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30 minutes ago, toreveal said:

Hmmmm  .... I know loads of people buying last few months, work colleagues, friends outside, none for AirBnb.  There are more properties on the market and it is making things easier for buyers, less flats are going to closed bids etc.

epsc now has 2049 for sale and that number has been increasing consistently over the last 4-5months.

A lot of the air BnB money is not from people from here. You wouldn't know them !!

I'm just talking from my experience and sheer numbers here. I walk around a lot and keep an eye on new for sale signs up. In the last 6 months especially these invariably have a sold sign on them within weeks.

I also keep an eye on the sheer number of key holders outside these type of flats. And the number on air BnB as a whole. They have all increased hugely in the same timeframe. 

I'm just putting 2+2 together. Not very technical but you only have to keep an eye over the last 6 months of tenement shared doors to see the clear pattern.

I'm sure there are also a number of people still buying them to live in of course. 

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I just stumbled across the Golden Share "affordable" housing in Edinburgh

There are so many things wrong with this:

http://www.edinburgh.gov.uk/downloads/file/11012/a_buyers_guide_to_golden_share

 

Golden Share is an approved affordable housing tenure in the City of Edinburgh. Properties are sold at 80% of Open Market Value making them affordable to people in housing need (who could not afford to purchase a similarly sized home in the local area).

The sales process is similar to a standard house sale and the purchaser own 100% of the property, however:

  • Purchasers must demonstrate that they are eligible and provide the necessary evidencesee Who can buy a Golden Share home” below.

  • It must be the purchasers sole and primary residence, it may not be let or sub-let without prior approval from the City of Edinburgh Council.

  • The property price is capped at 80% of open market value for all future re-sales. This information is inserted in the title deeds (against the land register) and remains there in perpetuity i.e. each time the property is sold the solicitors ensure this is adhered to.

  • The maximum first sale purchaser price (80% of market value) for a Golden Share home is currently £214,796.

    Who can buy a Golden Share home?

    Potential purchasers must evidence a local connection, a need for a property of this size and an inability to finance the purchase of the full market value of the property. The City of Edinburgh Council will assess eligibility based on the evidence provided.

    Evidence that must be provided in order for eligibility to be assessed:

  1. 1)  Valid Photo ID,

  2. 2)  Proof of address,

  3. 3)  Previous 3 months payslips and previous 3 months bank statements, joint accounts and savings accounts.

  4. 4)  Mortgage Offer or Mortgage offer in principle (AIP) to evidence that you would not be able to purchase this property at full market value.

  5. 5)  If you are receiving a ‘cash gift’ from a family member, we would require proof of the transfer or written confirmation from them confirming amounts and date of proposed transfer.

  6. 6)  A supporting statement should be provided which includes:

    1. a)  Details of your connection with the Lothians, either through employment, family or cultural networks

    2. b)  If the deposit or cash sum being used to purchase the property is more than £64,439, you must include evidence of why you would not be able to purchase a property at market value elsewhere in the area and how other housing does not meet your needs. You must also include details of the deposit; the source of funding and the amount of the deposit. If you can afford to purchase a similar property at market value you will not be eligible for a Golden Share home.

    3. c)  The level of savings that you will have after completing the purchase of the home and furnishing the property

    4. d)  If purchasing a three bed property, please explain how your household circumstances would require a home of this size. The following eligibility criteria apply;

      • If an applicant can demonstrate an immediate need for a three bedroom property

      • A couple will be expected to share a bedroom

      • At least two bedrooms are expected to be used full time by applicants’ and a child under the age of 14

  • The third bedroom could also be used by another dependant such as family member or a live- in carer

  • Other use of a third bedroom such as for visiting family or work will not be eligible

    In addition to this set of criteria, a two bedroom property will be available to a single person or couple with no children.

 

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On 05/09/2018 at 10:58, toreveal said:

Hmmmm  .... I know loads of people buying last few months, work colleagues, friends outside, none for AirBnb.  There are more properties on the market and it is making things easier for buyers, less flats are going to closed bids etc.

epsc now has 2049 for sale and that number has been increasing consistently over the last 4-5months.

espc now with 2109

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Seeing a few more things shifting to Fixed Price on ESPC, of course most of it is still way overpriced. Also spotted a couple of repossessions last week, which I haven't seen for quite a while. 

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https://www.edinburghnews.scotsman.com/news/campaigners-joy-at-edinburgh-airbnb-ban-progress-1-481982

'Green MSP for the Lothians, Andy Wightman, successfully tabled an amendment to the Planning Bill, calling for property owners to need full planning consent in order to change a main residence into a short-term let property such as Airbnb.'

