Estate Agents! Advice....

[blairdin]

You sure ? They may be still advertising one, they can be a little slow to update things.....

 

Anyway, 100% mortgages are pretty much out of the reach of most people at the moment.

 

A certain poster can probably clear this up..

 

He posted # 249 that RBS no longer do 100%. Although UB is owned by RBS. Confusing these days.

 

Certain. I've extended my mortgage with them (on Mr Mitchell's expert advice incidently) so I have the pleasure of being bombarded with RBS propoganda just now! It's on their latest mortgage product guide and their website.

 

Only 1 product - standard variable rate 100% mortgage - but it's there.

[The Old Tolbooth]

My name seems to be cropping up a lot these days

[Boaby Ewing]

My name seems to be cropping up a lot these days

 

So you're to blame for the subprime debacle that set this whole thing in motion

[The Old Tolbooth]

So you're to blame for the subprime debacle that set this whole thing in motion

 

I'll answer that after I've spoken to my lawyer

 

[flecktimus]

Interesting

 

http://www.hbosplc.com/economy/housingresearch.asp

[Walter Payton]

Interesting

 

http://www.hbosplc.com/economy/housingresearch.asp

 

If I'm reading that correctly, you're actually backing up Coppercrutch's point there. If there was only a 0.2% increase in the average house price sale in Scotland in the last quarter, is that not a REAL decrease when you take inflation into account?

[heart of lothian]

Finally it begins.

 

http://business.timesonline.co.uk/tol/business/economics/article3704088.ece

Bear in mind this figure is before many of the best mortgages were pulled from the market and is the worst March figure since records began. (1983).

 

Will it be worse next month with the changes to Capital Gains Tax, when the Amatuer Buy to Letters flee?

[flecktimus]

If I'm reading that correctly, you're actually backing up Coppercrutch's point there. If there was only a 0.2% increase in the average house price sale in Scotland in the last quarter, is that not a REAL decrease when you take inflation into account?

 

Never have quoted that house prices wont fall,just don't see coopercrutch argument on how far prices are going to fall and his thoughts on regional variations.What was interesting is that Scotland has had the lowest rise in house prices in the Uk over a 10 year period, could this mean we will have the smallest price drop?

[flecktimus]

Finally it begins.

 

http://business.timesonline.co.uk/tol/business/economics/article3704088.ece

Bear in mind this figure is before many of the best mortgages were pulled from the market and is the worst March figure since records began. (1983).

 

Will it be worse next month with the changes to Capital Gains Tax, when the Amatuer Buy to Letters flee?

 

Capital Gains Tax will be better for amateur BTL 40% down to !8%.

[heart of lothian]

Never have quoted that house prices wont fall,just don't see coopercrutch argument on how far prices are going to fall and his thoughts on regional variations.What was interesting is that Scotland has had the lowest rise in house prices in the Uk over a 10 year period, could this mean we will have the smallest price drop?

 

Scotland will probably have the smallest falls in the U.K. But bear in mind the first thing to dissapear will be the 20-30% extra you get for your property during good times. Add in 10-20% nominal falls and the figure will be significant.

[heart of lothian]

Capital Gains Tax will be better for amateur BTL 40% down to !8%.

 

Hence the reason more will sell before they fall into negative equity.

[Walter Payton]

Never have quoted that house prices wont fall,just don't see coopercrutch argument on how far prices are going to fall and his thoughts on regional variations.What was interesting is that Scotland has had the lowest rise in house prices in the Uk over a 10 year period, could this mean we will have the smallest price drop?

 

I guess Coppercrutch will be along shortly to explain exactly what his point is, but I suspect this could be be concerning (if they choose to acknowledge what your facts are saying) to those people in Edinburgh (and they do exist) who insist that house prices in Edinburgh won't drop, only that growth might slow. This is real signs that house prices are dropping- whether that becomes a trend and CC is proven to be correct in how far it goes remains to be seen.

[coppercrutch]

Never have quoted that house prices wont fall,just don't see coopercrutch argument on how far prices are going to fall and his thoughts on regional variations.What was interesting is that Scotland has had the lowest rise in house prices in the Uk over a 10 year period, could this mean we will have the smallest price drop?

