Edinbugh Latest

[hitsy]

Don't know that facts and figures, but there's been a big increase in 2 beds for sales, all going on today and the 6th March.

Supply starting to increase, lets see what happens to demand.

[ccc]

Don't know that facts and figures, but there's been a big increase in 2 beds for sales, all going on today and the 6th March.

Supply starting to increase, lets see what happens to demand.

I imagine it is those who have realised 'just renting it out instead' is not a viable option for everyone. Otherwise everyone would just do it and never have to sell their house...pick up place after place and everyone ends up owning 20 houses each - hooray !!

They probably reckon that the famous 'Spring Bounce' will save them. Well it is not going to - coz everyone else has the same idea !!

The smart ones took 15-20% off last year and got out whilst they could. Of course some won't be able to do that, negative equity. Ouch.

The rental supply of two bedders is still growing. I imagine we may see it tail off as some jump ship and just sell for what they can.

Actually a fall in the rental market supply could indicate a future rise in sale supply, and fall in sales prices.

[Radge]

Just had a nosey around the ESPC site. My new favourite ploy is "Home report available. Valued at [asking price + XX,000]!" I just love the wee exclamation mark.

I suppose it would cost too much in wordage to put: Home report available. Written on dd/mm/2009. Valued at XXX,000 - (n x £98.87) where n = days(Today - Written on date).

[copper crutch]

Just had a nosey around the ESPC site. My new favourite ploy is "Home report available. Valued at [asking price + XX,000]!" I just love the wee exclamation mark.

I suppose it would cost too much in wordage to put: Home report available. Written on dd/mm/2009. Valued at XXX,000 - (n x £98.87) where n = days(Today - Written on date).

The EA will not give you a home report, untill you have viewed the property, then noted interest via your WS, They then send the HR to your ws, who in turn send it to you.

What a circus, the reason is they need everyones name and details who has the report, in case after a period of time the value needs updated.

S if a property has been on the market for 6 months, the surveyors can send everyone who has the report a new one if the value of the property has increased for example.

[TTD]

The EA will not give you a home report, untill you have viewed the property, then noted interest via your WS, They then send the HR to your ws, who in turn send it to you.

What a circus, the reason is they need everyones name and details who has the report, in case after a period of time the value needs updated.

S if a property has been on the market for 6 months, the surveyors can send everyone who has the report a new one if the value of the property has increased for example.

..or if anything in the report has changed? (i.e. not just the valuation)

BTW, if, as you quote above, there's a perfectly valid reason to note everyone who's had access to the report, in order to inform them of changes, why is it a 'circus'?

[savetheclaypigeon]

Quite to the contrary of the original post, in my experience Edinburgh is speeding up!

Over past wee while, more and more properties meeting my search criteria (City Centre & South Side sub 300k) have been coming onto ESPC.

While I'd been expecting it, I hadn't actually seen it up until very recently. Anybody else notice this in their searches?

Hopefully, this will continue right up until a decidedly unbouncy Spring

[Muswell Hillbilly]

Quite to the contrary of the original post, in my experience Edinburgh is speeding up!

Over past wee while, more and more properties meeting my search criteria (City Centre & South Side sub 300k) have been coming onto ESPC.

While I'd been expecting it, I hadn't actually seen it up until very recently. Anybody else notice this in their searches?

No, I’m afraid my search (≥ 2 beds, ≥ 150k, Marchmont/Bruntsfield/Morningside/Merchiston) is still returning virtually nothing. In fact the overall number of tenement flats on sale in those areas remains very low, and asking prices mostly remain at peak bubble levels. I’m sick of it, to be honest …

[Deleriad]

No, I’m afraid my search (≥ 2 beds, ≥ 150k, Marchmont/Bruntsfield/Morningside/Merchiston) is still returning virtually nothing. In fact the overall number of tenement flats on sale in those areas remains very low, and asking prices mostly remain at peak bubble levels. I’m sick of it, to be honest …

That's pretty much my experience. My saved properties list (40+) hasn't seen a price drop in about 2 weeks (last was 27 Feb and prior to that 19 Feb) and is gradually shrinking as properties either fall off (2/3rds) or get bought (1/3rd). My standard search has been averaging about 2-3 new properties a week and I can't remember the last time I saw a property come on it which was actually interesting. (Standard search is 2 beds plus, ground floor, garden and all the usual desirable places 150-250K). Standard search generally shows 5-6 price drops per week out of around 130. Am actually keeping away from looking to avoid getting too annoyed.

Basically, anyone who lives anywhere half-decent is simply staying put.

[TTD]

I reckoned ESPC ref nos. were around 272640 at 1 Jan, and the highest I can find today is 274130 - a difference of 1490 or so, so let's say for round numbers that the ESPC firms have listed 1500 properties (including some commercial, retirement, garages, etc.) since the turn of the year.

It's 10 Mar today, but let's call that 2 months in - that's an average of just over 3 listings per month for each firm.

The ELPG say they're doing 25% of the ESPC's business, so

(0.25*1500) div by 5 firms, div by 2 mths = 37 per month for ELPG members, and

(0.75*1500) div by 225 firms, div by 2 mths = 2.5 per month for the others.... on average.

