Tuesday, April 1, 2008
Edinburgh EA shut its doors with immediate effect
Stewart Saunders in liquidation
There is almost too much bad news for HPI VI's of late! Even little, bitty cutie Edinburgh is not immune and why should it be immune. After London it’s the UK's next biggest financial city so that means lots of job losses and those that are lucky to keep their jobs will have fewer bonuses. Fewer bonuses mean no more BTL flats, so these are the first to plummet in value. Next in line are those big inner city sandstone buildings and the commuter strips of Lothian and Fife. This is gonna hurt.
Posted by geed @ 11:10 AM (1348 views)
15 thoughts on “Edinburgh EA shut its doors with immediate effect”
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tyrellcorporation says:
‘Edinburgh-based Stewart Saunders has been forced to axe all ten staff after being taken into the hands of liquidator Tenon Recovery, blaming poor consumer confidence in house prices and a slowdown in sales caused by the tightening up of banks’ mortgage criteria in the wake of the subprime crisis in the US.’
Every bloody excuse other than house prices are too high – incredible spin from people who’ve just lost their jobs. A bit like the Titanic captain shouting ‘it’s just a slight dent’ as he plunges into the icy seas.
wiltshire says:
An estate agent? In Edinburgh? Bankrupt??? But, but, but……..
Hmmm, that’s certainly going to shake the confidence of all those ‘but Edinburgh is different’ types.
This can only be the first of many………
growler says:
@wiltshire. Nail on the head. EVERY town in the UK is different according to the local Estate Agent. Where I live (South Bucks) they are still in denial and I’ve been observing ever more “adverts” in Rightmove where sold houses showing lower prices are then replaced with POA saying “similiar required” or some such. Similiar inasmuch as “sold at all” or I will have to shut up shop. Many more will disappear.
sosoon says:
Yeah; the only thing that was keeping Scotland’s property market booming was VI spin. Like most unregulated businesses it takes the administrators to explain how they value the business, and for this business it was dispose of its book.
japanese uncle says:
No, what has sustained property frenzy in Edinburgh was the influx of speculative money from England as well as overseas, plus local financial workers. They are surely in the process of quick retreat, to trigger potentially 70% price drop in the next few years.
sosoon says:
JU I was not saying how Edinburgh got there, I agree fully with your analysis. But that’s all stopped now and the only pulse left is VI spin.
geed says:
JU is right and so are you sosoon. The VI written vomit that is printed in the Scotsman every week is shameful. Free speech does not exists in the press in Scotland, we are all cosseted into thinking everything is fine. We have lots of oil, whiskey and spiced sheep’s guts to sell to those dam Saxons and we will be independent and therefore sustain our own economy and therefore our own housing market. Absolute tripe!
JU says “influx of speculative money from England as well as overseas” bang on. Trouble is the locals think this place is so wonderful (don’t get me wrong, I like it here but the sense of superiority some locals have is quite sickening) that these people will leave their hometowns to move to Scotland. What they don’t realise is Scotland, especially Edinburgh, is awash with second homes. In times of need these second homes will be flogged off rather quickly.
japanese uncle says:
Sosoon:
Your point is taken.
Geed:
Scotsman/Evening News are one of the main culprits that boosted the stupid housing bubble, along with also silly Scottish Parliament, pushing the mentality like “Look! Edinburgh property price is now almost the same level as that of London. We can beat English with our house price meaning wealth”. Payback time is nigh and the punishment must be as severe as that in London.
jack c says:
If the current situation (market stagnation/stalemate IMO) continues more and more EA’s will go bust – obviously little or no business brians amongst them – if for example they charge 2% on a property sale it must be better to get 2% on £160K than tell the vendor to hold out for £200k and the property remains unsold for months on end.
Why dont the greedy g*ts wake up to the fact that they can still make money in a falling market – they should be talking prices down and back into affordability levels to get the stock on their books turning and the cash flowing.
sosoon says:
When my neighbour asked me how much I thought his house was worth, he told me rubbish, the reason behind his response was a similar house had sold for more than that last year. This will be the inverse of Boil a frog scenario. People are just not accepting less than their perceived value, which is addition relative to time and EA are not convincing them subtraction form their perception is the new black.
A Saver says:
Well posted geed!
Edinburgh is indeed a beautiful city but the snobbery, materialism and greed there is quite incredible. Good to see some some just desserts being served. I for one would love to see the Scotsman/Evening News exposed for their part in the Edinburgh Property Ponzi Scheme.
dbnazz1 says:
JU…
”70% drop’?…..I suppose like most on this site I feel that troublesome economic times are ahead, but do you really think that a drop could be that big? The larger the drop the larger the greater the risk of causing general instability (not just economic) within the UK. I think the growing economic turmoil has the potential to have quite a wide ranging impact, but a 70% drop would have the potential to completely destabilize a country.
Fed Up says:
Frederick Street is a prime location, so the symbolism of this will not be lost on other EAs.
sosoon says:
Ah so the beginning of the end started in premier location of Scottish capital’s Frederick Street. Hold on lads it’ll be a bumpy ride from now on.
sosoon says:
ESPC r.i.p