgh property prices I have ever seen. I wonder why.. Scotsman House prices in Scotland's capital will slide by up to five per cent over the coming months as supply continues to outstrip demand, the Edinburgh Solicitors Property Centre (ESPC) has predicted. Sales remain around 50 per cent below the level prior to the credit crunch, according to the latest monthly report from the ESPC, with the market struggling to recover. ESPC Report Anyone else read about this ? Or hear it discussed on Reporting Scotland ? Or anywhere else ? Nah - didn't think so. It really is quite shameless. The Scotsman need to get a grip. They really are just closing their eyes, putting their fingers in their ears and going 'Nah nah nah nah' and hoping it will all just go away You would have thought by now they would have realised the sooner prices drop to decent levels - the sooner their businesses can be viable again ? It is not rocket science. And they have had over 3 years to accept it !! The denial is incredible. Although it does seem the ESPC may have woken up to it. They need to give their buddies in the media a little nudge. Quote Link to comment Share on other sites More sharing options...
espc Posted March 9, 2011 Share Posted March 9, 2011 we would have loved a bigger story too....oh well...maybe next month. Quote Link to comment Share on other sites More sharing options...
espc Posted March 9, 2011 Share Posted March 9, 2011 A little bird told me that the ESPC was giving away 'limelight' spots for free to their solicitor clients, presumably because there was a poor take up of them. So I doubt Learmonth Cres. being on the front page signifies anything very much. Also, I've always thought it is taking the p*ss to call that area the West End, it would be quicker to walk to the airport than Haymarket station from there! apologies for the late reply..do not get the chance to join you fellows often. Limelight is available as an enhancement to the marketing of a property that is paid for. In addition, if a client has their home on the market for over 6 months, they do qualify for a free limelight listing when their property is reregistered with ESPC. From June to Feb we had forecast just under 1,000 Limelight options would be purchased (i.e. excluding those that qualify for the free option). The actual number is nearer 1,500. Quote Link to comment Share on other sites More sharing options...
ccc Posted March 9, 2011 Share Posted March 9, 2011 we would have loved a bigger story too....oh well...maybe next month. Good luck Quote Link to comment Share on other sites More sharing options...
Scunnered Posted March 9, 2011 Share Posted March 9, 2011 (edited) Like everyone else I almost missed this. Edinburgh prices predicted to drop 5% over coming months. ESPC story. Probably the smallest story on Edinburgh property prices I have ever seen. I wonder why.. ) The Scotsman/News have been moderately pessimistic over the last few days. As well as the microstory above we've had Sellers drop prices but it's not enough to kick-start market and Fewer fixed price homes hit target ONLY a quarter of fixed price homes offered for sale in the Capital in recent months reached their asking price, new figures have revealed.The latest statistics from the Edinburgh Solicitors Property Centre (ESPC) show that during the three months to February, people selling their homes for a fixed price were less likely to achieve their target than they were a year ago. Meanwhile, the average price of a home in the Capital for the period stood at £205,191, an annual increase of 1.5 per cent. There was variation between different areas of the city. In Stockbridge and Comely Bank the average price of a two-bedroom flat rose by eight per cent year on year, but in the suburbs the average price for a three-bedroom semi was down a massive 13.6 per cent. Marchmont and Bruntsfield also fared relatively well, with two-bedroom flats averaging £239,117 - up 6.1 per cent on the same period last year. The average price of city-centre properties had dropped 6.6 per cent year on year to £229,460. East Lothian saw a 20.9 per cent fall in the average house price, but business analyst David Marshall said that was primarily down to a change in the make-up of the market, with a higher proportion of small homes selling. [continues...] At the end of that piece they also talk about housing associations and the council buying unsold flats. Hundres of new homes could be made available for rent across the Capital under a new scheme to bring mothballed newly-built flats into use.Housing Minister Alex Neil was today handing over the keys to the first tenants of a development in Portobello where a rental guarantee from the city council has allowed Dunedin Canmore housing association to buy the properties and offer them at mid-market rents. He said the pilot scheme could provide a model for local authorities to meet housing need. Under the scheme, Dunedin Canmore bought the 15 flats in Milton Road East from developer Springfield, which has the option of buying back 13 of the properties at some time in the future. The model is the brainchild of Matthew Benson, a director of city property company Rettie & Co. He said: "It is an important step forward." Edited March 9, 2011 by Scunnered Quote Link to comment Share on other sites More sharing options...
