Buying a house in Edinburgh now

[steve123]

15 minutes ago, Sarah O said:

How do you find out the price a property sold for so soon? 

The solicitor was able to tell us on day when unsuccessful

[Rodge]

8 hours ago, Ribble said:

Flat went up on purple bricks around half 9 tonight, within 2 hours we’ve already had 2 requests for viewings! 
 

Market is mental but if anyone is interested in a one bed flat in leith then please see https://www.zoopla.co.uk/for-sale/details/55966677?search_identifier=dd2cff98b64b235a01180d710d0e9f0e

 

Handy for the hookers Harry 😄

Allegedly..😄

[Ribble]

34 minutes ago, Rodge said:

 

Handy for the hookers Harry 😄

Allegedly..😄

 

So i've heard 😄

 

p.s has Baz mentioned grabbing a pint in the next few weeks with all the old bonnyrigg hearts lot to you yet?

[Dennis Reynolds]

I ended up buying a new build just before lockdown as the prospect of saving up another 15k-25k on top of a deposit whilst renting just wasn't feasible. The prices some flats were going for was just outrageous. Edinburgh is just a ballache trying to buy. Thankfully we got in at the right time and we're able to get a 5% mortgage which I'm not sure is still available. 

[blairdin]

I put my flat in Falkirk on the market yesterday. Three viewers today, three notes of interest and already got one offer of just over the asking price, going to a closing date early next week. 

 

Pleasantly surprised. 

[obua]

49 minutes ago, blairdin said:

I put my flat in Falkirk on the market yesterday. Three viewers today, three notes of interest and already got one offer of just over the asking price, going to a closing date early next week. 

 

Pleasantly surprised. 

I hope your not in the market to buy now, it won’t be so easy.

[hughesie27]

13 hours ago, InNothingWeTrust said:

We put a bid in for a house earlier this week

 

Offers over £175k

House value £180k

We bid £190k

Sold for £204k!

 

We really liked the place, but not for that price. I think we'll need to wait 6-12 months before trying again.  We're not in any rush anyway.

Ties in with my 10-15% over valuation price rule of thumb.

[Boba Fett]

We’ve just bought in Dalgety Bay. Put in a few offers for Edinburgh properties and couldn’t even get close to what they went for! 

[The Real Maroonblood]

1 hour ago, Boba Fett said:

We’ve just bought in Dalgety Bay. Put in a few offers for Edinburgh properties and couldn’t even get close to what they went for! 

Property in mates street(Edinburgh) worth £500,000 sold for £600,000 just before lockdown.

[heartsfc_fan]

On 11/08/2020 at 12:48, Ainsley Harriott said:

If like me you don't mind a commute just live out of the city. I got a 4 bed detached 3 bathrooms and a double garage for 350k. Imagine how much more I would pay in edinburgh. I'm not talking about Fife though stuff relying on the bridge to get back and forward.

Midlothian?

 

I'm in Midlothian but got a 4 bed, 3 bathroom for £190k 5 years ago detached, no garage though but driveway for 4 cars). Since then we've put a decent extension on the back for £30k and still got a good sized garden.

 

[Boba Fett]

11 hours ago, The Real Maroonblood said:

Property in mates street(Edinburgh) worth £500,000 sold for £600,000 just before lockdown.

That’s insane... imagine being able to throw down an extra 100,000 blabs on a house! 

[The Real Maroonblood]

34 minutes ago, Boba Fett said:

That’s insane... imagine being able to throw down an extra 100,000 blabs on a house! 

I know.

Absolutely mental. 

[blairdin]

16 hours ago, obua said:

I hope your not in the market to buy now, it won’t be so easy.

 

Fortunately not. I was a reluctant landlord for the last 6 years, as the wee flat was in negative equity (courtesy of buying it just before the 2008 crash) when I moved in with the now wife. 

 

I was astonished at the home report valuation, and with the offers I received. If that's indicative of the market, I sympathise with buyers. 

 

 

[The Real Maroonblood]

14 minutes ago, blairdin said:

 

Fortunately not. I was a reluctant landlord for the last 6 years, as the wee flat was in negative equity (courtesy of buying it just before the 2008 crash) when I moved in with the now wife. 

 

I was astonished at the home report valuation, and with the offers I received. If that's indicative of the market, I sympathise with buyers. 

 

 

The thing is buyers are usually sellers as well.