[bailey]

I reckoned ESPC ref nos. were around 272640 at 1 Jan, and the highest I can find today is 274130 - a difference of 1490 or so, so let's say for round numbers that the ESPC firms have listed 1500 properties (including some commercial, retirement, garages, etc.) since the turn of the year.

It's 10 Mar today, but let's call that 2 months in - that's an average of just over 3 listings per month for each firm.

The ELPG say they're doing 25% of the ESPC's business, so

(0.25*1500) div by 5 firms, div by 2 mths = 37 per month for ELPG members, and

(0.75*1500) div by 225 firms, div by 2 mths = 2.5 per month for the others.... on average.

There are definitely a lot less properties coming on the market than previous years. This is a combination of the drop in prices, lack of confidence and threats of redundancies. However, another big factor is the Home Report. It used to be that if someone saw a house they liked they would put their own on the market and see what happened. Now they have to pay for a home report even if they don't sell. It has made many think twice unless they have to move.

Because the report has a valuation included they suddenly have it confirmed that they are not going to achieve the price they want or think they deserve !

[savetheclaypigeon]

Guess it's just me then!

I maintain that more properties have been coming on in my search. But don't get me wrong, we're only talking about a paltry few.

I suppose it was just the shock of seeing someplace different! That hadn't happened for a while. To be honest, I don't have my finger on the pulse of the property market as I once did. I've become more interested in learning about investing, to protect what deposit I've managed to build up.

I'm coming round to the idea that we may as well all shout "Game's a Bogey!" and come back to this thread on Jan 1st 2012 at the earliest, to see if common sense has finally started to break out in the Edinburgh property market.

One thing we do all agree on though, is that we still have 2007 list prices. How can that be justifiable? Do they think we somehow managed to miss the blanket f*cking media coverage of the economic meltdown!

I swear, if I ever meet an Estate Agent who sets a realistic asking price, I'll be dangerous. I'll buy whatever delapidated, Asbestos riddled box he happens to be peddling out of sheer gratitude at being treated like an adult.

[mechos]

<b3ta>

Yay. 100 !

</b3ta>

[copper crutch]

Guess it's just me then!

I maintain that more properties have been coming on in my search. But don't get me wrong, we're only talking about a paltry few.

I suppose it was just the shock of seeing someplace different! That hadn't happened for a while. To be honest, I don't have my finger on the pulse of the property market as I once did. I've become more interested in learning about investing, to protect what deposit I've managed to build up.

I'm coming round to the idea that we may as well all shout "Game's a Bogey!" and come back to this thread on Jan 1st 2012 at the earliest, to see if common sense has finally started to break out in the Edinburgh property market.

One thing we do all agree on though, is that we still have 2007 list prices. How can that be justifiable? Do they think we somehow managed to miss the blanket f*cking media coverage of the economic meltdown!

I swear, if I ever meet an Estate Agent who sets a realistic asking price, I'll be dangerous. I'll buy whatever delapidated, Asbestos riddled box he happens to be peddling out of sheer gratitude at being treated like an adult.

But it must surely be the surveyors who do the home reports that are efectively setting the asking price for new properties that are marketed.

From my search prices are still being set at 2007 peak prices in most instances, The EA seem to be saying offers around the price set on the home report.

[Muswell Hillbilly]

From my search prices are still being set at 2007 peak prices in most instances, The EA seem to be saying offers around the price set on the home report.

Also, the Offers Over system masks falls in a way that Fixed Price or the English system wouldn’t. Two-bed flats which were OO 235–245 a year or two ago were selling for 300–340, whereas now, if they sell at all, they’re selling for 250.

Still, it would be nice if even the OO prices dropped a bit, just to show willing.

And can we start a new thread now, since this one has reached 100 pages (using the default number of posts per frame)? I had been keeping my latest observations to the ‘Edinburgh Asking Prices Dropping?’ thread, but most people keep coming back to this one!

[ccc]

I don't think prices are at 2007 levels at all. Yes there are some put up for that but very few will sell. The only ones that are selling are those priced about 15% below peak. Hence the 15% ish falls in sale prices !!

I wouldn't worry too much about pages and pages of places sitting there with high sale price expectation. They were sitting there 6 months ago, and will be sitting there in another 6 months.

I do agree it is taking a long time for reality to bite, but the Edinburgh denial is simply World Class.

Patience. And if something crazy does happen and suddenly everything kicks off again ? I certainly won't be joining in. If the Edinburgh residents insist on spending every waking second stretching for overpriced property that is their loss. I will just spend my time having fun.

I don't think we have to worry about that anyway. I fully expect falls of between 30-50% across the board.

[Scunnered]

And can we start a new thread now, since this one has reached 100 pages (using the default number of posts per frame)?

The first post was on the 5th of March last year, so it's just over a year old. If we'd just been paying more attention we could have made an effort to reach 100 pages after exactly a year. That'd probably have been the most exciting thing to happen in the Edinburgh housing market for several months.

Just for some relevance, the ESPC figures for February should be out soon. That'll give us something new to argue about.