ccc Posted March 9, 2011 Share Posted March 9, 2011 Mid market rents ?! These are flats nobody is interested in buying and the developer cannot sell. Why the ****** are they planning to rent them out at anything other than rock bottom rents. This country depresses me sometimes. Quote Link to comment Share on other sites More sharing options...
geneer Posted March 9, 2011 Share Posted March 9, 2011 apologies for the late reply..do not get the chance to join you fellows often. Limelight is available as an enhancement to the marketing of a property that is paid for. In addition, if a client has their home on the market for over 6 months, they do qualify for a free limelight listing when their property is reregistered with ESPC. From June to Feb we had forecast just under 1,000 Limelight options would be purchased (i.e. excluding those that qualify for the free option). The actual number is nearer 1,500. Have to give the ESPC credit for popping in here . Tell you what ESPC, do you not just wish the correction would sort itself out so you could get back to the business of selling houses? Quote Link to comment Share on other sites More sharing options...
espc Posted March 10, 2011 Share Posted March 10, 2011 Have to give the ESPC credit for popping in here . Tell you what ESPC, do you not just wish the correction would sort itself out so you could get back to the business of selling houses? Our preference is for the market to be at a point where those that wish to move onto, up or down the property ladder are able to do so....rather than where the prices are. Quote Link to comment Share on other sites More sharing options...
TTD Posted March 11, 2011 Share Posted March 11, 2011 In addition, if a client has their home on the market for over 6 months, they do qualify for a free limelight listing when their property is reregistered with ESPC. They get a 'free' limelight listing when you charge them a renewal fee after every 6 months.....? Quote Link to comment Share on other sites More sharing options...
geneer Posted March 13, 2011 Share Posted March 13, 2011 Our preference is for the market to be at a point where those that wish to move onto, up or down the property ladder are able to do so....rather than where the prices are. Carefully worded. But to you see any other realistic mechanism for how this might happen? Quote Link to comment Share on other sites More sharing options...
flatbread Posted March 24, 2011 Share Posted March 24, 2011 Went to see http://www.espc.com/buying/293574.html Decent living room - small internal kitchen under the stairs. Read the home report evaluation of £280k. A joke! In the home report there are 2s for the roof, external stone work, electrics and central heating - so all these will need spending on in the near future. Also, the flat above, 4/2 which has an additional room, sold for £180k in 2005. I called up the agents and asked on what basis the flat had been valued at £280k and offered £190k for the flat. The lady tried to tell me that £260k was a great 'discount' on the home report valuation. She couldn't answer why this is so much more expensive than the one above (which is larger and had sold for £180k in 2005). The EA said that the vendor would not entertain my offer and we ended it there. I am quite upset at the whole home report farce - is there anyone whom we can complain to regarding inflated home report valuations? Quote Link to comment Share on other sites More sharing options...
fflump Posted March 24, 2011 Share Posted March 24, 2011 Went to see http://www.espc.com/buying/293574.html Decent living room - small internal kitchen under the stairs. Read the home report evaluation of £280k. A joke! In the home report there are 2s for the roof, external stone work, electrics and central heating - so all these will need spending on in the near future. Also, the flat above, 4/2 which has an additional room, sold for £180k in 2005. I called up the agents and asked on what basis the flat had been valued at £280k and offered £190k for the flat. The lady tried to tell me that £260k was a great 'discount' on the home report valuation. She couldn't answer why this is so much more expensive than the one above (which is larger and had sold for £180k in 2005). The EA said that the vendor would not entertain my offer and we ended it there. I am quite upset at the whole home report farce - is there anyone whom we can complain to regarding inflated home report valuations? Maybe the place in 2005 was got on the cheap? Or needed modernising? What price are west end 2-bedders being sold at currently? Is the price way out? Ground floor flats usually command a premium too. Quote Link to comment Share on other sites More sharing options...
