Edinburgh house prices

IveSeenTheLight

dopester wrote: »

maybe they came from their in the first place or offered a very job good opportunities

Maybe, I don't know why, but there was a lot of "Southerners" buting in Scotland

dopester wrote: »

Why is there that saying.. "It's grim up north". I always presumed it was because Londoners enjoy London life, or the life down South.

Life doesn't stop at the Watford gap


You can't argue with historical data.

Why did Edinburgh drop only 4%, when the UK average dropped approx 40% from 1989 - 1996?

Again, if looking for statistical data, look at http://www.hbosplc.com/economy/inclu...TownsData3.xls to see how each area was affected in the last 20 years?

Dopester, which area are you in?

AceCobra1

AceCobra1 wrote: »

What does the valuation mean? Does it mean ur friend has spent £45K in fees alone to get the properties they looked at evaluated to make sure they are really worth what they are askin for?:rolleyes::rolleyes:

Can someone please enlighten me:A

dopester

IveSeenTheLight wrote: »

Again, if looking for statistical data, look at http://www.hbosplc.com/economy/inclu...TownsData3.xls to see how each area was affected in the last 20 years?

I didn't bother to install Excel as it's not something I've ever needed to work with, and won't get the free viewer either for the time being. Thank you but similar data I can usually find without xls format.

IveSeenTheLight wrote: »

Dopester, which area are you in?

Altrincham / Hale area which is South Manchester, but I don't own this house as you know. Nor do I own any property.

IveSeenTheLight wrote: »

Life doesn't stop at the Watford gap

You can't argue with historical data.

Why did Edinburgh drop only 4%, when the UK average dropped approx 40% from 1989 - 1996?

Because it didn't also benefit from the same levels of furious HPI as other areas of the UK experienced up to 1989, although maybe your statistics will disprove that guess?

IveSeenTheLight

dopester wrote: »

Because it didn't also benefit from the same levels of furious HPI as other areas of the UK experienced up to 1989, although maybe your statistics will disprove that guess?

Sorry, I don't have at hand figures pre 1988. But with Scotland still one of the cheapest areas to buy in the UK, why are you so ready to think that they will react differently this time?

dopester wrote: »

I didn't bother to install Excel as it's not something I've ever needed to work with, and won't get the free viewer either for the time being. Thank you but similar data I can usually find without xls format.

Altrincham / Hale area which is South Manchester, but I don't own this house as you know. Nor do I own any property.

Just for your interest, Altringham has the following results during the last crash

1989 57.72%
1990 -14.14%
1991 14.93%
1992 -6.10%
1993 0.11%
1994 -2.53%
1995 1.24%
1996 5.04%

Huge life changing drops I see.
I guess someone might have made a bit of money if they sold in 1989 and re-bought in 1990. The other years I doubt it

dopester

IveSeenTheLight wrote: »

Sorry, I don't have at hand figures pre 1988. But with Scotland still one of the cheapest areas to buy in the UK, why are you so ready to think that they will react differently this time?

Depends on your formula of cheap, and if you are comparing Scotland to most of the ridiculously mindblowing expensive areas of much of England.

Thanks for the Altrincham info. And this house has risen x12 since 1982. Cold-war inflation eh.

I'm not sure you can dismiss the sell to buy option in those years, but anyway, that correction and bottoming out only proves what happened in that minor crash, although it proved very painful for some. This one looks like a monster in comparison.

Those pre 1988 stats for Scotland might prove useful. If you ever manage to get the data please post it up. Thanks.

IveSeenTheLight

dopester wrote: »

Depends on your formula of cheap, and if you are comparing Scotland to most of the ridiculously mindblowing expensive areas of much of England.

Thanks for the Altrincham info. And this house has risen x12 since 1982. Cold-war inflation eh.

I'm not sure you can dismiss the sell to buy option in those years, but anyway, that correction and bottoming out only proves what happened in that minor crash, although it proved very painful for some. This one looks like a monster in comparison.

Those pre 1988 stats for Scotland might prove useful. If you ever manage to get the data please post it up. Thanks.

:rotfl: :rotfl: :rotfl:
Me thinks you are fishing for a bite . Not this fish mate
:rotfl: :rotfl:

MrDT

AceCobra1 wrote: »

Can someone please enlighten me:A

Hi AceCobra1,

When you're looking to sell your house you'll get a valuation from an estate agent (or a few estate agents). You can then decide what price to market the property at, it'll usually be in-line with one of these valuations.

So what the previous poster was saying is that a house was valued at a certain price, and sold for that price plus 45k (not much use imo since they didn't stipulate the valuation/sold prices).

So no, the 45k wasn't fees :eek:

Bear in mind that the Scottish 'offers over' bidding system is very different to England and Wales.

HTH

edit: What I don't get about the Scottish system is that in England and Wales, if you need a mortgage to buy, you're totally stuffed if the property is valued less than what you want to borrow. What happens in Scotland? I mean, valuations are getting more and more realistic erring on the side of caution from the lenders perspective these days right? Who will lend 150k (for example) on a house that's only 'worth' 105k? Surely this must be a big consideration if reposession etc might be a possibility?

pokey128

AceCobra1 wrote: »

Can someone please enlighten me:A

Hi
Basically, the flat was valued by a surveyor at £280k and they paid £325k for it. So they had to find an extra £45k from somewhere for it. He got a 90% mortgage (ie 90% of the valuation) so were nearly at £100k on top of the mortgage when you take into consideration stamp duty, fees etc etc.

Hope this helps - sorry I didn't make it clearer

rudedog_2

MrDT wrote: »

edit: What I don't get about the Scottish system is that in England and Wales, if you need a mortgage to buy, you're totally stuffed if the property is valued less than what you want to borrow. What happens in Scotland? I mean, valuations are getting more and more realistic erring on the side of caution from the lenders perspective these days right? Who will lend 150k (for example) on a house that's only 'worth' 105k? Surely this must be a big consideration if reposession etc might be a possibility?

The amount that lenders give you is no different in Scotland that it is in England.

I very much doubt that any leneder, in the current climate, will allow you to borrow more that 95% LTV

I assume that in this case, the buyers had a big fat deposit to allow them to a buy a flat that cost them more than what it was valued at. Some flats in this area of Edinburgh (Marchmont) go for £400k+ so it is possible that they paid 10% over the valuation.

dog

dopester

Kiss the blade..

Property developer attacks surveyors for 'deliberately lowering house prices'

Published Date: 15 June 2008
By Terry Murden

A SCOTTISH property developer has accused the country's surveyors of deliberately lowering the value of homes to protect themselves from possible legal action from buyers.

Andy Burrell, managing director of the Burrell Company, has caused outrage in the industry after claiming surveyors are afraid that buyers will sue if the value of newly bought properties fall.

Burrell believes surveyors are following a 'herd' instinct on valuations. His company is behind innovative projects such as Bell's Mill in Edinburgh and the Vienna Apartments in Glasgow, and he insists the Scottish housing market is not in crisis.

continues here at http://business.scotsman.com/industry?articleid=4186653