 

The only problem with that is that Edinburgh is exempt from this. Edinburgh has seem price rises that are only rivalled by London (and more recently NI) when it comes to affordability. Logic predicts Edinburgh will be one of the worst(Or best depending on your circumstances) hit areas in the UK.

 

The ironic thing is the fact that 'Edinburgh has it's own little property market' will probably be the reason it has huge falls. This has been the main reason why most people think prices here will never fall. This will turn out to be the VERY reason why they do fall, and fall a lot. (IMO)

 

Talk about sweet justice.

 

 

Average salary in Edinburgh = circa 26k

Average house proce at the 'peak' of July 2007 = 228k

 

Long term UK affordability average approx = 3-4 average salary.

 

I will let you work it out ( These figures are available for anyone wishing to back them up, I think I have done enough on this thread so far. )

 

Edinburgh has had excessive house price rises. So therefore logic predicts it will have excessive house price falls. Logic usually wins at the end of the day....

 

Are people finally listening to what I have been saying for all this time.....

[flecktimus]

The only problem with that is that Edinburgh is exempt from this. Edinburgh has seem price rises that are only rivalled by London (and more recently NI) when it comes to affordability. Logic predicts Edinburgh will be one of the worst(Or best depending on your circumstances) hit areas in the UK.

 

The ironic thing is the fact that 'Edinburgh has it's own little property market' will probably be the reason it has huge falls. This has been the main reason why most people think prices here will never fall. This will turn out to be the VERY reason why they do fall, and fall a lot. (IMO)

 

Talk about sweet justice.

 

 

Average salary in Edinburgh = circa 26k

Average house proce at the 'peak' of July 2007 = 228k

 

Long term UK affordability average approx = 3-4 average salary.

 

I will let you work it out ( These figures are available for anyone wishing to back them up, I think I have done enough on this thread so far. )

 

Edinburgh has had excessive house price rises. So therefore logic predicts it will have excessive house price falls. Logic usually wins at the end of the day....

 

Are people finally listening to what I have been saying for all this time.....

 

No

[Walter Payton]

No

 

, but be careful the joke isn't on you!

[Sherlock]

This is moving faster than even I predicted.....Stewart Saunders in liquidation

 

"ONE of Scotland's largest independent estate agencies has gone into liquidation...

 

CC, I?ve noticed you've made quite a few references to Stewart Saunders in your recent posts. Presumably as an indicator that things are moving in the direction that you are predicting.

 

I've also noticed that you're good at finding stats and info on t'internet.

 

Can you give me the percentages of how many people in Edinburgh used an Estate Agent to either sell or buy property in say the last ten years, as opposed to how many people used an ESPC member firm of solicitors?

[flecktimus]

I guess Coppercrutch will be along shortly to explain exactly what his point is, but I suspect this could be be concerning (if they choose to acknowledge what your facts are saying) to those people in Edinburgh (and they do exist) who insist that house prices in Edinburgh won't drop, only that growth might slow. This is real signs that house prices are dropping- whether that becomes a trend and CC is proven to be correct in how far it goes remains to be seen.

 

Good post. There will be a drop in the housing market as the West Midlands is already starting to show 5% drop.This carnage is mainly taking place in the new build flats.Citys like Birmingham has a major over subscription of new build flats.This is the area that i fear carnage will take place.

[coppercrutch]

I guess Coppercrutch will be along shortly to explain exactly what his point is, but I suspect this could be be concerning (if they choose to acknowledge what your facts are saying) to those people in Edinburgh (and they do exist) who insist that house prices in Edinburgh won't drop, only that growth might slow. This is real signs that house prices are dropping- whether that becomes a trend and CC is proven to be correct in how far it goes remains to be seen.

 

And that is where the 'shock' will turn to fear.

 

People don't think House prices here will fall. When they are told they ARE falling they will be in shock. It can't happen here? But, but if it can happen here then just how far can it go ?

 

Have a look at the below article in todays news:

 

http://news.scotsman.com/latestnews/House-prices-39Credit-crunch-biting.3957294.jp

 

"the fact that house price inflation in Edinburgh has fallen to its lowest level for 15 years."