flatbread Posted March 24, 2011 Share Posted March 24, 2011 Maybe the place in 2005 was got on the cheap? Or needed modernising? What price are west end 2-bedders being sold at currently? Is the price way out? Ground floor flats usually command a premium too. The flat is pretty much at the edge of West End, akin to best area, worst street. I have been keeping a look-out in the WE for the last year, and can say this is definitely overpriced. In other WE conversions, this would be a one bed, with the kitchen in one of the bedrooms and the current kitchen as an under stair large storage closet. I know what you mean about ground floor commanding a premium, bu this does not have a nice entrance hall and is not a maindoor either. Nor does it have nice views, front or back. Recently, a one bed in Coates (one street over) was on for fp 210k, and a proper two bed (with a real kitchen) for oa 230k. Other than that, there a lot of silly prices in the area, but I remember from last year, that really good, proper two beds with decent kitchens were asking around 250k on good crescents. I think this is just home price inflation with prices being jacked up by bogus Home report evaluations. Quote Link to comment Share on other sites More sharing options...
kenzdawg Posted March 24, 2011 Share Posted March 24, 2011 Maybe the place in 2005 was got on the cheap? Or needed modernising? What price are west end 2-bedders being sold at currently? Is the price way out? Ground floor flats usually command a premium too. £2,500-3000 psqm seems to be the area average, with two beds going for circa 250k+. Less than that then you're either doing very well or it needs gutting. It's interesting that a flat with vacant possession should be so sticky in price. You'd think the owner would have greater flexibility/less emotionally attached to it. Maybe he/she can't afford to discount and you'll have to wait for the market to bust his nuts/ovaries. Quote Link to comment Share on other sites More sharing options...
fflump Posted March 24, 2011 Share Posted March 24, 2011 The flat is pretty much at the edge of West End, akin to best area, worst street. I have been keeping a look-out in the WE for the last year, and can say this is definitely overpriced. In other WE conversions, this would be a one bed, with the kitchen in one of the bedrooms and the current kitchen as an under stair large storage closet. I know what you mean about ground floor commanding a premium, bu this does not have a nice entrance hall and is not a maindoor either. Nor does it have nice views, front or back. Recently, a one bed in Coates (one street over) was on for fp 210k, and a proper two bed (with a real kitchen) for oa 230k. Other than that, there a lot of silly prices in the area, but I remember from last year, that really good, proper two beds with decent kitchens were asking around 250k on good crescents. I think this is just home price inflation with prices being jacked up by bogus Home report evaluations. True-it is kind of more Haymarket than West End. Sounds like you don't like the flat much anyway-why bother bidding on it at all? The place has been on since August so there is obviously an unmotivated seller. As for wildly out HR valuations-I agree it is too high-but wildly out? I bet a surveyor could quote the average price per sq metre for west end flats and it would not be wildly out-as Kenzdawg states. Then you get down to arguing over views, which streets are best etc and a surveyor often doesnt drill down to that level of detail. Quote Link to comment Share on other sites More sharing options...
flatbread Posted March 24, 2011 Share Posted March 24, 2011 True-it is kind of more Haymarket than West End. Sounds like you don't like the flat much anyway-why bother bidding on it at all? The place has been on since August so there is obviously an unmotivated seller. As for wildly out HR valuations-I agree it is too high-but wildly out? I bet a surveyor could quote the average price per sq metre for west end flats and it would not be wildly out-as Kenzdawg states. Then you get down to arguing over views, which streets are best etc and a surveyor often doesnt drill down to that level of detail. Well, I do kinda like the flat...it is a bit grotty, but I like that...(Georgian meets Grotty type of feel). But true, I don't love it, which is why I made the offer I did - with my head. At 190k, an interest only mortgage (assuming a 5% rate) would just about cover the rent such a place could fetch...so I think my offer was rational. Do surveyors actually calculate a price per sq foot? I don't think so...I have seen one beds and two beds with roughly same sq footage have significantly different prices. I know of well decorated two bed in nicer West End Georgian crescents with a proper kitchen/diner that sold for 250k last autumn - so why are flats being priced by surveyors at 280k and higher now? How do they come up with their numbers...? I think the system is just ripe for abuse, as sellers pay for the home report eval, and the surveyor is not bound by his/her analysis to independent scrutiny. This is just such a shoddy system...no wonder the market is at a standstill, as sellers have unrealistic expectations based on 'expert' input. BTW, the owner has had this flat for 18 years, so he is just a greedy bugger, in my opinion. Quote Link to comment Share on other sites More sharing options...
