Buy now (in Dundee) or wait?

Crashy_Time

The thread is about buying in Dundee though..........and I asked if the oil industry/student numbers in Dundee had influenced people`s buying/investment decisions in the city.

Crashy_Time

To answer my own question - Of course it did! Therefore it could be very prudent now, because of tax changes to BTL and the oil price drops, for the OP to wait and see how low prices might go. IMO of course.

westernpromise

Crashy_Time wrote: »

So you think no chance of house prices in Dundee dropping from here?

By 130%? No. None.

Crashy_Time

It would maybe be helpful if the OP posted some links to the sorts of property he/she is interested in buying?

bitsandpieces

Oil industry seems to have a smaller impact in the city than you might expect (given the price differences, I think it would make sense for more people to commute from here to Aberdeen than do). I am looking at properties in areas that are sometimes BTL for students - so that has the potential for more of an impact. It sounds, at least, like prices aren't likely to shoot up - so I can take my time to find somewhere that would likely suit me at least for 10+years.

tobrex - I do want to live somewhere more central than Ferry, but I have looked around Magdalen Yard

Crashy_Time

westernpromise wrote: »

By 130%? No. None.

You wouldn`t grudge the OP a wee 10 or 20% drop though would you, letting them save some of their hard earned in the process?

jaydeeuk1

glasgowdan wrote: »

EDIT: Wow, why hasn't this sold yet? http://www.rightmove.co.uk/property-for-sale/property-51714340.html

like the postcode, says 'Dead End' to me

Its the sort of house that would make someone living in a crappy 3 bed terrace in the pits of London think 'why do I bother'.

davidmcn

glasgowdan wrote: »

EDIT: Wow, why hasn't this sold yet? http://www.rightmove.co.uk/property-for-sale/property-51714340.html

I would guess partly because the existing mix of residential/commercial use means it wouldn't qualify for a residential mortgage without a planning application.

kilby_007

I'm not sure why people are mocking someone who clearly has done research and has posted statistics. If there was ever a time to predict what a market was about to do, now is that time. There are of course different economies and factors in different cities but overall the indicators point to a drop in prices across the UK. I'm currently looking to buy in East Yorkshire - we hopped off the property ladder in January, and since then property in our price bracket (250K-300K) has just been sat there and is constantly being reduced. In March there was a drop of 2.6% in prices here, and that's despite the BTL rush. Where I live is also an oil & gas area so it's probably comparable to Dundee. Personally I think the only thing preventing a crash is the housing shortage and the low interest rate and if either of those changes it could easily lead to another collapse, but housing is still grossly overpriced anyway compared with average earnings, so we could see a gradual drop or freeze in prices whilst wages catch up.

That's my personal thoughts, I don't profess to know anything but it's a best guess. If we knew the answers we'd all be rich...

Crashy_Time

Looking at Rightmove there are plenty of small flats for sale in Dundee at around the 50k level, maybe not the best areas in some cases though, but my view has always been that fair value for basic central one beds in Glasgow/Edinburgh is around 50 - 70k, certainly no more. For the moment though it looks like Aberdeen is heading for price equilibrium with Dundee in the near future unless there is a dramatic turnaround in the oil situation?