 

[Heartsmad1874]

https://metro.co.uk/2020/10/06/first-time-buyers-to-get-95-mortgages-in-boris-johnson-new-generation-buy-scheme-13379517/

[Howdy Doody Jambo]

1 hour ago, Heartsmad1874 said:

https://metro.co.uk/2020/10/06/first-time-buyers-to-get-95-mortgages-in-boris-johnson-new-generation-buy-scheme-13379517/

Scottish Government will not necessarily follow this initiative 

[Carl Weathers]

The problem here is that you still might have to find an extra 10-20% on top of the market valuation to get a place. 

 

 

[obua]

7 minutes ago, Carl Weathers said:

The problem here is that you still might have to find an extra 10-20% on top of the market valuation to get a place. 

 

 

Correct I bid almost 20%over on a property and there were four higher bids madness.

im now moving out of Edinburgh.

[Ribble]

Market seems to have ground to a halt, certainly for 1 bed flats. Ours went up for sale 45 days ago and no bids as yet but when it went up we were one of 17 1 beds up for sale in the area, still the same 17 sitting unsold. Think the banks may be being tighter on mortgages for first time buyers just now.

[highlandjambo3]

On 21/08/2020 at 00:16, Ribble said:

Flat went up on purple bricks around half 9 tonight, within 2 hours we’ve already had 2 requests for viewings! 
 

Market is mental but if anyone is interested in a one bed flat in leith then please see https://www.zoopla.co.uk/for-sale/details/55966677?search_identifier=dd2cff98b64b235a01180d710d0e9f0e

That is mental but, it’s the reality of big city life I suppose.......

 

 

My house was built in 1930, it is 4 bedroom, 3 doubles and a single, 2 doubles are en suite whilst the other two share a large bathroom.  Built side on garage, off road parking for 4 cars and a back garden 150m2....15 minutes walk to city centre....cost......................

 

 

£250k............. what would you pay for that in Edinburgh 

[EH11_2NL]

Never understood the desire to stay in town. Much, much more for your money in Mid/West Lothian and with a really good train service on the Waverley/Helensburgh line, it's easy to get in and out of town.

[hughesie27]

13 minutes ago, EH11_2NL said:

Never understood the desire to stay in town. Much, much more for your money in Mid/West Lothian and with a really good train service on the Waverley/Helensburgh line, it's easy to get in and out of town.

Not a cheap form of transport if you have to do it regularly though. Also restricts you to having to leave town at a certain time. Suppose it comes down to lifestyle.

[Ribble]

18 minutes ago, hughesie27 said:

Not a cheap form of transport if you have to do it regularly though. Also restricts you to having to leave town at a certain time. Suppose it comes down to lifestyle.

 

Yeah, we're looking at moving out to Fife, 10 years ago would have been no way i'd have moved out of the city

[EH11_2NL]

1 hour ago, hughesie27 said:

Not a cheap form of transport if you have to do it regularly though. Also restricts you to having to leave town at a certain time. Suppose it comes down to lifestyle.

Yeah. My late nights in town stopped a long time ago. Me and wifey catch the last train back to West Lothian if we are up toon. Late enough for us. 

[Alex]

7 hours ago, Ribble said:

Market seems to have ground to a halt, certainly for 1 bed flats. Ours went up for sale 45 days ago and no bids as yet but when it went up we were one of 17 1 beds up for sale in the area, still the same 17 sitting unsold. Think the banks may be being tighter on mortgages for first time buyers just now.

I'd be interested to see the stats on sales of properties with a garden v ones without. I'd love to move to somewhere with a garden, but just can't afford to just now.

[DarthVodka]

49 minutes ago, Alex said:

I'd be interested to see the stats on sales of properties with a garden v ones without. I'd love to move to somewhere with a garden, but just can't afford to just now.

 I can imagine it’s quite high. Estate agent told me just as lock down was ending a nice ready made garden is was very high on the wish list for most 

[maroondevo52]

53 minutes ago, Alex said:

I'd be interested to see the stats on sales of properties with a garden v ones without. I'd love to move to somewhere with a garden, but just can't afford to just now.

 

Gardens in my street are disappearing fast, all private hire carparks now.

[Carl Weathers]

Sellers dont seem to want to sell to people that are subject to sale as well. It makes purchasing even more difficult. I'll realistically have to sell first before I buy and potentially have to rent somewhere for an interim period. 

 

My wife is pregnant with a baby due in Jan, so we will wait until next year to see how the market is looking. Paying well over the odds doesnt sit well with me during a global pandemic with no deal Brexit still to come. 

 

Good luck to those still in the hunt!