kenzdawg Posted March 24, 2011 Share Posted March 24, 2011 Maybe you should have bought the one in Coates Gardens, looked quite good value. Quote Link to comment Share on other sites More sharing options...
flatbread Posted March 24, 2011 Share Posted March 24, 2011 Maybe you should have bought the one in Coates Gardens, looked quite good value. With hindsight, probably...there was a nice one in Eglinton crescent that I should definitely have gone for. Well, live and learn. Quote Link to comment Share on other sites More sharing options...
guitarman001 Posted March 27, 2011 Share Posted March 27, 2011 Not quite Edinburgh... but some detached houses in Livingston are dropping a little (not huge amounts)... enough to tempt some perhaps, but not really shifting. I can only guess that the cost of commuting (the car is bad enough, train is even more!) would really push peoples' finances over the edge. Edinburgh prices still looking static? Friend of mine recently moved back after a few years away - said his flat dropped in value by near 20%. Still stonkingly overpriced. Bumped into an old graduate friend today. Said I was still at home due to high house prices; turns out he bought with newly-wed right after graduation. He seemed upbeat about it. Another mate revealed a while ago his mortgage is 40 years long (!!!!!!!!!!!). How can people do this to themselves. I'm lucky I can stay at home for now.... Quote Link to comment Share on other sites More sharing options...
flatbread Posted March 29, 2011 Share Posted March 29, 2011 Hi Guitarman, We have looked at Livingston. Problem is that the houses are packed like sardines in a can and are sooo boring. What is with these developers? Can't they come up with interesting, modern designs? . Not quite Edinburgh... but some detached houses in Livingston are dropping a little (not huge amounts)... enough to tempt some perhaps, but not really shifting. I can only guess that the cost of commuting (the car is bad enough, train is even more!) would really push peoples' finances over the edge. Edinburgh prices still looking static? Friend of mine recently moved back after a few years away - said his flat dropped in value by near 20%. Still stonkingly overpriced. Bumped into an old graduate friend today. Said I was still at home due to high house prices; turns out he bought with newly-wed right after graduation. He seemed upbeat about it. Another mate revealed a while ago his mortgage is 40 years long (!!!!!!!!!!!). How can people do this to themselves. I'm lucky I can stay at home for now.... Quote Link to comment Share on other sites More sharing options...
flatbread Posted March 29, 2011 Share Posted March 29, 2011 Hi Guitarman, We have looked at Livingston. Problem is that the houses are packed like sardines in a can and are sooo boring. What is with these developers? Can't they come up with interesting, modern designs? . Not quite Edinburgh... but some detached houses in Livingston are dropping a little (not huge amounts)... enough to tempt some perhaps, but not really shifting. I can only guess that the cost of commuting (the car is bad enough, train is even more!) would really push peoples' finances over the edge. Edinburgh prices still looking static? Friend of mine recently moved back after a few years away - said his flat dropped in value by near 20%. Still stonkingly overpriced. Bumped into an old graduate friend today. Said I was still at home due to high house prices; turns out he bought with newly-wed right after graduation. He seemed upbeat about it. Another mate revealed a while ago his mortgage is 40 years long (!!!!!!!!!!!). How can people do this to themselves. I'm lucky I can stay at home for now.... Quote Link to comment Share on other sites More sharing options...
guitarman001 Posted March 29, 2011 Share Posted March 29, 2011 Hi Guitarman, We have looked at Livingston. Problem is that the houses are packed like sardines in a can and are sooo boring. What is with these developers? Can't they come up with interesting, modern designs? . Hello! Got a link to one in Livingston versus another elsewhere for comparison? The Livingston developments can be packed together, but in general what you get for your money is vastly superior to Edinburgh, IMO. 3-4 bed detached with garage and garden etc for £160k+... lucky to get a 3 bed flat here for that! Quote Link to comment Share on other sites More sharing options...
noodle doodle Posted March 31, 2011 Share Posted March 31, 2011 More stat notice naughtiness --> http://edinburghnews.scotsman.com/topstories/More-staff-suspended-in-statutory.6743508.jp Quote Link to comment Share on other sites More sharing options...
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