Some good news in case anyone missed it :)

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Anecdotal but spoke to a solicitor today how said that the market in Edinburgh has changed a lot recently. Wheras before there were around 10 people bidding / home now there is just a few 

 

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On 01/11/2018 at 18:56, stilgar said:

Anecdotal but spoke to a solicitor today how said that the market in Edinburgh has changed a lot recently. Wheras before there were around 10 people bidding / home now there is just a few 

 

Things are clearly slow, seeing more and more at FP and nice stuff in desirable areas not just dross. Definitely less frothy. This time of year is traditionally slow in Edinburgh, there's normally a mad rush to complete and get moved by the end of September, but time will tell if things are heading down *fingers crossed*

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Pretty nice ESPC report:

https://espc.com/news/post/house-price-report-october-2018

  • "During this period, the number of homes coming to market increased by 10.9% annually
  • The number of homes sold during this period decreased by 0.4% annually
  • From August to October 2018, the median selling time of a property in east central Scotland was 20 days, which was 1 day slower than last year"

2% MOM drop in house prices for the city of edinburgh

 

 

 

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Thought this might be of interest to a few people on here:

'Edinburgh’s “rampant” Airbnb issues have escalated, with the number of entire houses or flats now available to let in the city rocketing from 5,474 to 7,366 in the past 12 months.

Read more at: https://www.scotsman.com/news/politics/edinburgh-s-rampant-airbnb-growth-hollowing-out-city-1-4849285'

Goes a long way in explaining the massive gains in the last couple years IMO.

I've found a flat I like i will probably just buy it. The mortgage will be significantly cheaper than rent would and I can lock in for 5 years. I still expect prices to fall next year but have had enough waiting.. Also, if prices are to increase any more then I will be priced out 

 

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22 hours ago, stilgar said:

Thought this might be of interest to a few people on here:

'Edinburgh’s “rampant” Airbnb issues have escalated, with the number of entire houses or flats now available to let in the city rocketing from 5,474 to 7,366 in the past 12 months.

Read more at: https://www.scotsman.com/news/politics/edinburgh-s-rampant-airbnb-growth-hollowing-out-city-1-4849285'

Goes a long way in explaining the massive gains in the last couple years IMO.

I've found a flat I like i will probably just buy it. The mortgage will be significantly cheaper than rent would and I can lock in for 5 years. I still expect prices to fall next year but have had enough waiting.. Also, if prices are to increase any more then I will be priced out 

 

a fixed link

https://www.scotsman.com/news/politics/edinburgh-s-rampant-airbnb-growth-hollowing-out-city-1-4849285

There are 230,000 houses in Edinburgh, but only 18,400 in the city centre where most tourists want to be.

http://insideairbnb.com/edinburgh/ are probably more accurate numbers than the Scotsman and they have 11,985 in Edinburgh.

Top areas for AirBandB seem to be Leith (cheap to buy) New Town (expensive)  and Newington (good access to festival venues)

 

 

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Hi all, I am a first time buyer looking to buy a property (top floor flat in period building) in Edinburgh and would appreciate some advice on a couple ratings/remarks in the home report. All items in the home report had a rating of 1 (no action needed) with the exception of two which had a rating of 2 (future repairs likely). No items had a rating of 3 (urgent repairs).

Dampness, rot and infestation: Random checks for damp were made wherever possible using an electronic damp meter. Evidence of high moisture  was noted at lounge and this needs to be rectified and any surrounding timbers examined for dampness or rot. 

Internal walls - Evidence of water ingress noted at the lounge wall and repairs will be required. There is a risk of dry linings may conceal dampness or defects which would otherwise be identified.  

Is this anything to be concerned about and any advice on how to proceed? Many thanks in advance. 

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2 hours ago, Jetsetter said:

Hi all, I am a first time buyer looking to buy a property (top floor flat in period building) in Edinburgh and would appreciate some advice on a couple ratings/remarks in the home report. All items in the home report had a rating of 1 (no action needed) with the exception of two which had a rating of 2 (future repairs likely). No items had a rating of 3 (urgent repairs).

Dampness, rot and infestation: Random checks for damp were made wherever possible using an electronic damp meter. Evidence of high moisture  was noted at lounge and this needs to be rectified and any surrounding timbers examined for dampness or rot. 

Internal walls - Evidence of water ingress noted at the lounge wall and repairs will be required. There is a risk of dry linings may conceal dampness or defects which would otherwise be identified.  

Is this anything to be concerned about and any advice on how to proceed? Many thanks in advance. 

Personally - and I've ranted about this for years - I think buying any shared flat (Especially old) in Edinburgh is extremely risky.

Very few communal repairs have been done in over 7 years due to the council corruption issues. 

Issues that existed then have just been left to get worse. 

On top of this the council has actively been deleting records of repairs prior to these years. So you won't even be able to find out what was wrong back then. 

Probably sounds very negative but I truly believe these issues will explode into an absolutely huge issue right across the city in coming years. 

