Edinbugh Latest

[wyldman100]

Sorry to bring the news but the comedy one bedder you describe is actually a 2 bedder, which IMO Is worth around 130k

You wouldn't even fit a single bed in there across its length or its width. I doubt you could even fit a desk and chair and use it as a study. It's not even a box room, it's a cupboard.

[copper crutch]

One example of a one bed flat selling in Gorgie for 125k. Thanks

As for the 2 bedder ? Well if you call a room sized 6’ 2” x 3’ 11” a bedroom then fine.

So you think a one bed flat with a tiny boxroom ATTACHED TO THE ONLY BEDROOM is worth 130k...............

Nuff said.

Here is a stab at a few that may interest you.

10/8 Newton Street Gorgie 1 bed just sold for 129.950

12 Roberson Avenue 1 bed flat just sold 119 995

7 Wardlaw Place Gorgie flat 3 just sold 119.950

109/3 Gorgie Road 2 bed flat sold for 145k

5/7 Westfield road 1bed flat sold for 106. 995k

There are loads on offer at offers over 90k, but they are expecting over 100k for them. :angry:

http://www.ukpropertyshop.co.uk/estate-age...ons-51034.shtml

Scroll down there are loads to pick from.

[noodle doodle]

Judging by the number of To Let signs up there at the moment, we are on the cusp of a BTL meltdown , I still say that with the oversupply of newbuild you will struggle to shift flats in Gorgie for 50k when the SHF. 100k for that area (or any similar flats) is fantasy pricing.

50k? We bought ours in gorgeous gorgie for 42k in 2000, sold it for 92k 6 years later - one-bedroom, no GCH (you do not need it in those one-bedroom hutches IMO - there's only 2 rooms - get an oil-heater if you're cold and move it between whichever of the 2 rooms you're in!), double-glazed. Our eyes boggled, and then a year later the one next door went for 125k after a spot of tarting-up...

I honestly don't think the prices will drop down to 50k, if prices drop down to what we sold ours for - 92k, that'll be 20% from peak (110k for your average at the end of 2007) - i think maybe 80k will be the bottom, wait for any lower and you won't be buying anything except at a repo auction

I've no interest either way, I'm looking to go up the ladder, if my (not new build) flat sells for less, the next rung up drops by as much if not more - then that gets outweighed by a higher interest rate because I need a higher LTV mortgage if my deposit has shrunk. Swings and roundabouts. But i think people cracking on about how cheap they're going to buy places for are as delusional as the previous mob who jabbered on about how much they'd sell their places for.

[Scunnered]

But i think people cracking on about how cheap they're going to buy places for are as delusional as the previous mob who jabbered on about how much they'd sell their places for.

Ah, but they turned out to be right (until recently anyway).

[ccc]

Here is a stab at a few that may interest you.

10/8 Newton Street Gorgie 1 bed just sold for 129.950

12 Roberson Avenue 1 bed flat just sold 119 995

7 Wardlaw Place Gorgie flat 3 just sold 119.950

109/3 Gorgie Road 2 bed flat sold for 145k

5/7 Westfield road 1bed flat sold for 106. 995k

There are loads on offer at offers over 90k, but they are expecting over 100k for them. :angry:

http://www.ukpropertyshop.co.uk/estate-age...ons-51034.shtml

Scroll down there are loads to pick from.

Are you being serious ? You seem to have lots of info on the Edinburgh market.

Yet you put an ASKING PRICE as a price a property sold for

That Newton Street one has a schedule that says OO 97k. Why don't you tell us that one 'Just sold for' 97k. It is about as relevant !! Come on you know the score.

Honestly you are now being rather obvious. Just get off the fence and admit the truth.

[copper crutch]

Are you being serious ? You seem to have lots of info on the Edinburgh market.

Yet you put an ASKING PRICE as a price a property sold for

That Newton Street one has a schedule that says OO 97k. Why don't you tell us that one 'Just sold for' 97k. It is about as relevant !! Come on you know the score.

Honestly you are now being rather obvious. Just get off the fence and admit the truth.

lots of info, you are having a laugh i only loged on to one solitary ea web site.

[ccc]

50k? We bought ours in gorgeous gorgie for 42k in 2000, sold it for 92k 6 years later - one-bedroom, no GCH (you do not need it in those one-bedroom hutches IMO - there's only 2 rooms - get an oil-heater if you're cold and move it between whichever of the 2 rooms you're in!), double-glazed. Our eyes boggled, and then a year later the one next door went for 125k after a spot of tarting-up...

