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Optimistic Pricing In Edinburgh


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Yes, that seems right. Hardly a sure sale at £140,000, but at least plausible.

A property I use as a bit of a benchmark is 221/4 Dalkeith Road, which just sold at something under £185,000 (per conversation with the owner). It was a very, very nice proper two bedroom, really one of the mostly nicely appointed I've seen, and the owner paid about £205,000 for it four or five years ago (if I remember right). It is dramatically better than anything else I've seen in that price range, all things considered (e.g., taking into account not merely how nice the apartment is inside, but location, etc.).

EC.

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Actually, maybe that's much more common than I realised. Here's 5/4 Chancelot Grove advertised at Offers Over £195,000, even though it's last sale price in 2006, well into the bubble, was £123,800! Are they serious?

http://www.espc.com/buying/294418.html

EC.

Probably fishing for a greater fool who is as dumb about credit as they are. Greater fools have just about dried up IMO. It is a long way down for Edinburgh prices, mucho hand wringing and wailing to come. Can`t wait :):P

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Probably fishing for a greater fool who is as dumb about credit as they are. Greater fools have just about dried up IMO. It is a long way down for Edinburgh prices, mucho hand wringing and wailing to come. Can`t wait :):P

What are you looking for DwS? And what kind of price drop are you going to wait for until you decide to buy?

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Here's a candidate for optimistic pricing: 15/1 Trinity Crescent. I see it is listed at Offers Over £175,000. But it sold a year ago for £142,427! So somehow it has gone up in price by 25% even though the market as a whole has fallen in the past year. How is this possible?

I suppose it could have been a repossession the first time around, and thus a place that went quickly and cheaply. Or maybe they did a lot of repair/renovation work (although the description doesn't say anything about this, and the photos don't suggest a recent re-do).

link: http://www.espc.com/buying/293196.html

EC.

Its been up since last summer, yet strangely not sold. There are 2 and 3 bedders on Trinity Cres not shifting at 150-160k. One has been up for sale for about 18 months now.

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I just stumbled across a new one: a two bedroom basement apartment in Newhaven that's listed for £180,000.

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=6303818

It looks decent enough inside, although the lounge/sitting room is a bit cramped, but note that it appears to be completely submerged, the ceiling height about level with the ground outside (I'm inferring this from what's visible in google street view).

A large (that is, much larger than this) two-bedroom flat in a decent but not prime location (i.e., not Marchmont, not New Town, etc.) with lots of character, in immaculate condition, and with nice open views sells for £180,000 these days. This is a smallish two bedroom in a not very desireable area with no view to speak of.

I notice it's been listed since last May (surprise surprise). And in June they changed the description from "basement flat" to "lower ground flat", as if people aren't going to notice it's completely subterranean.

EC.

Edited by EdinburghCrash
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What are you looking for DwS? And what kind of price drop are you going to wait for until you decide to buy?

I am looking for the tide of credit to go out, completely, and for housing to revert back to 1997 multiples. I am not too bothered about wetting my pants about "buying" any more, as I think it is well overrated unless done for cash or very small mortgage. My main interest is sociological, watching reactions as people realise the casino has just taken a dump on them. Edinburgh prices are so ridiculous, based on nothing but "prestige" :) and the gullibility of the idiot sheep who need the approval of being like everyone else (indebted fools) and the ego boost that living in a "prestigious" postcode brings :lol: .

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I am looking for the tide of credit to go out, completely, and for housing to revert back to 1997 multiples. I am not too bothered about wetting my pants about "buying" any more, as I think it is well overrated unless done for cash or very small mortgage.

Relieved to hear that you are not wetting your pants DwS ;)

As for prices getting down to 1997 P/E ratios-that was when base rates were around 7% so if that happens who knows you may be right. You are also right about buying for its own sake being no reason at all. It has to work financially and personally over the lifetime of the mortgage.

My main interest is sociological, watching reactions as people realise the casino has just taken a dump on them.