 

"With average house values predicted only to rise close to inflation this year in most parts of the city, and fall marginally in others"

 

"Edinburgh has traditionally been immune to the troughs of property slumps, but not this time."

 

Now even the Evening News is starting to get the hint. Convenient the story yesterday telling everyone how much rents are rising too (Which I disproved). Seems the party line is "Well even if house prices fall rents are going to explode (Myth) so you may as well still buy".

 

As I have stated before, desperation on the part of Estate Agents and the EN. IMO.

 

Only an idiot would fall for this brainwashing. Sadly I fear a few will.

 

Now I don't yet have the ESPC figures but I will post them as soon as they are availbale. I imagine they will show ~210k as the average sale price up to end of March. That would mean a NOMINAL fall over 9 months of ~8%, and a real fall of ~11% if you believe the inflation figures.

 

Of course the ESPC still use a 'year on year' figure so they are just managing to stay out of the EDINBURGH HOUSE PRICE FALLS category. Even though it is true. They are still sticking to the 'BARELY RISING' stance. This is, if you care about what is happening NOW rather than a year ago, completely false.

 

When the August figures are released they are going to have to compare the sale prices to 228k.

 

Unless there is a miracle by then - the sale value of Edinburgh property in the next 3 months will be below this. The ESPC will then have to report not only REAL falls in prices but NOMINAL falls in prices. At that point, as I have predicted for well over 6 months now, the shock will turn to fear, and could quickly turn to panic.

 

As has been stated above the BTL sector could have a serious impact too.

 

EXAMPLE:

(1)You are sitting on something that has risen in price from 100k-150k.

 

(2)The rules determining how much of your ptofit you can keep have this week changed from 60% to 82%.

 

(3)You now read stories that the price of this asset is falling, and is likely to fall for the next few years.

 

What would you do..........................

 

Clue: It begins in S and ends in ELL

 

And what if you can't sell ? Well you are going to rent it out for whatever money you can until you do manage to sell. Better getting some 'income' compared to nothing afterall.....

 

My predictions of 'CARNAGE' don't look quite so ridiculous anymore do they...

 

[coppercrutch]

CC, I?ve noticed you've made quite a few references to Stewart Saunders in your recent posts. Presumably as an indicator that things are moving in the direction that you are predicting.

 

I've also noticed that you're good at finding stats and info on t'internet.

 

Can you give me the percentages of how many people in Edinburgh used an Estate Agent to either sell or buy property in say the last ten years, as opposed to how many people used an ESPC member firm of solicitors?

 

Sorry I am not sure of any of those stats. However I think that in Edinburgh ESPC pretty much has a 'monoploy'. Other posters I am sure will be better positioned to tell you.

 

Google can always be very useful.

[coppercrutch]

Good post. There will be a drop in the housing market as the West Midlands is already starting to show 5% drop.This carnage is mainly taking place in the new build flats.Citys like Birmingham has a major over subscription of new build flats.This is the area that i fear carnage will take place.

 

Totally agree. Well built solid houses/flats in Edinburgh will not see as large falls. That is just comon sense, but they will be dragged down with the rest.

 

However what are those 18,000 or so things they are building down at the shore........

 

New build flats in case I am mistaken. Granton = Carnage.

 

As you say in England some areas have already seen over 50% falls in new builds going to auction. New build 1 bed flat in Granton today - ~150k.

 

If they are not well below 100k in a few years I would be totally astounded. Still not sure If I would ever want to buy one though. Probably if they went down to 80-100k (2 bed) they would be reasonable value for money.

[flecktimus]

Totally agree. Well built solid houses/flats in Edinburgh will not see as large falls. That is just comon sense, but they will be dragged down with the rest.

 

However what are those 18,000 or so things they are building down at the shore........

 

New build flats in case I am mistaken. Granton = Carnage.

 

As you say in England some areas have already seen over 50% falls in new builds going to auction. New build 1 bed flat in Granton today - ~150k.

 

If they are not well below 100k in a few years I would be totally astounded. Still not sure If I would ever want to buy one though. Probably if they went down to 80-100k (2 bed) they would be reasonable value for money.