I honestly don't think the prices will drop down to 50k, if prices drop down to what we sold ours for - 92k, that'll be 20% from peak (110k for your average at the end of 2007) - i think maybe 80k will be the bottom, wait for any lower and you won't be buying anything except at a repo auction

I've no interest either way, I'm looking to go up the ladder, if my (not new build) flat sells for less, the next rung up drops by as much if not more - then that gets outweighed by a higher interest rate because I need a higher LTV mortgage if my deposit has shrunk. Swings and roundabouts. But i think people cracking on about how cheap they're going to buy places for are as delusional as the previous mob who jabbered on about how much they'd sell their places for.

Some good info - cheers. As for where prices will go ? I have put the facts for one bed FTB flats in Edinburgh on this site numerous times. Looking at it from a completely logical long term affordability scope - a one bedder should be sitting at between 60-70k. The figures are very simple. The numbers are very simple. Until they get to that level, unless wages explode, they are overpriced. Of course these things do tend to undershoot so 50k is not impossible. I personally think 60-70 will be when the levelling off occurs. I would not be remotely surprised if they went to 50 though.

As for the bit in bold ? I don't think you have done any calculations recently ? Most people on this site are only looking at buying places at AVERAGE long term levels. Cheap would be a bonus but I doubt many on here would be bothered to wait much further past average.

If you buy a one bed flat in Gorgie for 65k ? That is not cheap. Simple fact. The public have been so brainwashed they think this is a bargain !!

A one bed flat in Gorgie for 40 -50 k ? Yes that is cheap.

[ccc]

lots of info, you are having a laugh i only loged on to one solitary ea web site.

Come on - we are not stupid !!

[ccc]

Well these are the stats off peak so far for Edinburgh. Correct me if I have any wrong:

RoS - 17.3% from peak

Nationwide - 10.9% from peak

ESPC - 16.2% from peak.

Strange that the delayed RoS figures are actually showing the largest falls so far ? Could this be down to the samples taken ? On the BBC article today I read the following:

"Government agency Registers of Scotland, which compiled the figures, includes every property transaction in its reports"

BBC Scotland

Sounds different from the English and Welsh LR which removes repossesions and auctions. I can't imagine Nationwide or ESPC would include these either ?

Anyway only been 8 months since the Scottish populace were informed that prices here can, in fact, fall. It was only Q3 2008 that all of the above stats publicised YoY falls for Scotland and Edinburgh. That is not long ago.

The denial is coming to an end. Fear is the name of the game for the Edinburgh property this Autumn. IMO.

1 bed flat in Gorgie ? 85-90k come December 2009.

[HAMISH_MCTAVISH]

Well these are the stats off peak so far for Edinburgh. Correct me if I have any wrong:

RoS - 17.3% from peak

Nationwide - 10.9% from peak

ESPC - 16.2% from peak.

Strange that the delayed RoS figures are actually showing the largest falls so far ? Could this be down to the samples taken ? On the BBC article today I read the following:

"Government agency Registers of Scotland, which compiled the figures, includes every property transaction in its reports"

BBC Scotland

Sounds different from the English and Welsh LR which removes repossesions and auctions.

My understanding (and I could be wrong) is that ROS includes ALL transactions, including trashed reposessions, fire damaged shells, auctions, distressed new builds bought in bulk by HA's direct from developer, etc. Therefore it is technically the most complete and accurate stats for including all properties.

However, ESPC/ASPC etc stats include only those properties available in the normal marketplace from the solicitors, which is where most people needing to buy with a mortgage would purchase. So for the ordinary person, wondering what they would actually pay, ESPC/ASPC etc are probably the more accurate. For cash buyers, developers, speculators, ROS are probably most accurate. And the bank/bs surveys are really only a small segment of the market, ie, the customers of those entities. Is this about right, does anyopne know???

[ccc]

My understanding (and I could be wrong) is that ROS includes ALL transactions, including trashed reposessions, fire damaged shells, auctions, distressed new builds bought in bulk by HA's direct from developer, etc. Therefore it is technically the most complete and accurate stats for including all properties.

However, ESPC/ASPC etc stats include only those properties available in the normal marketplace from the solicitors, which is where most people needing to buy with a mortgage would purchase. So for the ordinary person, wondering what they would actually pay, ESPC/ASPC etc are probably the more accurate. For cash buyers, developers, speculators, ROS are probably most accurate. And the bank/bs surveys are really only a small segment of the market, ie, the customers of those entities. Is this about right, does anyopne know???