[Ribble]

27 minutes ago, DarthVodka said:

 I can imagine it’s quite high. Estate agent told me just as lock down was ending a nice ready made garden is was very high on the wish list for most 

We’re banking on first time buyers being more concerned with getting away from parents/flatmates than needing a garden

[dsk1210]

There is no 5% mortgages available at the moment, the banks are asking for 15% deposit just now and the only way to get a 5% deposit is to go through the scottish goverments first home scheme which ended last friday as the £200 million is gone. The scheme was not supposed to end until March 2021. Even then the goverment scheme will not let you bid past market value using their cash, you need the 5% deposit and the extra cash to bid over after the scheme stops it up to market value.

 

Thankfully I got in just before it ended but it did make it hard trying to purchase a property as they have been selling well above market value.

 

 

[The Old Tolbooth]

As a mortgage adviser, I see things from the other side of the fence, and after thinking I'd be very quiet for a long time when lockdown was announced, it was quite the opposite, in fact,  I had so many cases on my desk last week that I had to offload a couple to other advisers who I work with, it's been absolutely batshit mental! 

 

I collated why people were buying and one of the reasons were that folk had nothing to spend their money on for a few months, and now had enough saved up to attempt to get onto the property ladder, it's a fair point. The Scottish First Home Fund scheme was also a massive hit for us in keeping the market buoyant, then we announced the scrapping of LBTT in Scotland up to £250k, and it just went bonkers! 

 

The FHF scheme stopped at 6pm last Friday as funding ran out for it, but we've already had a heads up that it will definitely start again in April 2021. 

 

As an aside, some new home builders are matching your deposit up to 5% (the maximum that lenders will normally allow), which on a property valued at £250k, is a decent £12,500 for doing nothing, it may be the boost that some folk need. There's also a common misconception that using the FHF scheme that you can only purchase up to £250k, but that's not the case, you can actually go above this amount with a select number of lenders, so you're not hamstrung in what you wish to purchase, although one of the applicants must be a first time buyer to qualify. 

 

There's absolutely no 95% mortgages on the market just now, and even 90% mortgages are as rare as hens teeth, with lenders being scared to dip back into that market for a number of reasons. You're really going to need a 15% deposit to open up more deals, but if you can find a 20-25% deposit, that's when the decent rates open up, because lenders are absolutely profiteering on the back of this by raising interest rates for high LTV rates, it's pretty disgusting to be honest. 

 

Anyone needing a wee bit advice feel free to ask. 

[Governor Tarkin]

17 hours ago, Carl Weathers said:

 

My wife is pregnant with a baby due in Jan, so we will wait until next year to see how the market is looking. Paying well over the odds doesnt sit well with me during a global pandemic with no deal Brexit still to come.

 

Best of luck. 👍

[Carl Weathers]

Thanks mate!

[Heartsmad1874]

https://www.mirror.co.uk/money/first-time-buyers-discover-3-22812081?utm_source=facebook.com&utm_medium=social&utm_campaign=mirror_main&fbclid=IwAR2-Z63o2o83WEO2PZDwyJ_dpEtU-vRzX1Qli45Y8HZc36GPy2Vc4CSB9Wc
 

Terrible thing to happen to anyone. 

[The Real Maroonblood]

On 07/10/2020 at 13:08, highlandjambo3 said:

That is mental but, it’s the reality of big city life I suppose.......

 

 

My house was built in 1930, it is 4 bedroom, 3 doubles and a single, 2 doubles are en suite whilst the other two share a large bathroom.  Built side on garage, off road parking for 4 cars and a back garden 150m2....15 minutes walk to city centre....cost......................

 

 

£250k............. what would you pay for that in Edinburgh 

Probably about 3 times that but also depending on the area.

[Morgan]

On 07/10/2020 at 14:08, highlandjambo3 said:

That is mental but, it’s the reality of big city life I suppose.......

 

 

My house was built in 1930, it is 4 bedroom, 3 doubles and a single, 2 doubles are en suite whilst the other two share a large bathroom.  Built side on garage, off road parking for 4 cars and a back garden 150m2....15 minutes walk to city centre....cost......................

 

 

£250k............. what would you pay for that in Edinburgh 

I’d guess it would cost at least 4 or 5 times that.

[Irufushi]

On 08/10/2020 at 11:01, The Old Tolbooth said:

As a mortgage adviser, I see things from the other side of the fence, and after thinking I'd be very quiet for a long time when lockdown was announced, it was quite the opposite, in fact,  I had so many cases on my desk last week that I had to offload a couple to other advisers who I work with, it's been absolutely batshit mental! 

 

I collated why people were buying and one of the reasons were that folk had nothing to spend their money on for a few months, and now had enough saved up to attempt to get onto the property ladder, it's a fair point. The Scottish First Home Fund scheme was also a massive hit for us in keeping the market buoyant, then we announced the scrapping of LBTT in Scotland up to £250k, and it just went bonkers! 

