The Aberdeen House Prices & Rents thread

cells

HAMISH_MCTAVISH wrote: »

Umm, because it's where I live?

thats been the thing for pretty much all landlords but its probably a mistake

one landlord I know claims he has seen more capital gains from his one London property than he has from his 30 Midlands properties over the last 10 years

try to invest in the region you think will do best in the long run rather than your local area even if it means employing an agent to manage things far away

cells

Crashy_Time wrote: »

Doesn`t make much sense though, do you want multiple houses for yourself, or do you think the rental sector will survive the meltdown of oil prices? Quoting estate agent figures for last month or whatever isn`t a guide to where Aberdeen will be in a year or two.

aberdeen is surely not like qatar it does not receive most of the oil revenue most of that gets spread very thin by going to central gov funds and the profit gets spread thin to shareholders

aberdeen gets the wages which wont move nowhere near as much as the oil price

or thats my understanding of it anyway

HAMISH_MCTAVISH

Crashy_Time wrote: »

do you want multiple houses for yourself,

Yes.

do you think the rental sector will survive the meltdown of oil prices?

Don't know, don't care.

Rents could fall around 50% from peak and still be higher than what I thought were exorbitant rents in 2007.

Quoting estate agent figures for last month or whatever isn`t a guide to where Aberdeen will be in a year or two.

The figures I quoted were also from the Registrar of Scotland so based on actual sold prices not Estates Agents.

But I'm sure it isn't where prices will be in a year or two.

Hopefully, and admittedly from a purely selfish basis, we'll see tremendous falls in price.

Not sure I could be that lucky twice though, having been fortunate enough to buy around the onset of record low interest rates last time. That let me almost clear the mortgage already, making it one of the cheapest purchases ever, and putting me well over £150,000 better off than if I'd not bought and rented since..

And now with prices looking like they'll dip right before I need to buy again, well, that would be great... but as I said, not sure I'm that lucky.

But we'll live in hope.

HAMISH_MCTAVISH

cells wrote: »

thats been the thing for pretty much all landlords

I'm not a landlord.

Crashy_Time

cells wrote: »

aberdeen is surely not like qatar it does not receive most of the oil revenue most of that gets spread very thin by going to central gov funds and the profit gets spread thin to shareholders

aberdeen gets the wages which wont move nowhere near as much as the oil price

or thats my understanding of it anyway

The wages are being cut and the jobs are being shredded, the media in Scotland won`t get really into this because of it`s effect on general sentiment IMO (See the SNP clown recently trying to say that everything is going great) These wages and jobs are the main reason that the BTL/Property sector boomed in Aberdeen, take that away and many landlords and over-borrowed people are in a lot of trouble. Gov. funds might pay out some housing benefit now, but it won`t be set at the rate you could charge someone who was making a fortune offshore.

HAMISH_MCTAVISH

Crashy_Time wrote: »

The wages are being cut and the jobs are being shredded,

Yes they are.

That's pretty much what is required for prices or rents to fall in any part of the country.

It remains to be seen how far or how fast however.

the media in Scotland won`t get really into this because of it`s effect on general sentiment

Really?

I must have imagined all the media articles talking about it then.

Oh no, wait, here they are....:rotfl:

http://www.scotsman.com/business/companies/retail/oil-downturn-dents-scots-car-sales-as-uk-motors-ahead-1-3995109

http://www.express.co.uk/news/uk/632683/SNP-politics-oil-prices-reduced-North-Sea

http://www.economist.com/news/britain/21661529-city-slumping-alongside-price-crude-it-has-been-through-worse-how-falling-oil-prices

etc...

These wages and jobs are the main reason that the BTL/Property sector boomed in Aberdeen, take that away and many landlords and over-borrowed people are in a lot of trouble.

Otherwise known as 'supply and demand'.

Gov. funds might pay out some housing benefit now, but it won`t be set at the rate you could charge someone who was making a fortune offshore.

Gosh I hope not.

That really would be a waste of taxpayers money.;)

Crashy_Time

HAMISH_MCTAVISH wrote: »

Yes they are.

That's pretty much what is required for prices or rents to fall in any part of the country.

It remains to be seen how far or how fast however.



Really?

I must have imagined all the media articles talking about it then.

Oh no, wait, here they are....:rotfl:

http://www.scotsman.com/business/companies/retail/oil-downturn-dents-scots-car-sales-as-uk-motors-ahead-1-3995109

http://www.express.co.uk/news/uk/632683/SNP-politics-oil-prices-reduced-North-Sea

http://www.economist.com/news/britain/21661529-city-slumping-alongside-price-crude-it-has-been-through-worse-how-falling-oil-prices

etc...



Otherwise known as 'supply and demand'.



Gosh I hope not.

That really would be a waste of taxpayers money.;)

For landlords and mortgage borrowers in Aberdeen it just boils down to are you over-leveraged at bubble prices or not? Those who are will now be in a world of pain, those who own outright might lose some tenants and have to lower the rent to take benefits families or might not get the windfall they expected from their modest home that just happened to sit near a load of oil.

HAMISH_MCTAVISH

Crashy_Time wrote: »

For landlords and mortgage borrowers in Aberdeen it just boils down to are you over-leveraged at bubble prices or not? Those who are will now be in a world of pain, those who own outright might lose some tenants and have to lower the rent to take benefits families or might not get the windfall they expected from their modest home that just happened to sit near a load of oil.

Excellent news for those of us wanting to buy more property then. :beer:

So how fast do you think it'll be Crashy?

Reckon I can get another one for 50% off by Xmas?

Crashy_Time

HAMISH_MCTAVISH wrote: »

Excellent news for those of us wanting to buy more property then. :beer:

So how fast do you think it'll be Crashy?

Reckon I can get another one for 50% off by Xmas?

Didn`t you used to think that "supply and demand" meant that prices and rents would always shoot for the moon Hamish? Interesting to see you now pretending to embrace the crash and ironic indeed that after all the bullish nonsense you have posted over the years a real HPC is taking shape on your doorstep (and in your house) :rotfl:

kabayiri

We've seen the same in Western Canada. Property prices have been impacted by the depressed oil prices, but it does seem to be linked to certain price brackets.

There was one place up for $900K CAD which is now down to $600K. I think that's an extreme example though.

(sorry...should have posted this in the Canada thread!)