I wouldn't call that sociological. Sociopathic maybe. Or at least misanthropic :D

Edinburgh prices are so ridiculous, based on nothing but "prestige" :) and the gullibility of the idiot sheep who need the approval of being like everyone else (indebted fools) and the ego boost that living in a "prestigious" postcode brings :lol: .

You seem full of anger/bitterness at Edinburgh house prices and people that support these prices ("idiot sheep", "indebted fools") which is at apparent odds with your claim that you're just an interested observer. Just an observation!

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half a mil to face this sight every day... brrrrr..

291451_0.jpg

Not to worry, Pole, you can face that sight for a mere £450,000 now!

6 BF Warrender Park Crescent

At 176 m², that’s £2,556/m². Strange though it may seem, that is actually the going rate around Marchmont at the moment, as I think regular 2-bed flats of about 90 m² have been selling for £250,000 (£2,778/m²). Nevertheless, 9 February will mark its first six months on the market, unless Pole snaps it up before then!

Meanwhile the Comedy Property of 2010 is still on sale at its original asking price of £130,000 for 21.6 m, or £6,015/m²:

5/22 Drummond Street

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Relieved to hear that you are not wetting your pants DwS ;)

As for prices getting down to 1997 P/E ratios-that was when base rates were around 7% so if that happens who knows you may be right. You are also right about buying for its own sake being no reason at all. It has to work financially and personally over the lifetime of the mortgage.

I wouldn't call that sociological. Sociopathic maybe. Or at least misanthropic :D

You seem full of anger/bitterness at Edinburgh house prices and people that support these prices ("idiot sheep", "indebted fools") which is at apparent odds with your claim that you're just an interested observer. Just an observation!

:lol::lol: because I didn`t get on the "ladder" you mean? What has happened over the last decade was an experiment in brainwashing people into becoming perfect consumers, scared to go against the prevailing trend, always in the maximum amount of debt to keep up. It worked, for a while, then it fell apart. The property aspect of the consumption must be the biggest scam ever on the UK population? I take great delight in watching the wheels fall off this particular VI experiment. IMO it would be difficult to argue that a large chunk of the Edinburgh/UK public are not sheep and indebted fools. When the prices start to tumble it won`t be me who is bitter and angry I can assure you :D

Edited by dances with sheeple
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Not to worry, Pole, you can face that sight for a mere £450,000 now!

6 BF Warrender Park Crescent

At 176 m², that’s £2,556/m². Strange though it may seem, that is actually the going rate around Marchmont at the moment, as I think regular 2-bed flats of about 90 m² have been selling for £250,000 (£2,778/m²). Nevertheless, 9 February will mark its first six months on the market, unless Pole snaps it up before then!

5/22 Drummond Street

I guess it shows that square footage is not the be all and end all. The basement aspect won't help and also the fact that no one needs such a massive hall or a 21ft by 16ft bedroom. 1900ft can quite easily be spread over a substantial 4-bedroom house not a 3-bed basement flat and in the former case £450k would be more realistic.

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:lol::lol: because I didn`t get on the "ladder" you mean?

I didn't proffer a reason, just gave an observation which you have neither confirmed nor refuted.

What has happened over the last decade was an experiment in brainwashing people into becoming perfect consumers, scared to go against the prevailing trend, always in the maximum amount of debt to keep up. It worked, for a while.

You'd be mistaken if you thought that everyone who took on debt to buy property did so to foolish levels, or did so with their eyes blinkered to what has happened cyclically in the past. The thing about housing is that we all need it and so all have to take a position on it. Clearly the hypothetical person who took a massively long position in 2008 and bought big with a high LTV has made an error, just as the hypothetical person who decided in 2001 that prices were too high and decided to rent for the net decade made the wrong call. Some people will be ruined through their calls on the property market over the last decade, but some will have made a fortune. To label people who bought property over the last decade as a fool/sheep/idiot is as crass an accusation as the archetypal dinner party bore claiming that 'rent is dead money'.