 

The FHF scheme stopped at 6pm last Friday as funding ran out for it, but we've already had a heads up that it will definitely start again in April 2021. 

 

As an aside, some new home builders are matching your deposit up to 5% (the maximum that lenders will normally allow), which on a property valued at £250k, is a decent £12,500 for doing nothing, it may be the boost that some folk need. There's also a common misconception that using the FHF scheme that you can only purchase up to £250k, but that's not the case, you can actually go above this amount with a select number of lenders, so you're not hamstrung in what you wish to purchase, although one of the applicants must be a first time buyer to qualify. 

 

There's absolutely no 95% mortgages on the market just now, and even 90% mortgages are as rare as hens teeth, with lenders being scared to dip back into that market for a number of reasons. You're really going to need a 15% deposit to open up more deals, but if you can find a 20-25% deposit, that's when the decent rates open up, because lenders are absolutely profiteering on the back of this by raising interest rates for high LTV rates, it's pretty disgusting to be honest. 

 

Anyone needing a wee bit advice feel free to ask. 

My mortgage advisor was the same, said he had never been so busy. 

[Carl Weathers]

Anyone else in the market to buy a house at the moment? It's even worse than last year.

 

We bid 52k over valuation for a property which was valued at 285k and came 8th out of 19 bids! I am starting to wonder if we should wait again until next year in the hope that the madness ends. My worry is that it will just get worse.

 

With every few months that pass, properties seem to be going up in value and what we can get for our money diminishes. 

 

[Paddy Crossan]

I would always buy a property through a solicitor, anyone can set them self up as an estate agent: just saying as I worked in property for 34 years and would always trust a qualified solicitor over an estate agent any day. 

[Governor Tarkin]

1 hour ago, Carl Weathers said:

Anyone else in the market to buy a house at the moment? It's even worse than last year.

 

We bid 52k over valuation for a property which was valued at 285k and came 8th out of 19 bids! I am starting to wonder if we should wait again until next year in the hope that the madness ends. My worry is that it will just get worse.

 

With every few months that pass, properties seem to be going up in value and what we can get for our money diminishes. 

 

 

It's absolutely crazy at the moment mate. I was helping my father in law out with buying a house towards the end of last year. He was going in 30 grand over the asking price for properties valued at 210k and not getting close. He eventually got a doer-upper (utter midden) for 185 a couple of months ago.

 

Can you hold on or are you desperate? I don't know if I could justify paying so much over the odds to myself.

 

 

 

[Carl Weathers]

4 minutes ago, Governor Tarkin said:

 

It's absolutely crazy at the moment mate. I was helping my father in law out with buying a house towards the end of last year. He was going in 30 grand over the asking price for properties valued at 210k and not getting close. He eventually got a doer-upper (utter midden) for 185 a couple of months ago.

 

Can you hold on or are you desperate? I don't know if I could justify paying so much over the odds to myself.

 

 

 

 

We can hold off for a year or so as we have a two bedroom flat at the moment and a 6 month old baby (who is still in our room anyway). I'm just wondering if the situation will continue to get worse?

 

My hope is that there is still pent up demand following various lockdowns and an increased demand for gardens. Surely that will even itself out over a year or so. 

 

Paying anything near 20% over valuation is very unappealing.

Edited June 15, 2021 by Carl Weathers

[Byyy The Light]

4 minutes ago, Carl Weathers said:

 

We can hold off for a year or so as we have a two bedroom flat at the moment and a 6 month old baby (who is still in our room anyway). I'm just wondering if the situation will continue to get worse?

 

My hope is that there is still pent up demand following various lockdowns and an increased demand for gardens. Surely that will even itself out over a year or so. 

 

Paying anything near 20% over valuation is very unappealing.

If you can hold on then I would. There will be a correction coming. I made that mistake in 2007 and took 12 years for my first flat to wash its face and get out of negative equity.

[Governor Tarkin]

2 minutes ago, Carl Weathers said:

 

We can hold off for a year or so as we have a two bedroom flat at the moment and a 6 month old baby (who is still in our room anyway). I'm just wondering if the situation will continue to get worse?

 

My hope is that there is still pent up demand following various lockdowns and an increased demand for gardens. Surely that will even itself out over a year or so. 

 

Paying anything near 20% over valuation is very unappealing.

