Jump to content
House Price Crash Forum

Optimistic Pricing In Edinburgh


Recommended Posts

OK so had another long browse on rightmove - there really aren't THAT many detached places (affordable anyway) in mid/east lothian. You're talking £280k+ for anything decent whereas you'd get that in West Lothian starting at £150k.

I wouldn't be looking at Rightmove for East Lothian.

The other portals, s1homes, primelocation etc have more EL properties than Rightmove, but even s1homes only has roughly half of what's available...... I reckon not even a quarter of what's available in EL is on Rightmove.

Edited by TTD
Link to post
Share on other sites
  • Replies 424
  • Created
  • Last Reply

Top Posters In This Topic

I think the days when people paid half a million quid for a flat in Marchmont have passed. These three have been on the market for a while and appear to be still for sale:

123 Warrender Park Road – 3-bedroom corner maindoor flat in good condition, OA 450, on market since 23 April

Okay, I take it all back. That one sold for exactly £450,000 on 11 January 2011.

76 (2F1) Thirlestane Road – 4-bedroom flat in reasonable condition, OO 410, on market since 10 May

94 (2F2) Thirlestane Road – 4-bedroom flat in good condition, OA 395, on market since 14 June

Those two, on the other hand, are very much still on the market. Both their asking prices have been cut by just £10,000.

Link to post
Share on other sites
As ccc said, this is also about a business opportunity. Someone at etsy.com is probably making a lot of money.

Finally, suppose there were a site of the kind I imagine. Wouldn't it basically kill all the competition? Would anyone waste time on espc.com, rettie.com, etc. I can't imagine they would bother. But that's a testimony to why a site like this would be valuable.

Yes, it could be a business opportunity for someone (in a similar way that Rightmove was once a business opportunity, and now dominates the England and Wales online market) - but for someone new entering the field, what would be the incentive for the established agents to sign up to this new entrant, and how would the new entrant gain the trust and confidence of the existing agents to build their inventory?

Link to post
Share on other sites

Okay, I take it all back. That one sold for exactly £450,000 on 11 January 2011.

Those two, on the other hand, are very much still on the market. Both their asking prices have been cut by just £10,000.

A 2.5% drop ? Perhaps their estate agents should ask these people this very question:

"When in your entire life have you ever been tempted by a 2.5% drop in the price of something ?"

It is a rhetorical question of course. The answer is never.

The long slow sticky drop in Edinburgh prices continue. They seem to want to drag it out to 2015+. Ach well - no big deal for me. However I am not in a rush - but it is a shame for those who have been waiting for a long time already.

Link to post
Share on other sites

Yes, it could be a business opportunity for someone (in a similar way that Rightmove was once a business opportunity, and now dominates the England and Wales online market) - but for someone new entering the field, what would be the incentive for the established agents to sign up to this new entrant, and how would the new entrant gain the trust and confidence of the existing agents to build their inventory?

There is no real need for a new entrant as Rightmove is already there with Savills, Retties etc on it. However, they are expensive to use and in Scotland the SPC websites seem to get better results. I have used Rightmove in the past and I trialled some properties just listing there for a few weeks but when I then listed on ESPC viewings and enquiries definitely increased. Mind you that was a wee while ago and I think usage of Rightmove in Scotland has increased lately. There is already an SSPC site for all the prop centres in Scotland but it just redirects you to individual areas. If that enabled a full property search and was publicised then it could well used.

The ESPC can't approach others like Retties to join, because the S stands for Solicitors and they don't want anyone else joining their club. However, they set it up and set the rules so can do what they like. The ESPC are a bit more flexible than other SPCs though because you can list on other websites. I know that some centres will not allow their members to advertise on any other portals which is just wrong - that is protecting their own income and not benefitting sellers at all.

Link to post
Share on other sites

Yes, it could be a business opportunity for someone (in a similar way that Rightmove was once a business opportunity, and now dominates the England and Wales online market) - but for someone new entering the field, what would be the incentive for the established agents to sign up to this new entrant, and how would the new entrant gain the trust and confidence of the existing agents to build their inventory?

I don't know the business model of other sites, but I would say don't bother asking established agents to sign up, just have a spider crawl their websites and compile the information. Make money some other way, e.g., by selling ads to mortgage companies and other firms home buyers/sellers might have special reason to be interested in.

EC.

Link to post
Share on other sites

I don't know the business model of other sites, but I would say don't bother asking established agents to sign up, just have a spider crawl their websites and compile the information. Make money some other way, e.g., by selling ads to mortgage companies and other firms home buyers/sellers might have special reason to be interested in.

EC.

..and within weeks, you'd have 'cease and desist' letters from .... a good few, I'd imagine.

Familiar with the term 'copyright law' ?

Link to post
Share on other sites

£3,500 psqm and one of the "bedrooms" is a mezzanine in the living room. Who knew garden squares commanded such a premium.

**edit**

Actually that mezzanine is just 6'1" in height. Googling it I'm surprised to learn there isn't a legal minimum room height any more. I don't know why but being-john-malkovich.jpg just flashed into my mind.

