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Optimistic Pricing In Edinburgh


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There's nowhere to put any belongings!

The only conceivable use for that place that I can think of is as a pied a terre for somebody living in a real home elsewhere and working in Edinburgh during the week. And even then I'm struggling.

You have been watching too much Sarah Beeney :D

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This town house around the corner from us in Stockbridge had to be refurbished after a fire. It went on the market initially for £850,000. I laughed and thought that I'd keep an eye on it to see what happened. A couple of weeks ago it was down to offers over £750,000 and now it's fallen below £700k.

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Not quite Edinburgh, but there is a new development near where I live. Walked past it the other day and thought it looked horrendous! Check out the price tag..........!!!!!!!

http://www.rightmove.co.uk/property-for-sale/new-homes/property-22672871.html

For some reason they've got close-up pics of kitchen taps and the park that is close by.

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Not quite Edinburgh, but there is a new development near where I live. Walked past it the other day and thought it looked horrendous! Check out the price tag..........!!!!!!!

http://www.rightmove.co.uk/property-for-sale/new-homes/property-22672871.html

For some reason they've got close-up pics of kitchen taps and the park that is close by.

Why would anyone spend that much on... that?

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Nealry half a mil (excluding interest over the term) and it's not even detached! The area is pretty scabby, nearby there are rumours of it being a dogging area (lol) - you get undesirables passing by to hang out in the park at night, right next to a main road (there was a crash there last week) - unbelievable. Price tag is astounding.

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I’m just posting this as a single example of where real money is being lost on property (which ‘only ever goes up’) – this time on a top-end New Town flat.

I just happened to notice that the property featured on the cover of the latest ESPC paper (7 July edition) has a reference number below 300000, suggesting that it has been on the market for a good long time. I looked it up using Property Bee and found that it has in fact been for sale since 17 January. The property is here:

7 Randolph Cliff, OIRO 650K

The current owner says he has lived in the property four years, so I assume it is the one at 7 Randolph Cliff which changed hands on 29 May 2007 for £700,000.

The Home Report valuation now is £700,000, but the flat is on the market for OA 650K. Assuming it sells for around that amount, it will still represent a real loss of about £50,000. It’s possible that this is back-of-the-sofa small change for the owner of a flat like this, but it’s still fifty thousand quid.

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Twigs-in-a-vase Central:

2 Thirlestane Road, OO 345K – click on Particulars towards the bottom of the page

That’s £3,022 per square metre, which seems very steep, although in general the asking prices in the area are not that much lower.

Two shower rooms, but not a bath in the whole place. There also seems to be a dishwasher immediately below the hob – never seen that arrangement before!

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Twigs-in-a-vase Central:

2 Thirlestane Road, OO 345K – click on Particulars towards the bottom of the page

That’s £3,022 per square metre, which seems very steep, although in general the asking prices in the area are not that much lower.

Two shower rooms, but not a bath in the whole place. There also seems to be a dishwasher immediately below the hob – never seen that arrangement before!

Well they're marketing it through Strutt & Parker so they obviously think its a cut above your average flat :lol:

Looking at the layout I'm intrigued-where did the bathroom use to be? There must have been one but neither of the shower rooms look big enough and all the bedrooms look too big!

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Well they're marketing it through Strutt & Parker so they obviously think its a cut above your average flat :lol:

Looking at the layout I'm intrigued-where did the bathroom use to be? There must have been one but neither of the shower rooms look big enough and all the bedrooms look too big!

Maybe Strutt & Parker are becoming the experts in marketing hideous conversions of elegant tenement flats.

Look at the floorplan of this six-bedroom monstrosity. One big room has been butchered by having a small windowless kitchen squashed into it, while another big rectangular room has been chopped in two with a weird-shaped wall. Also there is no way it is 189 m² – that would make it ‘only’ £2,295/m² – but I can’t be bothered to work out what its actual area is.

Clearly its only target market is HMO landlords, but I doubt the numbers would add up, even if you could find takers for ‘bedrooms’ 2, 3, 5 and 6.

Shame on our city council for granting planning permission for this abomination.

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Maybe Strutt & Parker are becoming the experts in marketing hideous conversions of elegant tenement flats.

Look at the floorplan of this six-bedroom monstrosity. One big room has been butchered by having a small windowless kitchen squashed into it, while another big rectangular room has been chopped in two with a weird-shaped wall. Also there is no way it is 189 m² – that would make it ‘only’ £2,295/m² – but I can’t be bothered to work out what its actual area is.

Clearly its only target market is HMO landlords, but I doubt the numbers would add up, even if you could find takers for ‘bedrooms’ 2, 3, 5 and 6.

Shame on our city council for granting planning permission for this abomination.

That is horrific. It was presumably a handsomely proportioned flat before.

A 5% gross yield on the OO price would require an achieved rental of £1800pm. So, the average monthly rent would be £300 per room when 4 of them are singles? If our current students will cough that up they are dafter than I thought!

Even then I think a 5% gross yield is nowhere near enough given HMO hassles and letting agency fees and likely mortgage costs. Perhaps if you had a lot of cash it wouldn't be terrible in terms of return, but you would have to have a severe distrust of financial advice.

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£2295 per sq metre, eh? Trumped.

http://beta.espc.com...aspx?pid=306317

Four beds, including Utility, En-Suite and Bathroom I make it around 120 sq m - with an asking price of £650,000, that's over £5,400 per sq metre......

:o

That is proper Chelsea pricing in Gullane FFS ?! Some people are quite simply mental.

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Fixed Price £475,000 and only 3 pictures?

It's the address that sells darrrrlinnnggg :D

On a more serious note - I know a couple of people who will simply spend as much as they possibly can on a place - even if it means they are in much more debt that needs be. And they still want to do it even today ?! Not the majority - but there are still people out there who want to plunge every single penny they have into a 'nice' house they can show off to their pals.

Up to them I suppose. I just find it very strange.

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That is horrific. It was presumably a handsomely proportioned flat before.

A 5% gross yield on the OO price would require an achieved rental of £1800pm. So, the average monthly rent would be £300 per room when 4 of them are singles? If our current students will cough that up they are dafter than I thought!

Even then I think a 5% gross yield is nowhere near enough given HMO hassles and letting agency fees and likely mortgage costs. Perhaps if you had a lot of cash it wouldn't be terrible in terms of return, but you would have to have a severe distrust of financial advice.

£300 to £350 pcm tends to be the going rate for single rooms for student flats (4-6 bedroom) in the southside area. That's generally students going to Edinburgh University. You can get cheaper but there's usually a reason if it's less than £250. That flat is in prime student land.

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  • 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%



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