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I didn't proffer a reason, just gave an observation which you have neither confirmed nor refuted.

You'd be mistaken if you thought that everyone who took on debt to buy property did so to foolish levels, or did so with their eyes blinkered to what has happened cyclically in the past. The thing about housing is that we all need it and so all have to take a position on it. Clearly the hypothetical person who took a massively long position in 2008 and bought big with a high LTV has made an error, just as the hypothetical person who decided in 2001 that prices were too high and decided to rent for the net decade made the wrong call. Some people will be ruined through their calls on the property market over the last decade, but some will have made a fortune. To label people who bought property over the last decade as a fool/sheep/idiot is as crass an accusation as the archetypal dinner party bore claiming that 'rent is dead money'.

The ones who made a fortune did so off the back of greater fools who were borrowing more and more to keep up? Without the Liar loan/ponzi scam property would never have been something to "make a fortune" trading? The ponzi would never have got off the ground without a significant number of participants acting in a sheeplike unthinking manner? IMO anyone buying in Edinburgh after 2001 was buying in an irrational cheap credit fuelled market which was rapidly becoming a bubble, but you are right, some made good decisions,others not so good, some had good reasons for buying, others not so good. My reference to sheep was aimed at the general uneccessary consumption society we have become, not just the housing market.

Edited by dances with sheeple
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In an idle moment, I just looked at EH9 and EH10 on Rightmove, rather than ESPC. This brings up the ‘upmarket’ agents like Savills, Rettie and Strutt & Parker, who seem to consider the ESPC to be somehow beneath them.

It is interesting to see how some of the real top-end stuff in Edinburgh is absolutely not selling at all, e.g.:

Tipperlinn Road on market since May 2010, reduced from 2.75M to 2.25M

21 Greenhill Gardens on market since Oct 2009, reduced from 2M to 1.5M

Midmar Drive, Morningside on market since Apr 2010, reduced from 1.3M to 995K

Dick Place, on market since May 2010, reduced from 2.75M to 2.6M

If 21 Greenhill Gardens wasn’t snapped up in the last bankers’ bonus season, I can’t see any reason why it, or any of the others, will get snapped up in the forthcoming bonus season either.

If properties are not selling at the top end, and also at the bottom end (viz. ccc’s Gorgie one-bed-flat survey), surely the middle of the market must be affected at some point, too.

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In an idle moment, I just looked at EH9 and EH10 on Rightmove, rather than ESPC. This brings up the 'upmarket' agents like Savills, Rettie and Strutt & Parker, who seem to consider the ESPC to be somehow beneath them.

It is interesting to see how some of the real top-end stuff in Edinburgh is absolutely not selling at all, e.g.:

Tipperlinn Road on market since May 2010, reduced from 2.75M to 2.25M

21 Greenhill Gardens on market since Oct 2009, reduced from 2M to 1.5M

Midmar Drive, Morningside on market since Apr 2010, reduced from 1.3M to 995K

Dick Place, on market since May 2010, reduced from 2.75M to 2.6M

If 21 Greenhill Gardens wasn't snapped up in the last bankers' bonus season, I can't see any reason why it, or any of the others, will get snapped up in the forthcoming bonus season either.

If properties are not selling at the top end, and also at the bottom end (viz. ccc's Gorgie one-bed-flat survey), surely the middle of the market must be affected at some point, too.

1st one would be handy if you were the Von Trapp family singers,other than that just something to show how big your wedge is? Big wedges shrinking a bit in this climate?

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In an idle moment, I just looked at EH9 and EH10 on Rightmove, rather than ESPC. This brings up the ‘upmarket’ agents like Savills, Rettie and Strutt & Parker, who seem to consider the ESPC to be somehow beneath them.