I would agree to an extent. Could do with someone in the know however.

Anyway surely the fact the RoS includes EVERYTHING means it provides the best overall view - if a little delayed ?

You are saying RoS is better for cash buyers, developers and speculators ?

What percentage of the RoS data is from reposessions etc..

10% if you are lucky !!

Auction prices are better if you are a cash buyer, developer or speculator.....

How is that for a crazy thought.

[ccc]

Can't find my posts where I was talking about being unemployed - so this will do.

Back in work only 3 weeks after being let go !! I was hoping for a longer break but can't turn something down the way things are.

Increase in the readies too. Not sure where that came from. So one less unemployed bum in this City anyway.

[Scunnered]

Things are hotting up a bit in the rental market according to the Scotsman:

Roof caves in on city rental market as fees plunge £200.

THE boom in the rental price of property in the Capital has officially come to an end, with some flats plunging in price by up to £200 a month, letting agents said today.

The growth in "reluctant landlords" who rent out a property because they cannot sell it has led to an oversupply of property to rent – with bundles of "to let" signs suddenly springing up across the city.

With supply now outstripping demand, the average rental price has declined for the first time as landlords slash rents in a bid to entice tenants in.

...

I'm sure that it's not long since they were telling us that it would soon be costing £1000 a month to rent a 1-bed flat. Oh well, might soon be time to move.

Don't panic though:

Colette Murphy, director at Braemore, said: "It's important to stress that this is not any sign that the rental market is in trouble.

What a relief.

[Scunnered]

I managed to dig up one of the stories about soaring rents form last year (7th of April 2008): Housing crisis deepens as city rents soar 20%.

Guess who?

THE cost of renting property in Edinburgh has soared as the city's affordable housing crisis deepens.

Leading letting agents say the average rent for a two-bedroom flat in the Capital has increased almost 20 per cent, from £675 a month at the end of last year to £800 a month now.

And there are warnings tenants will have to pay up to 50 per cent more next year as a shortage of supply has an impact on prices.

It comes as more people look to rent in the city because of the credit crunch making it difficult for many to take out mortgages.

David Alexander, head of letting agent DJ Alexander, said that first-time buyers were facing the most expensive mortgages in seven and a half years.

He said: "The result is an increase in rental costs which is unprecedented in the 25-plus years in which I have been in this sector."

The firm, which advertises more than 1400 flats in Edinburgh every year, predicts the average rent for a two-bedroom flat could surge to £1200 by next year.

...

He was spot-on with that prediction, wasn't he?

[Guest An Bearin Bui]

I managed to dig up one of the stories about soaring rents form last year (7th of April 2008): Housing crisis deepens as city rents soar 20%.

Guess who?

He was spot-on with that prediction, wasn't he?

That brings back some not-so-fond memories... what a d1ckwad... :angry:

[ccc]

I managed to dig up one of the stories about soaring rents form last year (7th of April 2008): Housing crisis deepens as city rents soar 20%.

Guess who?

He was spot-on with that prediction, wasn't he?

This was the same time he was offloading all his own property. If only he was involved in official financial products.

He could be in jail right now.

[HAMISH_MCTAVISH]

Can't find my posts where I was talking about being unemployed - so this will do.

Back in work only 3 weeks after being let go !! I was hoping for a longer break but can't turn something down the way things are.

Increase in the readies too. Not sure where that came from. So one less unemployed bum in this City anyway.

Awwwwww, good for you <<HUGZ>> ( we need an MSE hug sarcasm smiley )

Now, if you can just somehow manage to avoid disclosing to a mortgage provider that you don't have 2 years secure employment history anymore as you got sacked, YOU TOO could one day join the ranks of the homeowners.

[mechos]

Awwwwww, good for you <<HUGZ>> ( we need an MSE hug sarcasm smiley )

Now, if you can just somehow manage to avoid disclosing to a mortgage provider that you don't have 2 years secure employment history anymore as you got sacked, YOU TOO could one day join the ranks of the homeowners.

On the plus side, that will ensure ccc is forced not to entertain dangerous notions of property ownership till nearer the day when the crash finally bottoms out.

Well done ccc. These are difficult times all round.

H McT - as you have oft explained, your life is perfectly sorted: I can't put any more positive interpretation on your negative reponse than this:- You want to communicate that others ought to have sorted their lives out at the same time and in the same way as yourself - and that you want to ensure they now feel regret for not having done so.

