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Edinburgh Facts And Figures


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HOLA441
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HOLA442

Had to happen one of these days !!

Was pretty obvious really. Skewing works both ways. Although can't say I have seen much moving in the FTB areas. Maybe the % change is down to the upper end losing sales numbers ?

Anyone seen much evidence of FTB places starting to shift ?

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HOLA443

Some recent developments on the statutory repairs front, if anyone's interested.

Scotsman: Council staff face police probe into statutory repairs.

SEVERAL staff at the city council are understood to be under investigation over alleged irregularities involving £4.5 million worth of repair contracts.

The council confirmed one employee has been suspended, but sources say the investigation into contracts for statutory notice repairs extends to other staff as well.

The allegations are said to involve claims that contracts were awarded without being put out to tender, repairs were overpriced and work was not up to the required standard.

Today, one councillor called for the current review of the statutory notice system - where the council carries out essential repairs to private property and recoups the costs from owners - to be suspended until police enquiries are completed.

...

Herald: Concern over £1.4bn tenement repairs backlog in Edinburgh.

A £1.4 billion backlog of tenement repairs in Edinburgh has prompted a review of the city’s unique system of statutory notices.

The capital is the only place in Scotland that operates a statutory repairs system on the buildings because of its unique architectural history, with many homes in the urban World Heritage Site.

However, an investigation is under way, and action plan to help homeowners formulated, after fears some people were being overcharged for poor quality work and initial estimates rise substantially.

The council is to look at more robust costing and a simplified approach as the backlog of repairs is cleared.

...

Edited by Scunnered
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HOLA444
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HOLA445

Had to happen one of these days !!

Was pretty obvious really. Skewing works both ways. Although can't say I have seen much moving in the FTB areas. Maybe the % change is down to the upper end losing sales numbers ?

Anyone seen much evidence of FTB places starting to shift ?

Depends what you mean by FTB? I'm looking in the £200k region around City Centre and North at the moment.

New builds are pretty much static from what I can see. Of the rest, the only stuff I see selling is homes with character that are pretty much perfect in every way and at HR value or slightly above if they are exceptional.

People are getting desperate if they have to move though. I put a cheeky bid of £30k under asking on an exceptional place in Shore, Leith and was really close to a deal. I just didn't think that the location was quite right for the money.

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HOLA446
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HOLA447

2 friends of mine recently sold. One sold for 750 and the other for 500

so much for no buyers.

Both had lovely flats but they were only flats, city centre location and both prices above asking o/o.

I'd hardly call them FTB properties!.

Higher value properties such the ones you describe are moving fine, which is why the average prices in Edinburgh have looked healthy on the face of it. If you look at the lower end of the market its a whole different story.

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HOLA448

I'd hardly call them FTB properties!.

Higher value properties such the ones you describe are moving fine, which is why the average prices in Edinburgh have looked healthy on the face of it. If you look at the lower end of the market its a whole different story.

I just replied to the title thread cowy, never read the ftb stuff.

This however is the state of the market at this level, any property worth its valuation or in some cases above it are still selling, hardly the sign of a slowdown although i for one wish it was the case.Edinburgh is a good place to buy/rent and thats the end of it i'm afraid, Of course prices are overpriced but while you have a small city with a healthy financial and technology sector then things will not drastically change. Prices may tilt a few % either way but no crash is happening here.

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HOLA449
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HOLA4410

How very amusing. :)

Guinness - did you miss the post about the place valued at £1.3 million in the Grange that sold for £750k ?

Would this be the one with the HR valuation of £900k by any chance and went to fixed price of £775k?

But hey what's £400k between friends when you're trying to make a point :blink::lol::lol:

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HOLA4411
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HOLA4412

Without checking - I am pretty sure it was valued/sold in 2007 for 1.3 million. Feel free to correct me if I am wrong. :)

You said it was valued at 1.3M and sold for 750k.You were wrong. It was valued at 900k and sold for at least 775k and we discussed at length how this was likely a steal.

Your post taken at face value would indicate that a property with HR valuation of 1.3M sold for 750k. That kind of selective VI reporting is what gets many a HPC loonie in a foaming at the mouth when they read the BBC website ;)

Oh, it sold for £1.2M in 2007, not £1.3M. A BIG drop to £800ish nevertheless. You could easily have made your point by accurately reporting the numbers rather than undermining yourself with exaggeration and misrepresentation. And don't tell me you don't have time to check-given your posting frequency we all know that's not true. :P

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HOLA4413

I really don't get what you are going on about here ?

I could have gone and got the exact details of the place and quoted them verbatim for the post. However I couldn't be bothered so I just put down the numbers that I remembered off the top of my head. Is that ok with yourself ? I don't care if they were exactly correct or not. The drop was huge, and the drop was in the exact market that Guinness is trying to tell us all that is having no crash.

As for comparing valuations to sales prices - what exactly is that supposed to show ?! This is a property crash - it takes years to move. If you wish to only compare current valuations to current sale prices then on you go. Not much point really.

What they were worth at the peak and what they are dropping to is what the vast majority of people are interested in. It is no great secret....

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HOLA4414

I really don't get what you are going on about here ?

