Sunday Mail Article on Grunton Harbour.

[Munch]

Interested to read in yesterdays Sunday Mail, next to the bit written by the Judge, that you can buy a 3 bed flat at Grunton Harbor for 135k, this flat was bought brand new in 06 for 310k, and has never been lived in this equals a 57% in value in 2 years. WTF.

[coppercrutch]

Interested to read in yesterdays Sunday Mail, next to the bit written by the Judge, that you can buy a 3 bed flat at Grunton Harbor for 135k, this flat was bought brand new in 06 for 310k, and has never been lived in this equals a 57% in value in 2 years. WTF.

 

That is the only mental bit in your post. The rest is perfeto be expected.

 

A three bedroom flat, In Granton, for close to a third of a million pounds..

 

And to think the vast majority didn't think we were in a housing bubble.

 

Incredible.

[Munch]

That is the only mental bit in your post. The rest is perfeto be expected.

 

A three bedroom flat, In Granton, for close to a third of a million pounds..

 

And to think the vast majority didn't think we were in a housing bubble.

 

Incredible.

 

It is still an incredible fall in price.

[Dagger Is Back]

You'd have to pay me to stay in Granton. Disgusting place.

[jambos are go!]

Ernst & Young in a much publicised report suggest that the drop in house prices will continue till this time next year. Compared to the high they will have fallen in total by 14%. If you can get a bargain take it so long as its not financial suicide in terms of your current finances.

[coppercrutch]

It is still an incredible fall in price.

 

Nah not really IMO. The fact people paid the original prices is the only thing I find incredible !!

 

Ernst & Young in a much publicised report suggest that the drop in house prices will continue till this time next year. Compared to the high they will have fallen in total by 14%. If you can get a bargain take it so long as its not financial suicide in terms of your current finances.

 

They actually said 14% this year and another 10% next year. That would mean a total fall of 24%. I would find that exceptionally unlikely.

 

All these stories that things will pick up in 2010. I have yet to have a simple answer to the question - WHY ?

 

We are likely to be in the middle of the worst recession this country has seen in decades. Unemployment will be high. Jobs will be tough to get. People's wallets will be squeezed like nothing we have seen in the last few decades.

 

Yet many think it will be exactly at this point - that people will choose to start paying more for something that has been dropping in price...............

 

Call me crazy but I am not convinced.

 

The only way prices will rise this soon IMO is if we see high inflation and prices are still dropping in real terms.

[Munch]

Nah not really IMO. The fact people paid the original prices is the only thing I find incredible !!

 

 

 

They actually said 14% this year and another 10% next year. That would mean a total fall of 24%. I would find that exceptionally unlikely.

 

All these stories that things will pick up in 2010. I have yet to have a simple answer to the question - WHY ?

 

We are likely to be in the middle of the worst recession this country has seen in decades. Unemployment will be high. Jobs will be tough to get. People's wallets will be squeezed like nothing we have seen in the last few decades.

 

Yet many think it will be exactly at this point - that people will choose to start paying more for something that has been dropping in price...............

 

Call me crazy but I am not convinced.

 

The only way prices will rise this soon IMO is if we see high inflation and prices are still dropping in real terms.

 

 

There will come a point when the prices go low enough to attract private landlords interest, this will happen even in the monster of all recessions because the council will pay there rents for them, bear in mind council will go up to 495 for a dss person for a one bed flat, government money is the only thing out there that is safe right now.

 

So say you could buy a one bed flat for 50k, you would get a tasty return on your money, i suspect the ones with money will be watching the prices to see where they will bottom out.

[coppercrutch]

There will come a point when the prices go low enough to attract private landlords interest, this will happen even in the monster of all recessions because the council will pay there rents for them, bear in mind council will go up to 495 for a dss person for a one bed flat, government money is the only thing out there that is safe right now.

 

So say you could buy a one bed flat for 50k, you would get a tasty return on your money, i suspect the ones with money will be watching the prices to see where they will bottom out.

 

And potentially a serious amount of hassle.

 

Of course there will be a point when people return for profit. That is still a long way off IMO.

 

Also with these plans for councils and Governments buying unsold houses to let out - you may find the need for private landlords to house council tenants reduces too...

[jambos are go!]

Can I change the subject a little. I've heard folk saying today that any recession is likely to be shallow and short unlike those in the 70s and 80s. Now I was about during those decades and was aware the economy was not doing well with inflation and mortgage rates well into double figures. Belts had to be tightened and unemployment hit 3 million but I dont recollect the prohecies of doom we're getting now in all the media. Why I ask ?

[frankblack]

The huge fall in value of these flats is as much to do with the area they are located in and the fact the site may not get completed due to the builders going bust.

 

I personally wouldn't want to live in an area where you would need private security to feel safe in and it isn't safe to walk to the shops. Building luxury flats in a ****hole surrounded by muggers and gun-toting drug dealers doesn't make financial sense or attract their target market.

 

What is the local boozer anyway? The Gunner or worse.

[coppercrutch]

Can I change the subject a little. I've heard folk saying today that any recession is likely to be shallow and short unlike those in the 70s and 80s. Now I was about during those decades and was aware the economy was not doing well with inflation and mortgage rates well into double figures. Belts had to be tightened and unemployment hit 3 million but I dont recollect the prohecies of doom we're getting now in all the media. Why I ask ?

 

The system is broken. That never happened in the previous recessions you talk about. The level of debt, both public corporate and personal is huge.

 

I think that is the jist of it. The World has just had a massive collective boom. It is more than likely to have the resultant bust.

 

I hope it's not as bad as many predict. It is looking pretty poor though.

 

No point worrying about it.

[Dagger Is Back]

The huge fall in value of these flats is as much to do with the area they are located in and the fact the site may not get completed due to the builders going bust.

 

I personally wouldn't want to live in an area where you would need private security to feel safe in and it isn't safe to walk to the shops. Building luxury flats in a ****hole surrounded by muggers and gun-toting drug dealers doesn't make financial sense or attract their target market.

 

What is the local boozer anyway? The Gunner or worse.

 

Whta shops? If the flats are where I think they are then there's **** all within short walking distance. Nearest boozer would be the Wardie Hotel or the Old Chain Pier (OCP is OK) and there's a decent boozer just along from the OCP - forget what it's called.

 

My wee brother has just rented a flat at Platinum Point - now there's a weird place. Lots of folks milling about looking just a little suspicious if you ask me. I reckon the place is full of dealers, pimps and hookers!

 

Need to get going - just on my way to see my bruv - haven't seen him since last night

[Munch]

Whta shops? If the flats are where I think they are then there's **** all within short walking distance. Nearest boozer would be the Wardie Hotel or the Old Chain Pier (OCP is OK) and there's a decent boozer just along from the OCP - forget what it's called.

 

My wee brother has just rented a flat at Platinum Point - now there's a weird place. Lots of folks milling about looking just a little suspicious if you ask me. I reckon the place is full of dealers, pimps and hookers!

 

Need to get going - just on my way to see my bruv - haven't seen him since last night

 

There is a new ASDA About to open down there, i suppose the off licence section in there would class as the nearest watering hole, only a short trip on the bus to the " Gunner " if you are feeling brave.

[Rodge]

Can I change the subject a little. I've heard folk saying today that any recession is likely to be shallow and short unlike those in the 70s and 80s. Now I was about during those decades and was aware the economy was not doing well with inflation and mortgage rates well into double figures. Belts had to be tightened and unemployment hit 3 million but I dont recollect the prohecies of doom we're getting now in all the media. Why I ask ?

 

IMO we have further to fall this time!