It is interesting to see how some of the real top-end stuff in Edinburgh is absolutely not selling at all, e.g.:

Tipperlinn Road on market since May 2010, reduced from 2.75M to 2.25M

21 Greenhill Gardens on market since Oct 2009, reduced from 2M to 1.5M

Midmar Drive, Morningside on market since Apr 2010, reduced from 1.3M to 995K

Dick Place, on market since May 2010, reduced from 2.75M to 2.6M

If 21 Greenhill Gardens wasn’t snapped up in the last bankers’ bonus season, I can’t see any reason why it, or any of the others, will get snapped up in the forthcoming bonus season either.

If properties are not selling at the top end, and also at the bottom end (viz. ccc’s Gorgie one-bed-flat survey), surely the middle of the market must be affected at some point, too.

I don't this is proof that nothing is selling at the top end, just that some things are not selling at the top end, presumably for the same reason that any type of place is not selling i.e. it is over-priced.

After all there were certainly many £1M+ sales in 2010 in those areas-including Dick Place and Greenhill Gardens.

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I don't this is proof that nothing is selling at the top end, just that some things are not selling at the top end, presumably for the same reason that any type of place is not selling i.e. it is over-priced.

After all there were certainly many £1M+ sales in 2010 in those areas-including Dick Place and Greenhill Gardens.

Gosh - this post has finally stopped me lurking!

I went to see 21 Greenhill Gardens. I couldn't have afforded it but at the time my wife and I were looking at putting in an offer on another (cheaper) house so I wanted her to see as many houses as possible in the stone-built Edinburgh suburban style in a very short period of time so we saw a whole bunch priced from £700k to £1.7m. You get very little for the extra million by the way. Generally a nicer garden and a quiet street... I still feel bad about this as I'm sure we will have given a few desperate vendors some hope. As it was I couldn't bring myself to put a bid in on the property we were looking to buy as it just seemed silly money (despite not being particularly aggressively priced for what it was) and I didn't want to die of stress before moving in. The house went for about 5% under the offers over price having gone to sealed bids. I could have been a contender...

Anyway 21 Greenhill Gardens is plenty big but extended out the back so the view from the back bedrooms is over an ugly roof. The view from the front (main) bedrooms is over Greenhill Gardens which is a surprisingly busy and hence noisy street. Back garden nice enough but a lot of road noise and although the house is double glazed which you may or may not like it isn't exactly the peaceful retreat you'd expect for the sort of cash being asked for. It has come down further since I went to see it. Would I buy it if it halved in price? No - I don't want to live in that house. I suspect this is the problem for a lot of these £1m+ houses in that if someone is looking at paying what is quite frankly silly money for such a property then it is most likely with a view of spending a good part of the rest of their life in it. And it should be near perfect.

Going back to the bubble-tastic days I think a lot of people got suckered in to buying the first family home they saw suitable of their "status" as if they didn't someone else would and the price of the next similar property they saw would be up another 10%. This has now changed and although people talk about bankers' bonuses (I'm not a banker by the way) I'm really not convinced there are much in the way of bonuses floating about in Edinburgh nowadays as all the headline numbers on the news are driven by the investment bank bits which are London-based.

So who's going to buy these sorts of properties?

- Nobody seems to be moving to Edinburgh right now to take highly paid employment so we can rule out relocators

- Bankers up here are likely getting smaller bonuses than they used to and if we work on the principle that bankers are just as stupid as everyone else (which I suspect most people now accept) then they probably all bought something similar at the top and are now finding the mortgage somewhat more troublesome than they expected. However until interest rates normalise they can make payments. We can probably rule them out.

- "Rich people" aka cash buyers. I'm sure there are a few of them but again why would they buy now when prices haven't really come off if they didn't buy before?

- Upgraders? That would be me. But I don't have to move so why should I buy something that still feels egregiously overpriced. Especially if I can't sell my currently flat for a similarly ridiculous amount...

Hence we have a bit of a strike. People that have the wherewithal to move don't feel inclined to pay up and until interest rates go up vendors aren't inclined to sell below what they foolishly believe their property is worth. This is no different for a 1 bedder in Gorgie at £125k £80k or a lovely 2 bedder in Bruntsfield with all the period features at £280k £200k all the way up to properties on the market for the best part of £2m wtf.

