Buying a house in Scotland....how?!?!

jm2926

The property bee toolbar for firefox is very useful as it shows how prices have changed on rightmove. Available here:

http://www.property-bee.com/

I know a few people who have had their property for sale for a while, and no offers. One person has now accepted a substantially lower offer. There seems to be a big gap between what sellers think the property is worth and what buyers are prepared to pay.

As far as areas of Glasgow go, would need more info to recommend to you. Do you want a house/flat, near city center/countryside schools/pubs/restaurants? Budget? e.g. the West End is fab, but expensive, I've lived in Dennistoun some years ago, and would recommend it, but I didn't drink in any of the pubs there - always went into town. (maybe they are better now, the area has improved dramatically. Prices tend to increase closer to Alexandra Parade and get lower closer to Duke Street).

Armbase

SarahLou22 wrote: »

Hello!

This is the first time i've started a thread, so sorry in advance for any mis-haps!

I'm 27- moved up to Glasgow from the Midlands just over 6 months ago with work and am currently renting in the city centre close to work on George Square. The move was a

1. Where can I get a clear guide of how different buying in Scotland is to buying in England

2. Will I still be classed as a "first time buyer" if I've never bought up here or bought on my own?

3. Any hot tips on where to buy? (if anyone has a crystal ball.... lol!)

4. I did a search on the forum under houses, but couldnt see anything - should I post in there too?

Thanks in advance,

Sarah

Hi Sarah
OKay here is my 2p worth. I just sold earlier in the year (good price) and bought in July (very good price) :-)

1) In England there is the offers up to or arround (asking price)
In Scotland there is the Offers over.
Her is how it works. In my case they valued the flat then said... okay if it is 190-195 then we would expect 30% over the offer price so that will be erm 139k... I said erm that should be 145k. :-)

2) dont know... but assuming you have a 20% deposit then you will be fine for lending. PS I'm not a mortgage advisor, but if I was getting one I'd not bother about fixed until the market settles then bottoms out then got a long term fixed at the rock bottom rate. Just MHO

3) How large a flat and what is your approximate budget?

Now here is a tip. look in areas where you are interested in.... download a couple of schedules from gspc website..... Go to nethouseprices dot com and search for that postcode eg G20 not the full code, you get the surrounding streets).

THen look at the performance of the property over a few years or even identical properties in a sample building. and see how they are standing up in todays market. AND remember an estate agent is not your friend...they are (and quite rightly too) only acting in the interests of their client. That includes being nice to you to persuade you to buy THEIR clients house, not because they want YOU to get a good deal. :-)

If I was selling a flat for 200k and looking for one at 300k then if prices drop 10%... the 200k goes to 180k and the new flat would go from 300k to 270k. In real terms the drop is only10 and in YOUR FAVIOUR. :-) However, that just means in real terms that you are in a position to not be rushed. If you are staying in a flat for 4year plus, then I would buy.... if not then I would be renting.

But since you are not having to sell your own property to release capital for the new one.... I would take as long as it takes to buy and dont feel rushed. Get everything arranged and in place and put yourself in the strongest position. You will then (like me when I bought) beable to say
"Look, you know I've sold and the money is in the bank. You know I have a mortgage agreed in principle. You know I can keep on waiting and watch the market." Then put in a cheeky offer and let them "UP" you. But never feel presurised into anything.

There will always be a good flat coming up and I would not recommend buying a flat for a "rise in market investment". Buy it to live in.... in a place you like. I know a lot about property areas in the west end so feel free to post any Q?'s.

Cheers
Bob