Edited by kenzdawg
Link to post
Share on other sites

They must be breaking planning or whatever rules by advertising that as a 'bedroom'. :blink:

Even if they do use the word 'occasional'. You could say that about your hall, garage or a ******ing cupboard if you really wanted !!

When my parents were selling their house they had to change the # of bedrooms advertised. Not because it was not a real bedroom - but because there was no 'step out' exit from it. Was in the attic and a velux window does not count as you would have to climb. Same reason why boxrooms are called such in flats etc..

So I suppose they are classing this mezzanine as having a 'step out 'area through the main living room. But if that is the case then they are classing it as the same room for safety purposes. Hence they cannot call it a bedroom IMO.

I am not an expert but thats the way I see it anyway - from my very limited knowledge !!

Link to post
Share on other sites

..and within weeks, you'd have 'cease and desist' letters from .... a good few, I'd imagine.

Familiar with the term 'copyright law' ?

Somehow we go from 'how will you convince all these companies to pay for your service, when there are better established websites they are already giving their money to?' to 'they'll sue you if you try to offer free advertising'.

I am familiar with the term 'copyright law', and wonder if you're familiar with the term 'google'? I take two points from it:

1. It fairly easy to design a website that compiles information from other websites without breaking copyright laws.

2. Companies fight tooth and nail to get listed high in google search results, since that's the first place people look. But somehow we are to believe they will try to hide the properties they have for sale from the website I'm envisaging.

Anyway, I imagine people on this thread are a bit sick of this conversation, so I'll desist. (The Americans will come along and design this website soon enough, anyway. I just hope they think to extend it to Scotland.)

EC.

p.s. I'm crossing my fingers this makes it over here soon as well: http://www.manilla.com/

Link to post
Share on other sites

I don't know the business model of other sites, but I would say don't bother asking established agents to sign up, just have a spider crawl their websites and compile the information. Make money some other way, e.g., by selling ads to mortgage companies and other firms home buyers/sellers might have special reason to be interested in.

EC.

Globrix do this spidery thing. It isn't a great site but it could be. However there have been quite a few agents moaning about permissions etc. You'd think they would be glad to get some more free ads.

Link to post
Share on other sites
1. It fairly easy to design a website that compiles information from other websites without breaking copyright laws.

2. Companies fight tooth and nail to get listed high in google search results, since that's the first place people look. But somehow we are to believe they will try to hide the properties they have for sale from the website I'm envisaging.

Anyway, I imagine people on this thread are a bit sick of this conversation, so I'll desist.

If I have a website offering a product, and someone comes along and takes my text and my pictures for another website, then they've infringed my copyright. I have copyright in the pictures, and in what I wrote. If they re-write it so that the exact text isn't duplicated, that's even worse. But as a business owner, I'd be worried on a number of counts;

I want people to visit my website, because it's the only one where I can vouch that the information is correct.

If someone visits a website which has scraped from mine, there's no guarantee they'll ever reach mine. Since I'm not in control of the other website, I can't guarantee the content - they might have someone else's pictures with my product description, they might re-arrange the description..... any number of things could go wrong.

If I update my website, how/when will the scraped website change? If the spiders don't visit for a week or so, then there's a week when the other website has incorrect information on it. etc etc

All of this could apply to the estate agency world, and there's maybe more issues, too..... I don't see the advantage of any business allowing their data to be thrown onto someone else's site willy nilly, without controls.

If I want anything indexed on google, I want it to be MY site, because that's where I want viewers to land. If another site gains higher rankings but has screwed my data up, I'd rather not be on that site.

Link to post
Share on other sites

If I have a website offering a product, and someone comes along and takes my text and my pictures for another website, then they've infringed my copyright. I have copyright in the pictures, and in what I wrote. If they re-write it so that the exact text isn't duplicated, that's even worse. But as a business owner, I'd be worried on a number of counts;

I want people to visit my website, because it's the only one where I can vouch that the information is correct.

If someone visits a website which has scraped from mine, there's no guarantee they'll ever reach mine. Since I'm not in control of the other website, I can't guarantee the content - they might have someone else's pictures with my product description, they might re-arrange the description..... any number of things could go wrong.

If I update my website, how/when will the scraped website change? If the spiders don't visit for a week or so, then there's a week when the other website has incorrect information on it. etc etc

All of this could apply to the estate agency world, and there's maybe more issues, too..... I don't see the advantage of any business allowing their data to be thrown onto someone else's site willy nilly, without controls.

If I want anything indexed on google, I want it to be MY site, because that's where I want viewers to land. If another site gains higher rankings but has screwed my data up, I'd rather not be on that site.

But we are talking houses here with an agents name attached. I doubt very many of them would be annoyed at any extra visibilty it got. Whether the pic was wrong , or out of date, or not updated or whatever.

Who cares. They care about commision. And the more the house they are trying to sell is seen - the more likely they will get their commision. Same goes for the person selling the place.

Would anyone selling a house have a problem with this ?! I really cannot see how. More people = more chance of a buyer.

Anyway - if it is a good idea it will happen eventually. Time will tell. :D

Link to post
Share on other sites
Who cares. They care about commision. And the more the house they are trying to sell is seen - the more likely they will get their commision.