I'd love to move. I bought a stupidly expensive new build flat at the top of the market with the saving grace that I sold my stupidly expensive Georgian flat shortly afterwards. The flat I'm in would be easy to sell I suspect if I took a 30% hit on it. The developer still has a few of the less desirable ones to sell (yes - YEARS on) which gives the perception of relative value. I'd obviously need to undercut the other (owned) flats in the development that are on the market but that's fine. One or two flats have sold but at prices of 10% or so off the peak. However maybe that means all the suckers have bought now so I'll stick to 30%.

But I'm not going to take a 30% hit if where I'm moving into isn't down by similar so along with everyone else that's waiting I need to sit and watch paint dry while prices slowly adjust back to some semblance of reasonableness. And as my solicitor (who I trust implicitly - he told me when I was buying my new build that it was overvalued for what was essentially a shiny tenement flat and how right he was!) says - at the top end of the market there are very few comparisons so I'm not even sure what 30% off the peak is up there. But the ones that have shown big "reductions" are just down from asking prices of above peak so it could be some wait yet.

Anyway - some other lovely homes coming in my second post...

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Interesting post... I find myself in a similar position of waiting, the difference being that I sold my Bruntsfield flat a few years back and decided to rent.

I've also looked at many stone-built villas in Edinburgh's south-side in the classic areas - marchmont, merchiston, etc. and been hugely underwhelmed by what you get for your money. To the extent that I pulled out of two purchases in 2007 after getting serious cold feet about the amount of money I was about to part with. I guess, in hindsight, those were good decisions although it's very hard to tell what it is now possible to buy for your money in this sector of the market because, as you say, there are so few comparators. The properties I have looked at recently seem to be perhaps about 10% off the sort of asking prices I was seeing in 2007.

When looking around at such places I've often heard the phrase "we're not greedy, we just want to get back what we paid for it" or words to that effect. On the other hand, I'm a good buyer (largely cash) but reluctant to pay a price which I still see as unsustainable. Stalemate. Which I guess just illustrates your point - wpuld-be sellers don't want to realise a loss unless something forces them to move; those with money to purchase are waiting for the next step down. In such a thinly traded market, seems to me at the moment that these sentiments are the only things holding "values" up.

My question is: what's the end game here? Will a rise in interest rates force the hand of some of these sellers? Or will a resurgence in Edinburgh financial sector inject more money into this market? Or will prices just drift slowly downwards (in real terms at least) for a decade? If the latter, I feel I might as well buy a place now, provided I feel it's somewhere I want for the long term.

Would be interested to hear what people's crystal balls are telling them....

Gosh - this post has finally stopped me lurking!

I went to see 21 Greenhill Gardens. I couldn't have afforded it but at the time my wife and I were looking at putting in an offer on another (cheaper) house so I wanted her to see as many houses as possible in the stone-built Edinburgh suburban style in a very short period of time so we saw a whole bunch priced from £700k to £1.7m. You get very little for the extra million by the way. Generally a nicer garden and a quiet street... I still feel bad about this as I'm sure we will have given a few desperate vendors some hope. As it was I couldn't bring myself to put a bid in on the property we were looking to buy as it just seemed silly money (despite not being particularly aggressively priced for what it was) and I didn't want to die of stress before moving in. The house went for about 5% under the offers over price having gone to sealed bids. I could have been a contender...

Anyway 21 Greenhill Gardens is plenty big but extended out the back so the view from the back bedrooms is over an ugly roof. The view from the front (main) bedrooms is over Greenhill Gardens which is a surprisingly busy and hence noisy street. Back garden nice enough but a lot of road noise and although the house is double glazed which you may or may not like it isn't exactly the peaceful retreat you'd expect for the sort of cash being asked for. It has come down further since I went to see it. Would I buy it if it halved in price? No - I don't want to live in that house. I suspect this is the problem for a lot of these £1m+ houses in that if someone is looking at paying what is quite frankly silly money for such a property then it is most likely with a view of spending a good part of the rest of their life in it. And it should be near perfect.