 

We are starting to get some agreement and a sensible picture now.

[The Old Tolbooth]

Totally agree. Well built solid houses/flats in Edinburgh will not see as large falls. That is just comon sense, but they will be dragged down with the rest.

 

However what are those 18,000 or so things they are building down at the shore........

 

New build flats in case I am mistaken. Granton = Carnage.

 

As you say in England some areas have already seen over 50% falls in new builds going to auction. New build 1 bed flat in Granton today - ~150k.

 

If they are not well below 100k in a few years I would be totally astounded. Still not sure If I would ever want to buy one though. Probably if they went down to 80-100k (2 bed) they would be reasonable value for money.

 

Grantons been in a state of carnage for over 40 years mate

 

I would imagine your persimmons, Barrats, etc will be laying off a lot of workers trying to keep afloat in the near future, all that will have a negative effect on our economy.

[coppercrutch]

Grantons been in a state of carnage for over 40 years mate

 

I would imagine your persimmons, Barrats, etc will be laying off a lot of workers trying to keep afloat in the near future, all that will have a negative effect on our economy.

 

I certainly agree. Their share prices have tanked over the last 12 months. If I had been smart I would have 'shorted' builders shares at the start of last year. Could have made a fortune !! Oh well, lessons learned. At least I know what my plan for a couple of years is - Stock up on Banking and building shares !!! Only question is WHEN.....

 

So anyway what do people think will happen with the Granton development ? Do they keep on building and the prices fall more and more ?

Do the council buy them at knock down prices and turm them into social housing, something Edinburgh seriously need ? Not good for existing owners who have bought 'executive apartments'....

 

Or the worst case scenario for current owners - They simply leave it half finished as the builders refuse to lower their prices to reasonable levels and cant sell them ?

 

What would that do to the value of some of these flats. Sitting in a half built yard in Granton with no idea when the 'development' will be complete ? Their value would collapse. Such a shame, the Waterfront COULD have been such a boost to Edinburgh. Instead due simply to greed it may turn into a huge embarresment.

 

Sad.

[Coco]

I certainly agree. Their share prices have tanked over the last 12 months. If I had been smart I would have 'shorted' builders shares at the start of last year. Could have made a fortune !! Oh well, lessons learned. At least I know what my plan for a couple of years is - Stock up on Banking and building shares !!! Only question is WHEN.....

 

So anyway what do people think will happen with the Granton development ? Do they keep on building and the prices fall more and more ?

Do the council buy them at knock down prices and turm them into social housing, something Edinburgh seriously need ? Not good for existing owners who have bought 'executive apartments'....

 

Or the worst case scenario for current owners - They simply leave it half finished as the builders refuse to lower their prices to reasonable levels and cant sell them ?

 

What would that do to the value of some of these flats. Sitting in a half built yard in Granton with no idea when the 'development' will be complete ? Their value would collapse. Such a shame, the Waterfront COULD have been such a boost to Edinburgh. Instead due simply to greed it may turn into a huge embarresment.

 

Sad.

 

The Leith-Granton-Newhaven 'Benidorm on Leith' will in future years be looked upon as another Edinburgh disgrace.

 

What a wasted opportunity. Instead of the same low quality flats as everywhere else there could have been the opportunity for a stunning mixed housing/residential/light industry/professional area. Little alleys with great bars and restaurants. A clothes and trainers shops area to rival Harajuku. High quality housing sympathetically built in the old buildings. Instead the Council allowed the developers to build lowest possible quality ghetto flats. It looks very likely that there will be gap sites there for a long time - and I feel sad for the people who have bought such high priced low quality flats there already. The lifespan of the materials they use cannot be much longer than the mortgages these folk have.

 

And to service this likely desolate area the idiots on Edinburgh Council have committed themselves to an blank cheque for a tram line to the 'Waterfront'. Beyond belief.

[Peebo]

Mair guff...

 

http://edinburghnews.scotsman.com/topstories/Credit-crunch-hits-city-house.3957214.jp

[coppercrutch]

The Leith-Granton-Newhaven 'Benidorm on Leith' will in future years be looked upon as another Edinburgh disgrace.