This carries the assumption that the secondary site, which has scraped the info from the original is a good site. If it's a badly designed, badly laid out pile of p*sh, it drives the public away and nobody wins......

Edited by TTD
Link to post
Share on other sites

This carries the assumption that the secondary site, which has scraped the info from the original is a good site. If it's a badly designed, badly laid out pile of p*sh, it drives the public away and nobody wins......

I am just talking at a high level here. In principal - no agents would mind their advertising going out to more people than they originally thought. I don't think there is any debate on that point !

Link to post
Share on other sites

Sorry for taking this topic back to silly priced properties but I am in a state of shock. Given that houses in my desired areas still seem a tad expensive and I'm running out of patience I thought perhaps it might be worth looking at houses that are further out of town which would obviously be much cheaper (plus some of them seem to be falling in price) and spending some of the saving on a garage or space in the centre of town.

I need therapy! :o

And no it doesn't include the car!

According to propertybee this came on in October so apologies if it's been noted but £150,000 for a two car lock-up???

You'd be able to buy a ground floor flat for that and just stick yer car in the front room. :D

Link to post
Share on other sites
  • 2 months later...

Happy birthday to 76 (2F1) Thirlestane Road! One year on the market, and the price has just been cut from 400K (was originally 410K) to 375K.

It now has competition, in the form of 112/6 Thirlestane Road, which has come to the market for 390K. According to the schedule it is just under 130 m², making it £3000/m². I thought this was rather steep, but in fact it compares with the typical Marchmont two-bedroom flats, e.g. 31/2 Spottiswoode Road, which is 97 m² for 285K, or £2938/m².

From the latest Registers of Scotland updates, it seems that very, very few flats have sold at all in Marchmont over the last month. Meanwhile, supply continues to gradually grow …

Link to post
Share on other sites

Happy birthday to 76 (2F1) Thirlestane Road! One year on the market, and the price has just been cut from 400K (was originally 410K) to 375K.

It now has competition, in the form of 112/6 Thirlestane Road, which has come to the market for 390K. According to the schedule it is just under 130 m², making it £3000/m². I thought this was rather steep, but in fact it compares with the typical Marchmont two-bedroom flats, e.g. 31/2 Spottiswoode Road, which is 97 m² for 285K, or £2938/m².

From the latest Registers of Scotland updates, it seems that very, very few flats have sold at all in Marchmont over the last month. Meanwhile, supply continues to gradually grow …

Oh dear. Many seem to need to learn that a tenement is just a tenement, nothing more, nothing less.

Link to post
Share on other sites

New on the market today, for ‘offers over’ 395K:

21 Grange Terrace

123 m² for 359K = £3211/m², so a fair chunk more than the more central flats in Marchmont, and this one is in need of renovation. It does have a garage, though, and is an upper flat (maisonette) rather than in a tenement. The price still looks very optimistic to me.

Link to post
Share on other sites

New on the market today, for 'offers over' 395K:

21 Grange Terrace

123 m² for 359K = £3211/m², so a fair chunk more than the more central flats in Marchmont, and this one is in need of renovation. It does have a garage, though, and is an upper flat (maisonette) rather than in a tenement. The price still looks very optimistic to me.

Anyone remember the chat about M2 prices for osme places in Chelsea/Kensington etc.. ?

This must surely be close. Many people in Edinburgh are simply off their heads.

Link to post
Share on other sites

New on the market today, for 'offers over' 395K:

21 Grange Terrace

123 m² for 359K = £3211/m², so a fair chunk more than the more central flats in Marchmont, and this one is in need of renovation. It does have a garage, though, and is an upper flat (maisonette) rather than in a tenement. The price still looks very optimistic to me.

IMO for 400k you need zero neigbours, this is just sad, even sadder if some nutter buys it. I don`t think they will at this stage though. IMO The Grange is no longer so exclusive as it once was, too many conversions and flats thrown up in once massive gardens.

Edited by dances with sheeple
Link to post
Share on other sites

IMO for 400k you need zero neigbours, this is just sad, even sadder if some nutter buys it. I don`t think they will at this stage though.

I would agree. Although don't want to get into another flat vs house debate. :D

One thing I have noticed a LOT recently though. The sheer number of fires in flats in Edinburgh. It is incredible. Seems like a couple per week. I would class this as a serious negative to spending a lot of money on a flat.

Link to post
Share on other sites

I would agree. Although don't want to get into another flat vs house debate. :D

One thing I have noticed a LOT recently though. The sheer number of fires in flats in Edinburgh. It is incredible. Seems like a couple per week. I would class this as a serious negative to spending a lot of money on a flat.

Yes, you have no control over some maniac drinking and trying to use deep fat fryers or smoking in bed or something.That plus roofing etc costs and noisy neighbours make flats for renting only IMO, even "posh" flats (not to re-ignite any debates or anything)

Link to post
Share on other sites

I repeat:

Wow, massively overpriced. How long before places like that start to crumble? Personally wouldn't touch it with a bargepole.

Also... if your flat catches on fire due to somebody else.... are you insured in anyway? Can you get all your money back?

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 418 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.