I may be wrong of course. Good luck anyway. 

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4 hours ago, Jetsetter said:

Hi all, I am a first time buyer looking to buy a property (top floor flat in period building) in Edinburgh and would appreciate some advice on a couple ratings/remarks in the home report. All items in the home report had a rating of 1 (no action needed) with the exception of two which had a rating of 2 (future repairs likely). No items had a rating of 3 (urgent repairs).

Dampness, rot and infestation: Random checks for damp were made wherever possible using an electronic damp meter. Evidence of high moisture  was noted at lounge and this needs to be rectified and any surrounding timbers examined for dampness or rot. 

Internal walls - Evidence of water ingress noted at the lounge wall and repairs will be required. There is a risk of dry linings may conceal dampness or defects which would otherwise be identified.  

Is this anything to be concerned about and any advice on how to proceed? Many thanks in advance. 

Yes, I'd be cautious, especially of the second item

I'd make your offer subject to investigation of the water ingress and if you're the top bidder, would hire someone to do proper investigation of that concern before you finalise the purchase.

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2 hours ago, toreveal said:

Yes, I'd be cautious, especially of the second item

I'd make your offer subject to investigation of the water ingress and if you're the top bidder, would hire someone to do proper investigation of that concern before you finalise the purchase.

Thanks very much for the advice.

Is asking the seller to arrange the investigation prior to my making an offer a viable option? The property has been listed since 1st October and there are no active offers which improves my bargaining position I would guess. It would be good to have the cost of any prospective repair work quantified so that I know what I'm dealing with before making an offer. 

The stamp duty threshold of £350k is very close and I was keen not to go above this and I wondered if the seller would increase the price if they have to pay for any repair work prior to selling. The survey shows a valuation of £370k based on current condition and so £345k might already be factoring in the cost of prospective repair work. It might be beneficial if I pay for the repair work post sale in order to minimise stamp duty?

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9 minutes ago, Jetsetter said:

Thanks very much for the advice.

Is asking the seller to arrange the investigation prior to my making an offer a viable option? The property has been listed since 1st October and there are no active offers which improves my bargaining position I would guess. It would be good to have the cost of any prospective repair work quantified so that I know what I'm dealing with before making an offer. 

The stamp duty threshold of £350k is very close and I was keen not to go above this and I wondered if the seller would increase the price if they have to pay for any repair work prior to selling. The survey shows a valuation of £370k based on current condition and so £345k might already be factoring in the cost of prospective repair work. It might be beneficial if I pay for the repair work post sale in order to minimise stamp duty?

If you trust the seller, you could ask them to arrange the investigation.   I wouldn't.

I would offer a bit below the Stamp Duty threshold and say it's subject to investigation (and drop your price if/when the investigation uncovers problems that will need financing).  Really if it's been sitting there since October ....

A stamp duty threshold is not really so significant in Scotland as it's only the money over that threshold that incurs the higher rate.

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1 hour ago, toreveal said:

If you trust the seller, you could ask them to arrange the investigation.   I wouldn't.

I would offer a bit below the Stamp Duty threshold and say it's subject to investigation (and drop your price if/when the investigation uncovers problems that will need financing).  Really if it's been sitting there since October ....

A stamp duty threshold is not really so significant in Scotland as it's only the money over that threshold that incurs the higher rate.

The reason I asked was I thought it would be better to get the seller to pay for the investigation and assumed the investigator would be independent and properly qualified. 

There was an offer made and accepted but the deal fell through according to the seller's solicitor. The home report looks good apart from the two issues I shared and the property is in a prime location (5 mins walk to Waverley station). I'm surprised it hasn't been snapped up but I guess it's not exactly a sellers' market at the moment. 

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I notice that there are a lot of properties available to rent in edinburgh city centre, on rightmove.

Does any know how to obtain historical figures for this?

 

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On 04/01/2019 at 11:35, ccc said:

Personally - and I've ranted about this for years - I think buying any shared flat (Especially old) in Edinburgh is extremely risky.

Very few communal repairs have been done in over 7 years due to the council corruption issues. 

Issues that existed then have just been left to get worse. 

On top of this the council has actively been deleting records of repairs prior to these years. So you won't even be able to find out what was wrong back then. 

Probably sounds very negative but I truly believe these issues will explode into an absolutely huge issue right across the city in coming years. 

I may be wrong of course. Good luck anyway. 

https://www.edinburghnews.scotsman.com/news/edinburgh-council-could-buy-your-tenement-flat-and-rent-it-back-to-get-it-fixed-1-4862182

 

It's not as if anyone could have seen this coming :lol:

 

The council admits that the scale of mixed tenure repairs needed across the Capital is “substantial”.

The move comes after the convener of a Scottish Parliament working group on tenement maintenance said many of Scotland’s tenement properties were “at a condition cliff-edge”.

 

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