 

What a wasted opportunity. Instead of the same low quality flats as everywhere else there could have been the opportunity for a stunning mixed housing/residential/light industry/professional area. Little alleys with great bars and restaurants. A clothes and trainers shops area to rival Harajuku. High quality housing sympathetically built in the old buildings. Instead the Council allowed the developers to build lowest possible quality ghetto flats. It looks very likely that there will be gap sites there for a long time - and I feel sad for the people who have bought such high priced low quality flats there already. The lifespan of the materials they use cannot be much longer than the mortgages these folk have.

 

And to service this likely desolate area the idiots on Edinburgh Council have committed themselves to an blank cheque for a tram line to the 'Waterfront'. Beyond belief.

 

Summed it up perfectly. Have a look at this below.

 

I think this picture below sums up this disgrace.

 

 

Prices from ?187500 - ?299500

 

Almost a third of a million for the top floor of that ??!! In Granton ? Next to Huge gas containers and the Scottish Gas headquarters !!

 

As I have stated many times. BRAINWASHING PURE AND SIMPLE.

 

Anyone who has bought one of these HAS BEEN BRAINWASHED. End of story. Unless of course they just enjoy throwing money away for fun.

 

Everyone talks about the 'views'. Well I am sure they do have great views. But I am sure the best views in Edinburgh are from the top floor of the Sighthill flats. Don't see many people paying ?300k for them.....

[coppercrutch]

Had to post again. Can't help myself !!

 

Just watched both main news. Can't believe how many times the word 'crash' was used.

 

Today is the day the UK housing crash officially started for the average Joe in the UK.

 

At the moment Property is quite possibly the worst investment possible.

 

Of course if you want a home, want to buy right now, have a large deposit, and can drive a hard bargain then buying a home is never a bad idea.

 

BTW Good old Brown, just saw him on TV !! What a loser. He is introducing a 'First time buyer' help grant of ?1500 !!! Nice timing ya grade A numpty.....

 

My advice, and I know a hell of a lot more about this countrie's housing market than Brown does - "If you are a FTB don't be conned by this scheme, just wait for a few years and you will be given that ?1500 (And a lot more) by the vendor as the price falls".......................

[flecktimus]

Had to post again. Can't help myself !!

 

Just watched both main news. Can't believe how many times the word 'crash' was used.

 

Today is the day the UK housing crash officially started for the average Joe in the UK.

 

At the moment Property is quite possibly the worst investment possible.

 

Of course if you want a home, want to buy right now, have a large deposit, and can drive a hard bargain then buying a home is never a bad idea.

 

BTW Good old Brown, just saw him on TV !! What a loser. He is introducing a 'First time buyer' help grant of ?1500 !!! Nice timing ya grade A numpty.....

 

My advice, and I know a hell of a lot more about this countrie's housing market than Brown does - "If you are a FTB don't be conned by this scheme, just wait for a few years and you will be given that ?1500 (And a lot more) by the vendor as the price falls".......................

 

Welcome back;)

[coppercrutch]

Welcome back;)

 

Can't help myself !!

 

See I have been saying these things for ages.

 

First everyone, bar a very small group of people, stated my predictions were mental.

 

Then bits and bobs of news gradually creep in and people start taking notice.

 

And today I turn on the news and open the Scotsman and they are towing MY PARTY LINE !!!

 

Now the general public are starting to share my views what do you think is going to happen.........

 

 

This pic perfectly sums up where I think we are in the property cycle - Just past the top (July 2007).

 

Most people only notice the top when they are already on the way down - the first time they see it, is over their shoulder....

[Tazio]

First everyone, bar a very small group of people, stated my predictions were mental.

 

Then bits and bobs of news gradually creep in and people start taking notice.

 

And today I turn on the news and open the Scotsman and they are towing MY PARTY LINE !!!

 

Now the general public are starting to share my views what do you think is going to happen.........

 

 

Is that you Jesus?? Where have you been recently.

[coppercrutch]

Is that you Jesus?? Where have you been recently.

 

Telling people to get rid of debt, stay away from buying a house, invest in bonds linked to inflation not interest rates, and save as much as they can for the coming house price crash...........