Edited March 11, 2009 by Scunnered

[roblpm]

The first post was on the 5th of March last year, so it's just over a year old. If we'd just been paying more attention we could have made an effort to reach 100 pages after exactly a year. That'd probably have been the most exciting thing to happen in the Edinburgh housing market for several months.

Just for some relevance, the ESPC figures for February should be out soon. That'll give us something new to argue about.

Guys, the most exciting thing that has happened to me in the last year was starting this thread, so dont you dare try and start a new one!!

My life is so limited that making the millionth post on HPC was a big event for me, unfortunately unrecognised by the masses.

[ccc]

RBS and Scottish Governemtn now trying to tempt FTB's in to 'help the market'

Truly astounding. The shameless and selfish nature of these sort of things really is quite sickening. So he hopes to get young people, most already with debt, to buy something falling in value, in order to give the rest of the market a 'lift'.

What is the difference between these people and Madeoff ? I fail to see it.

RBS

Finance secretary John Swinney said the bank's action would help re-invigorate Scotland's property market in a "challenging global economic climate".

"With interest rates having reached a record low, it is crucial that the banks now lend effectively and appropriately to help householders and businesses across Scotland," he added. "I hope this will help first-time buyers get on to the property ladder and give Scotland's housing market a lift."

PS - I don't think it will make any difference but that is not the point.

[savetheclaypigeon]

What is the difference between these people and Madeoff ? I fail to see it.

Goverment approval!

[copper crutch]

RBS and Scottish Governemtn now trying to tempt FTB's in to 'help the market'

Truly astounding. The shameless and selfish nature of these sort of things really is quite sickening. So he hopes to get young people, most already with debt, to buy something falling in value, in order to give the rest of the market a 'lift'.

What is the difference between these people and Madeoff ? I fail to see it.

RBS

Finance secretary John Swinney said the bank's action would help re-invigorate Scotland's property market in a "challenging global economic climate".

"With interest rates having reached a record low, it is crucial that the banks now lend effectively and appropriately to help householders and businesses across Scotland," he added. "I hope this will help first-time buyers get on to the property ladder and give Scotland's housing market a lift."

PS - I don't think it will make any difference but that is not the point.

What next, abandon all stamp duty for all sales ? that has got to be on the cards, and a grant from the government for FTB, To cover 15% of the purchase of there first property.

Broon and Darling want back in at the next election, so dont be surprised if there are a few plans thrown in at the next Budget with things like i mention above.

This will just start another stampede to buy, the rampers will have a field day.

Printing money who would have thought they would ever do that ?

[Scunnered]

Guys, the most exciting thing that has happened to me in the last year was starting this thread, so dont you dare try and start a new one!!

Any chance you could go back and fix the spelling in the title?

My life is so limited that making the millionth post on HPC was a big event for me, unfortunately unrecognised by the masses.

You think your life's limited? The highlight of my day has been criticising your spelling.

[savetheclaypigeon]

What next, abandon all stamp duty for all sales ? that has got to be on the cards, and a grant from the government for FTB, To cover 15% of the purchase of there first property.

Broon and Darling want back in at the next election, so dont be surprised if there are a few plans thrown in at the next Budget with things like i mention above.

This will just start another stampede to buy, the rampers will have a field day.

Printing money who would have thought they would ever do that ?

I agree that the budget will be interesting. I can't imagine what cherry Brown and Darling will dream up to sit atop the massive sh*tcake they've baked for us all. No matter how sweet it is, I certainly won't be persuaded to bite.

Even if such measures are put in place, and I can't see how the government paying 15% for FTBs will work in practice, do you really forsee a stampede to buy in such circumstances? Really?

You make it sound as if the market is teetering on a knife-edge. A bold scheme in the budget and all the money "waiting on the sidelines" comes flooding back in.

I don't believe that. We've gone through a period of profound wealth destruction. And there is extremly limited credit available. This only leaves the cash rich. And anyone who is cash rich either has foresight or good financial advice. Either way, they are not going to be buying in the near future.

The only thing that worries me is the people who don't understand how much further the economy could possibly fall, will get ensnared in a bear market rally, on the back of an ill advised government scheme the likes of which you have suggested, and get absolutely cleaned out.

I await the budget with trepidation...

[savetheclaypigeon]

You think your life's limited? The highlight of my day has been criticising your spelling.

The HPC Edinburgh Thread.

The few, the proud, the socially bereft!

[roblpm]

Any chance you could go back and fix the spelling in the title?

You think your life's limited? The highlight of my day has been criticising your spelling.

Aha!! funny I never noticed that!! Anyway can't see how to edit it!

Back to sleep zzzzzzzzzzzzzzzzzzzzzzzzzzz

Edited so at least this post has excellent spelling!

Edited March 11, 2009 by roblpm

[Muswell Hillbilly]

Any chance you could go back and fix the spelling in the title?

Wow, I had never noticed the missing letter either, and I’m ultra-pedantic about spelling and typing! It’s funny how the brain sees the whole word and doesn’t necessarily notice if one letter is missing.

Anyway, the typo in the title is another good reason for us all to move over to roblpm’s other thread, Edinburgh Asking Prices Dropping? See you there!