I could have gone and got the exact details of the place and quoted them verbatim for the post. However I couldn't be bothered so I just put down the numbers that I remembered off the top of my head. Is that ok with yourself ? I don't care if they were exactly correct or not.

Fine I'll bear that in mind whenever I see you quoting numbers.

The drop was huge, and the drop was in the exact market that Guinness is trying to tell us all that is having no crash.

I happen to think the £1Mish market is not crashing (at the moment). You may think it is. What is certain is that the particular example in question is no proof one way or another.

As for comparing valuations to sales prices - what exactly is that supposed to show ?!

:lol::lol: hmmm who was it that was initially making the point "the place valued at £1.3 million in the Grange that sold for £750k"

Priceless!

Edited by adamxxx
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HOLA4415

Fine I'll bear that in mind whenever I see you quoting numbers.

I happen to think the £1Mish market is not crashing (at the moment). You may think it is. What is certain is that the particular example in question is no proof one way or another.

:lol::lol: hmmm who was it that was initially making the point "the place valued at £1.3 million in the Grange that sold for £750k"

Priceless!

Please see below:

All I did was state an off the top off my head recent example of one that goes directly against what Guiness was saying.

If you want to get into the details of it then fine. However I was just giving a random example.

This however is the state of the market at this level, any property worth its valuation or in some cases above it are still selling, hardly the sign of a slowdown. Prices may tilt a few % either way but no crash is happening here.

So let us get into more detail then. Certainly been a good few examples of 'higher end' classic central Edinburgh places selling for way below what they have been in recent years. Would you agree ? Have a look at recent threads on the subject for details.

2 auction flats in the West End, one old ramshackle West End flat opposite some school and then the Grange house - as discussed. That is 4 in barely a week IIRC.

When was the last time a similar Central Edinburgh property came on the market and even people on this bear laden forum all thought 'Umm.... thats not too crazily over priced'.

I can't remember one. In all the time I have been on here. So maybe these 4 are just random examples out of the blue. Or perhaps they are a sign of things to come and things are changing. Time will tell. However I think we may be getting an insight to what happens when people with lots of money - who really want to move house - just give in and sell for what they can get.

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HOLA4416
  • 3 weeks later...
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HOLA4417

http://edinburghnews.scotsman.com/edinburgh/House-prices-down-4637.6652407.jp

House prices down 4.6%

The average price of a house in Edinburgh during November was £215,173 - down 4.6 per cent from the same time last year.

Although the average house price was £1,455 higher than the previous month, it was the second month in a row that there had been an annual drop.

Edinburgh Solicitors Property Centre (ESPC) said the number of properties for sale in the Capital was around 50 per cent above normal levels as sellers struggle to find a buyer.

Business analyst with ESPC, David Marshall, predicted that average house prices in early 2011 would be about the same as the start of 2010.

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HOLA4418
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HOLA4419
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HOLA4420

Here's the ESPC November report (referred to in an EN report a couple of posts up): http://www.espc.com/house-price-news/edinburgh-house-price-reports/november-2010.html

* The average house price in Edinburgh during November 2010 was £215,173 – an annual fall of 4.6%.

* The number of properties available for sale is still around 50% above normal levels.

* There is evidence that buyers are having more success in negotiations with a higher percentage of sellers accepting offers below their asking price.

* House prices are likely to ease in early 2011 with the average house price returning to levels seen at the start of 2010 – between £195,000 and £200,000.

...

The average premium paid on properties sold at Offers Over during November stood at 5% compared to almost 8% during the same month last year. Meanwhile only 29% of properties sold at Fixed Price achieved the asking price – down from almost 50% in earlier in the year and the lowest level since June 2009.

David Marshall continued: "Continued low interest rates mean that generally sellers are not feeling under pressure to accept low offers to secure a quick sale but the balance of power is clearly in favour of buyers now. This should mean that early next year we’ll see prices in Edinburgh come back down to levels seen at the start of 2010, when the average house price stood at between £195,000 and £200,000, before prices level off during the second half of the year."

Looks like the days of 20% or 30% over the asking price are over for the moment.

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HOLA4421

Here's the ESPC November report (referred to in an EN report a couple of posts up): http://www.espc.com/house-price-news/edinburgh-house-price-reports/november-2010.html

well, I never....

In summary:

- annual house price fall of 4.6%

- number of properties available for sale 50% above normal levels

- sellers accepting offers below their asking price

- house prices are likely to ease back

... and the report is finished with the most illogical conclusion:

"Continued low interest rates mean that generally sellers are not feeling under pressure to accept low offers to secure a quick sale. This should mean that early next year prices come back down to 2010 levels, before prices level off during the second half of the year."

How can they know that now?? What indicators are pointing to prices leveling off during the second half of 2011???

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HOLA4422

- annual house price fall of 4.6%

I must admit I hadn’t even noticed that the ESPC were reporting year-on-year falls.

I tend not to pay much attention to the monthly reports, but wait for the quarterly ones. The average price in Q4 2009 was £218,043. The November 2010 price is already below that, so unless a tiny number of sales in December skews the average price for the quarter in an upward direction, we should be looking at a respectable year-on-year fall in Q4 2010.

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