 

I could still be proved wrong of course. Either way my advice is sound.

[davemclaren]

Telling people to get rid of debt, stay away from buying a house, invest in bonds linked to inflation not interest rates, and save as much as they can for the coming house price crash...........

 

I could still be proved wrong of course. Either way my advice is sound.

 

Cheers Milton.

[coppercrutch]

Cheers Milton.

 

You have lost me Mr McLaren !!

[davemclaren]

You have lost me Mr McLaren !!

 

Milton Friedman....never mind, poor attempt at humour.

 

I'm still unconvinced of the extent of the housing crash you are predicying. We'll need several more months of negative figures to convince me things are as apocalyptic as you have stated previously.

 

The market was always going to correct as things can't increase at the rate they were forever and the credit crunch makes buying much more difficult. We'll see where we are in a years time though.

[coppercrutch]

Milton Friedman....never mind, poor attempt at humour.

 

I'm still unconvinced of the extent of the housing crash you are predicying. We'll need several more months of negative figures to convince me things are as apocalyptic as you have stated previously.

 

The market was always going to correct as things can't increase at the rate they were forever and the credit crunch makes buying much more difficult. We'll see where we are in a years time though.

 

Mr McLaren you disappoint me.

 

A drop of house prices to realistic levels so the average person can afford the average house = apocalyptic ?

 

I would class that situation as excellent compared to the country we live in today. I would have expected you to agree. Unless you have been bitten by the BTL bug. I hope not !!!

 

Thing is half of Britain sees todays news as great. Half sees it as doom. Those that have had it good for the last few years are about to have the tables turned. I would think that is a fair outcome, would you not........

[davemclaren]

Mr McLaren you disappoint me.

 

A drop of house prices to realistic levels so the average person can afford the average house = apocalyptic ?

 

I would class that situation as excellent compared to the country we live in today. I would have expected you to agree. Unless you have been bitten by the BTL bug. I hope not !!!

 

Thing is half of Britain sees todays news as great. Half sees it as doom. Those that have had it good for the last few years are about to have the tables turned. I would think that is a fair outcome, would you not........

 

It doesn't really bother me ( too much ) as my house is worth 4 times the mortgage I have on it and I bought it to live in ( not as an investment ) 18 years ago and have extended it twice.

 

The only issue I have is Mrs McLs garage conversion plans to get a bigger kitchen. Doubt I'll get a good mortgage deal on that one but that's life.

[Walter Payton]

Summed it up perfectly. Have a look at this below.

 

I think this picture below sums up this disgrace.

 

 

Prices from ?187500 - ?299500

 

Almost a third of a million for the top floor of that ??!! In Granton ? Next to Huge gas containers and the Scottish Gas headquarters !!

 

As I have stated many times. BRAINWASHING PURE AND SIMPLE.

 

Anyone who has bought one of these HAS BEEN BRAINWASHED. End of story. Unless of course they just enjoy throwing money away for fun.

 

Everyone talks about the 'views'. Well I am sure they do have great views. But I am sure the best views in Edinburgh are from the top floor of the Sighthill flats. Don't see many people paying ?300k for them.....

 

Cheers for that Coppercrutch. I was showing that photo to some of the guys at work, and we were all laughing at how it was the perfect example of how overpriced the Edinburgh property market is. Laughing, that is, until we realised that one of the guys on the team had gone really quiet- He and his partner have just bought a 2 bedroom flat in that very development for ?180,000 and thought they'd got a bargain because the developer knocked ?25k off if they settled before the end of March. I had some digging to do to get out of that hole...

[neobis]

It doesn't really bother me ( too much ) as my house is worth 4 times the mortgage I have on it and I bought it to live in ( not as an investment ) 18 years ago and have extended it twice.

 

The only issue I have is Mrs McLs garage conversion plans to get a bigger kitchen. Doubt I'll get a good mortgage deal on that one but that's life.

 

I thought we were talking Edinburgh house prices not cheap Bonnyrigg prices

[davemclaren]

I thought we were talking Edinburgh house prices not cheap Bonnyrigg prices

 

I thought we were talking prices?

