House Prices in Scotland

epz_2

itsarichmansworld wrote: »

Hi Jo

I'm in Glasgow we got our house 5 years ago for £15k now worth in excess of £60k They scottish market has jumped with the rest of the UK,

Best bet is look at "developing" area's South Nitshill was a Ghetto in Glasgow until it was pulled down for a bellway estate now houses there sold originally for 90k now worth 250k

Be savvy look at area like this, Blackhill in Glasgow was featured in the evening times for this reason or bowfield at penilee!

nitshill still has a load of junky scumbags who have no probs stabing you or robbing your house, its just that they live in prettyier tower blocks and have a bunch of clueless incomers in the area.

im a barrhead local and still hear about regular bottom sceme vs nitshill knife fights.

one other point, why would you want to buy a family semi there when you would have to be out your mind to let your kids near the local schools.

i agree there are up and coming areas but you need to tailor them to your demografic and if its a real scumhole be prepaired to put up with some hassle.

i saw a livable but taty massive 3 bed flat in govanhill with the owner looing for about the 100k mark, it would have been great and i could aford it, the issue for me is i wouldnt have ever been able to get parking and since i need my car for work it bomed me out. shame but now i need to look in places like paisley so i can get parking

Headintheclouds_3

jennifernil wrote: »

To my mind it is wrong that estate agents and solicitors are now marketing properties at prices so far below the valuation, presumably to drum up more interest. It is misleading to anyone not familiar with the market in the area, especially FTBs.

When looking in an area the first thing to ask an agent is how much over the OO price properties are going for, then you can calculate which price bracket to look at.

As a very frustrated FTB north of the border, I can vouch for this - the low 'offers over' prices are to get the viewings.

It's absolutely crucial that you know your maximum price, and do your research into how much similar properties are going for. In my experience, a good solicitor who knows the local market is more reliable than the EA who may say 'Oh the market is 10% over the offers over price' so as not to put you off, when in reality you're looking at 15-20% or more depending on where you are.

Good luck!

missile

Why whinge? The Scottish offers over is just that = you bid what the property is worth to you. It is no worse than the English bid under the asking price, offer accepted, then get gazzumped.

OP ought to be careful pulling out of an offer in Scotland, sellers can claim damages for breach of contract.

Headintheclouds_3

To be fair, missile, you can get gazumped in Scotland too. Nothing is binding and either party can pull out without penalty - except the cost of any surveys already carried out, plus your own legal fees - until missives are concluded (equivalent of exchanging in England)

alba37

Headintheclouds wrote: »

As a very frustrated FTB north of the border, I can vouch for this - the low 'offers over' prices are to get the viewings.

It's absolutely crucial that you know your maximum price, and do your research into how much similar properties are going for. In my experience, a good solicitor who knows the local market is more reliable than the EA who may say 'Oh the market is 10% over the offers over price' so as not to put you off, when in reality you're looking at 15-20% or more depending on where you are.

Good luck!

I would say more like 10%-40%+ more. Most agents will give an indication of what the seller is looking for, or if not what a "normal" percentage over is in a particular area. I use ourproperty.co.uk as a guide, it is sometimes helpful and sometimes not!

Valuations are based on many things, but normally no more than the best sold price for a like for like property.

Low asking prices are definitely to get people through the door, and are totally pointless unless you know what real prices are in that area.

Best to get in as quick as possible, try to offer right away if you are interested. Question the seller or agent as much as possible. If you are lucky the seller may accept your offer without putting their property to a close. This is possible if no surveys have been done & no notes of interest have been submitted. Otherwise they are obliged to put on a closing date and all interested parties are notified of the closing time, giving them the opportunity to submit their bid.

Also, offer subject to survey and don't waste money on many surveys, and not "winning" your house!

SMARTY29A_2

where in aberdeenshire do you want to go????

missile

Headintheclouds wrote: »

To be fair, missile, you can get gazumped in Scotland too. Nothing is binding and either party can pull out without penalty - except the cost of any surveys already carried out, plus your own legal fees - until missives are concluded (equivalent of exchanging in England)

The system in Scotland is not like England, gazumping and gazundering is simply not possible. Once a buyers bid (usualy subject to conditions e.g. satisfactory survey) is accepted he is commited. Once seller accepts the bid, he cannot later reject it in favour of a higher bid. The kind of problem as noted in the following post is all too common in England but not in Scotland http://forums.moneysavingexpert.com/showthread.html?t=396937

I am not saying system in Scotland is better, just different.

Headintheclouds_3

missile wrote: »

The system in Scotland is not like England, gazumping and gazundering is simply not possible. Once a buyers bid (usualy subject to conditions e.g. satisfactory survey) is accepted he is commited. Once seller accepts the bid, he cannot later reject it in favour of a higher bid. The kind of problem as noted in the following post is all too common in England but not in Scotland.

I too believed this to be the case, but I've asked this exact question of three local Scottish solicitors (including my own) and the answer is always the same - either party can pull out without penalty until the missives are concluded (this article includes a quote from the Law Society); this includes the vendor accepting a higher offer even if they have previously accepted a lower one from someone else, or the purchaser dropping out if the survey turns up something nasty.

nooners-princess

Headintheclouds wrote: »

I too believed this to be the case, but I've asked this exact question of three local Scottish solicitors (including my own) and the answer is always the same - either party can pull out without penalty until the missives are concluded; this includes the vendor accepting a higher offer even if they have previously accepted a lower one from someone else, or the purchaser dropping out if the survey turns up something nasty.

This is exactly right. It is only a binding contract once missives are concluded. The problem which is appearing in Scotland now is that people are delaying concluding missives when it used to be that missives were concluded relatively quickly. This is moving more towards an English system of "exchanging contracts" as people try to wait and conclude missives on the house they are buying until the missives are conculded on the house they are selling.

Jo.1981, where have you been looking at places in Glasgow?

mrstinchcombe

Whats the problem? Scotland house prices are still half what they are here with wages which are the same as here... imagine what its like for FTBs in parts of Southern England!

Having said that the same can be said of here by people from London!