 

I mind you saying there was a wee one on the way in January. I trust father, mother, and baby are all good? I waited until I was an old **** to get involved with this parenthood lark, and I'm utterly exhausted but totally love it. A whole new range of emotions. My wee one is only 7 months and still in our room, and the big one is 2 and half and has his own room. They can share for a couple of years but I'll need an extra bedroom eventually. I'm budgeting 50 grand for the loft (if doable), as it'll be a whole lot cheaper than moving if we stay in Edinburgh. It's mental

[Governor Tarkin]

3 minutes ago, Byyy The Light said:

If you can hold on then I would. There will be a correction coming. I made that mistake in 2007 and took 12 years for my first flat to wash its face and get out of negative equity.

 

A load of folk got stung around that time. One bedroom flats in Gorgie we're going for silly money that they were never worth. Same as now really. 

Glad you managed to get back into the black eventually though. 👍

Edited June 15, 2021 by Governor Tarkin

[Doctor FinnBarr]

1 hour ago, Carl Weathers said:

Anyone else in the market to buy a house at the moment? It's even worse than last year.

 

We bid 52k over valuation for a property which was valued at 285k and came 8th out of 19 bids! I am starting to wonder if we should wait again until next year in the hope that the madness ends. My worry is that it will just get worse.

 

With every few months that pass, properties seem to be going up in value and what we can get for our money diminishes. 

 

 

Interested in Blackburn WL? I'm having to sell to pay my late dads care home bill. 3 bedroomed house in a decent/quiet street. Driveway, big back garden, patio, patio doors and a wet room shower.

Estate agent connected to solicitor dealing with his probate valued it at 120k, we're thinking of updating the kitchen before sale and would be looking for another 5/10k on top if we do.

Decent transport links to town via Bathgate railway station which is only about 2 and a half miles away.

 

We'll not be hard to deal with.

[William H. Bonney]

1 hour ago, Governor Tarkin said:

 

A load of folk got stung around that time. One bedroom flats in Gorgie we're going for silly money that they were never worth. Same as now really. 

Glad you managed to get back into the black eventually though. 👍

we bought a one bedroom flat in gorgie in 2007 and sold it in 2015, at a loss. 
Absolutely paid too much for it. 

[Byyy The Light]

9 hours ago, Governor Tarkin said:

 

A load of folk got stung around that time. One bedroom flats in Gorgie we're going for silly money that they were never worth. Same as now really. 

Glad you managed to get back into the black eventually though. 👍

Cheers. Just one of those things. Wet round the ears, desperate to move out my folks. Everyone and their dog saying that you need to get on the property ladder and that you can’t afford to get left behind as it’s going to get worse.

 

Arse fell out the world about 6 weeks after I got my keys 😂

 

C’est la vie.

[IronJambo]

11 hours ago, Byyy The Light said:

If you can hold on then I would. There will be a correction coming. I made that mistake in 2007 and took 12 years for my first flat to wash its face and get out of negative equity.

Depends how long you hold for. It's a bit of a minefield on what's more costly in real terms. 

 

 

[hmfcbilly]

12 hours ago, Carl Weathers said:

 

We can hold off for a year or so as we have a two bedroom flat at the moment and a 6 month old baby (who is still in our room anyway). I'm just wondering if the situation will continue to get worse?

 

My hope is that there is still pent up demand following various lockdowns and an increased demand for gardens. Surely that will even itself out over a year or so. 

 

Paying anything near 20% over valuation is very unappealing.

I guess none of us have a crystal ball to predict the next year mate but if it were me, I'd hold off. With the furlough scheme due to end this autumn (and no indication of it being extended again) I personally think a lot of furlough jobs won't be coming back. If that's the case, then it may well lead to at least a stabilising of the property market. I remember 2008 and it wasn't a good time for many folk who bought a year or so before it. Its now 13 years on and we haven't had a fairly big bump or crash since so my gut is it is coming. Of course I could be totally wrong!  Good luck with whatever you decide to do

[Unknown user]

2 hours ago, Byyy The Light said:

Cheers. Just one of those things. Wet round the ears, desperate to move out my folks. Everyone and their dog saying that you need to get on the property ladder and that you can’t afford to get left behind as it’s going to get worse.

 

Arse fell out the world about 6 weeks after I got my keys 😂

 

C’est la vie.

 

I bought a house in 2011 and regretted it like ****.

Values went down so I couldn't sell, rent wouldn't cover the costs so I couldn't rent it out, I was just trapped. I hated it. Don't get me wrong, the house was great, I just didn't like the expense or being tied down.

 

Anyway, 10 years later I have a council house, I pay less than a quarter of what I did a decade ago, and no one can take it off me.

 

Think carefully before you buy guys, make sure it's for you, you'll never make a bigger purchase than a house and it's a hell of a commitment.