[neobis]

I thought we were talking prices?

 

Not on the minimal scale

[davemclaren]

Not on the minimal scale

 

I think you'll find it's gone upmarket. Though not yet rivalling your Moray Place apartments just yet....

[coppercrutch]

It doesn't really bother me ( too much ) as my house is worth 4 times the mortgage I have on it and I bought it to live in ( not as an investment ) 18 years ago and have extended it twice.

 

The only issue I have is Mrs McLs garage conversion plans to get a bigger kitchen. Doubt I'll get a good mortgage deal on that one but that's life.

 

Well good on you Mr M.

 

You surely wouldn't mind a return to normality then would you ? Average house 3-4 times average salary? In fact I would even give Edinburgh a boost coz it's a nice place, festival, lots of students etc... So let's say 5 times the average salary. That would mean an average price of about 125k. Still a long way to go !!

 

Maybe then we can get away from everyone being so obsessed with property and think about something more useful. Like football or birds.

[davemclaren]

Well good on you Mr M.

 

You surely wouldn't mind a return to normality then would you ? Average house 3-4 times average salary? In fact I would even give Edinburgh a boost coz it's a nice place, festival, lots of students etc... So let's say 5 times the average salary. That would mean an average price of about 125k. Still a long way to go !!

 

Maybe then we can get away from everyone being so obsessed with property and think about something more useful. Like football or birds.

 

It does seem a peculiarly British obsession. Most people I know in Germany rent ( from co-operative type organisations ) and can't understand why we want to spend so much of our incomes on housing.

[coppercrutch]

Cheers for that Coppercrutch. I was showing that photo to some of the guys at work, and we were all laughing at how it was the perfect example of how overpriced the Edinburgh property market is. Laughing, that is, until we realised that one of the guys on the team had gone really quiet- He and his partner have just bought a 2 bedroom flat in that very development for ?180,000 and thought they'd got a bargain because the developer knocked ?25k off if they settled before the end of March. I had some digging to do to get out of that hole...

 

Poor chap. Did he not stop to think WHY they were offering him 25k off....

 

Builders don't generally give things away, I think we all know that. There is always a reason behind it. I wouldn't be surprised if his flat was worth well under 100k in a few years.

 

It is a horrible looking thing in the middle of a brown skanky field next to Scottish Gas in Granton. The closet shops are in Muirhouse. When you have a think about that 180k seems a little ridiculous to say the least.

[Tazio]

[quote=coppercrutch;192929

Maybe then we can get away from everyone being so obsessed with property and think about something more useful. Like football or birds.

 

Well seeing as your posts on this thread outnumber anyone else by 5-1 I only see one person obsessed by property.

 

Does anyone remember what post 1 was about? I may have to go back and check.

[coppercrutch]

It does seem a peculiarly British obsession. Most people I know in Germany rent ( from co-operative type organisations ) and can't understand why we want to spend so much of our incomes on housing.

 

Me neither !!! Far better things I can think of.

 

Like lap dancers and bevvy.

[coppercrutch]

Well seeing as your posts on this thread outnumber anyone else by 5-1 I only see one person obsessed by property.

 

Does anyone remember what post 1 was about? I may have to go back and check.

 

I am simply providing a public service broadcast !! My whole point is to get away from everyone being obsessed with property. If that means ranting about how ridiculously overpriced it is then so be it.....

 

Hopefully in a few years when you tell someone you are off to look at a flat they ask you if it has a nice kitchen, and not what the potential capital gains are.....

[Tazio]

Hopefully in a few years when you tell someone you are off to look at a flat they ask you if it has a nice kitchen, and not what the potential capital gains are.....

 

That is all I have ever looked at property as.

[neobis]

I think you'll find it's gone upmarket. Though not yet rivalling your Moray Place apartments just yet....

 

Its Craiglockhart for me.

[The Old Tolbooth]

It does seem a peculiarly British obsession. Most people I know in Germany rent ( from co-operative type organisations ) and can't understand why we want to spend so much of our incomes on housing.

 

Because it costs as much if not more to rent nowadays than it does to buy Dave, sad but true! It's only the (not so great) British public that have put ourselves in that position though.