- Never mind that many here were teenagers/students in the 90's/noughties.

Twisted bugger

[HAMISH_MCTAVISH]

H McT - as you have oft explained, your life is perfectly sorted: I can't put any more positive interpretation on your negative reponse than this:- You want to communicate that others ought to have sorted their lives out at the same time and in the same way as yourself - and that you want to ensure they now feel regret for not having done so.

.

Not quite.

I feel genuinely sorry for those who have wasted the last decade pissing their money away and neglecting to sort their lives out. But that was their choice. And I see no reason why the millions who acted responsibly should now be penalised to compensate for their idiocy and irresponsibility.

Twisted bugger

And the same to you.

Edited May 6, 2009 by HAMISH_MCTAVISH

[mechos]

I feel genuinely sorry for those who have wasted the last decade pissing their money away and neglecting to sort their lives out. But that was their choice. And I see no reason why the millions who acted responsibly should now be penalised to compensate for their idiocy and irresponsibility.

Those who were acting responsibly are not being penalised at all.

It is no penalty to have an unearned windfall become an ex-unearned windfall. OK - it's a shame if people regret missing an opportunity to realise that windfall before it evaporates, but that is not penalty for their responsible behaviour: just a missed chance.

It is the irresponsible borrower who is being penalised. Highly leveraged purchase promises great returns but carries great risk. The naive have increasingly been swept along with the irresponsible sadly.

You talk as if there is a hand of justice out there. (Religious?)

"I see no reason why X should now be penalised to compensate for Y"

"Financial Armageddon is too high a price to pay for cheap houses" (or something)

Understand that no-one is controlling the markets to create these outcomes. They are emergent.

There is no linkage or mechanism that targets the group being "penalised" and the chooses which group gets to benefit at their expense, and no-one is mendaciously creating financial armageddon with the aim of buying houses on the cheap in the aftermath.

These things may happen: Bubbles, busts, crashes, - Good governance should aim to avoid them, but with the recent absence of good governance it's just important that individuals are not naive and keep well informed. There is no point in retrospectively trying to apply some kind of fairness and justice card - sniping at those who happen to have a survival plan. The market dynamics are to blame, not the individuals who cope with, or even thrive within the hostile economic environment.

The vindication you seek is slipping ever further away.

Edited May 6, 2009 by mechos

[ccc]

Awwwwww, good for you <<HUGZ>> ( we need an MSE hug sarcasm smiley )

Now, if you can just somehow manage to avoid disclosing to a mortgage provider that you don't have 2 years secure employment history anymore as you got sacked, YOU TOO could one day join the ranks of the homeowners.

I work in contracts. You don't get 'sacked'. Your contract comes to an end. Living in Aberdeen I would have thought you would understand this. Maybe not.

As for mortgages ? I won't need one. If I decide to buy it will be in cash. I am half way there already. Also you do realise they have self employed mortgages out there ? With a 50% + deposit and 3 years of accounts I don't think there would be much of an issue. (They only require 2 years of accounts as standard). Anyway - as I said - no mortgage for me so no need to worry about that.

You are getting pretty boring now Hamish. Everyone knows the game is up. We even had someone from the bleeding ESPC on TV saying prices will continue to fall and mortgages should only be 2-3 times wages. When these boys admit the game is up it is over. Done. Dusted.

Yet Hamish Mctavish - 5 months poster on HPC.co.uk is still in denial and knows more than everyone else.

I don't know if it is sad or pathetic. Or a bit of both.

[copper crutch]

I managed to dig up one of the stories about soaring rents form last year (7th of April 2008): Housing crisis deepens as city rents soar 20%.

Guess who?

He was spot-on with that prediction, wasn't he?

DJ Has a hidden agenda me thinks

[ccc]

DJ Has a hidden agenda me thinks

Whatever could that be....

[copper crutch]

Whatever could that be....

interesting that he has not been on the EEN Recently spouting off his usual pesh, Or maybee they dont do articles with Bankrupts

[fflump]

Continents move faster than some prices in Edinburgh...

14 Lussielaw Road, Edinburgh,EH9 3BX

Semi-detached House,

http://www.espc.com/Buying/267176.html

Been for sale for the best part of a year.

7 months ago it went from OO420k to 475k FP.

Now the price has been slashed to (wait for it..............465k)

Watch those viewings come flooding in. Not.