Going back to the bubble-tastic days I think a lot of people got suckered in to buying the first family home they saw suitable of their "status" as if they didn't someone else would and the price of the next similar property they saw would be up another 10%. This has now changed and although people talk about bankers' bonuses (I'm not a banker by the way) I'm really not convinced there are much in the way of bonuses floating about in Edinburgh nowadays as all the headline numbers on the news are driven by the investment bank bits which are London-based.

So who's going to buy these sorts of properties?

- Nobody seems to be moving to Edinburgh right now to take highly paid employment so we can rule out relocators

- Bankers up here are likely getting smaller bonuses than they used to and if we work on the principle that bankers are just as stupid as everyone else (which I suspect most people now accept) then they probably all bought something similar at the top and are now finding the mortgage somewhat more troublesome than they expected. However until interest rates normalise they can make payments. We can probably rule them out.

- "Rich people" aka cash buyers. I'm sure there are a few of them but again why would they buy now when prices haven't really come off if they didn't buy before?

- Upgraders? That would be me. But I don't have to move so why should I buy something that still feels egregiously overpriced. Especially if I can't sell my currently flat for a similarly ridiculous amount...

Hence we have a bit of a strike. People that have the wherewithal to move don't feel inclined to pay up and until interest rates go up vendors aren't inclined to sell below what they foolishly believe their property is worth. This is no different for a 1 bedder in Gorgie at £125k £80k or a lovely 2 bedder in Bruntsfield with all the period features at £280k £200k all the way up to properties on the market for the best part of £2m wtf.

I'd love to move. I bought a stupidly expensive new build flat at the top of the market with the saving grace that I sold my stupidly expensive Georgian flat shortly afterwards. The flat I'm in would be easy to sell I suspect if I took a 30% hit on it. The developer still has a few of the less desirable ones to sell (yes - YEARS on) which gives the perception of relative value. I'd obviously need to undercut the other (owned) flats in the development that are on the market but that's fine. One or two flats have sold but at prices of 10% or so off the peak. However maybe that means all the suckers have bought now so I'll stick to 30%.

But I'm not going to take a 30% hit if where I'm moving into isn't down by similar so along with everyone else that's waiting I need to sit and watch paint dry while prices slowly adjust back to some semblance of reasonableness. And as my solicitor (who I trust implicitly - he told me when I was buying my new build that it was overvalued for what was essentially a shiny tenement flat and how right he was!) says - at the top end of the market there are very few comparisons so I'm not even sure what 30% off the peak is up there. But the ones that have shown big "reductions" are just down from asking prices of above peak so it could be some wait yet.

Anyway - some other lovely homes coming in my second post...

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First off the bat:

5 Gillsland Road - just on at offers over £2.85m

This puppy

It may well be a lovely property but I suspect you'll have a whole load of students for neighbours. Fresh on the market and couldn't have been timed better for the spring bounce flatline. I wish the vendor the best of luck.

Now:

3 Hermitage Gardens - on since June 2008, currently at £2.3m

A bargain at twice the price

This has been on the market now for closer to three years than two. It's very difficult to get comparables in this segment of the market but not for this one as:

5 Hermitage Gardens on since June 2010, now at offers over £1.495m

Bingo - a comparable!

#3 and #5 Hermitage Gardens look to me like they were pretty much identical houses when they were built. Nice, stone-built detached properties in a great part of town. However #3 has a bigger extension which apparently makes it worth £800,000 more. Looking at the Council planning website for it would not fill me with confidence if I was a lottery winner and decided to splash out on this. You can argue what the right price for #5 is and I'd argue that £1.5m is too much (although a smaller house across the road went in September for £1.2m) but I don't think anybody would argue that #3 will be selling any time soon without them dropping the price BIG TIME.

If the vendor would like a clue then September 2004 saw it go for £1.045m. I guess that's what they paid so they should know this. I'd rather they hadn't extended it myself but then I don't think I need 9 bedrooms. But I'm sure loads of people do given the trend for larger and larger families nowadays.

Lastly to give everybody some hope - a property that has sold so only a ghost image of it left on the interweb:

36 Dick Place - could have been yours for £2.925m

A bit footballers' wives for me

This one seemed like it was on forever at offers invited and then went on at offers over £2.85 and wasn't there for long. If it had been me I'd have bought 8 Dick Place but then I'm a tightwad and it's a couple of hundred grand cheaper...

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My question is: what's the end game here? Will a rise in interest rates force the hand of some of these sellers? Or will a resurgence in Edinburgh financial sector inject more money into this market? Or will prices just drift slowly downwards (in real terms at least) for a decade? If the latter, I feel I might as well buy a place now, provided I feel it's somewhere I want for the long term.

Would be interested to hear what people's crystal balls are telling them....

I'm pretty confident I know exactly what the end game is. It's one of only four options...

- We get 1970s style inflation whereby the £ devalues further. The inflation will make a lot of debt go away but unfortunately it will also see the BOE putting up interest rates to try and fight it hobbling everybody on variable rate mortgages. There will be a lot of forced sellers and the property market will initially go down but not for too long as with e.g. 10% inflation a flat market is actually losing you 10% in real terms so it won't take too long for affordability to get back to where it should be. (20% chance)

- We get a nastyish deflation whereby property prices continue to decline (but slowly). The economy does noting. Wages show no or little growth and we all end up Japanese. (10% chance)

- The economy magically gets better although I can't quite see how and after another couple of years of flattish prices the property market resumes its inevitable rise albeit in a more measured sensible fashion as a whole generation has been scarred by the shock that house prices can fall. (20% chance)

- We muddle along as we are. Interest rates go up modestly but not back to 5%-6% for some time. Growth is sub-par and we get the "lost decade" some people are already talking about. (50% chance)

What I'd like to see is the first option as although it would be painful, the £ depreciating would make the UK more competitive and we'd stop bleeding manufacturing jobs which should help the economy rebalance. Real house prices would be less and therefore real affordability would be higher meaning that a working family would have a chance of buying something they'd want to live in.

Sadly I suspect this is pretty unlikely as politicially it is very difficult. The short term pain which would see the ConLibs booted out so they'll try and do the muddle along option.

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First off the bat:

5 Gillsland Road - just on at offers over £2.85m

This puppy

It may well be a lovely property but I suspect you'll have a whole load of students for neighbours. Fresh on the market and couldn't have been timed better for the spring bounce flatline. I wish the vendor the best of luck.

Nah, no students for neighbours, even though napiers up the road. It is slap bang in the middle of a very very nice area. The only problem is developers have realised this and so it's one of a very few grand old houses left in the area. The others have been bought and chopped into flats, usually with a modern block added on as well. This has happened to three of the hotels in the area too, the gillsland, orwell lodge and hell, one on colinton road, whose name i cant remember, opposite watsons (redwood?). Odds are it'll probably happen to this one too... Theres probably about ten times as many people living in the area than 30 years ago...

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Nah, no students for neighbours, even though napiers up the road. It is slap bang in the middle of a very very nice area. The only problem is developers have realised this and so it's one of a very few grand old houses left in the area. The others have been bought and chopped into flats, usually with a modern block added on as well. This has happened to three of the hotels in the area too, the gillsland, orwell lodge and hell, one on colinton road, whose name i cant remember, opposite watsons (redwood?). Odds are it'll probably happen to this one too... Theres probably about ten times as many people living in the area than 30 years ago...

Yeah - I just assumed given its location and the price that some of these flats appear to be going for they'd be chock full of students filling up buy-to-lets or in flats bought for them by mummy and daddy.

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