CityCyclingEdinburgh Forum » General Edinburgh
"Edinburgh in top 10 for property investment"
(8 posts)-
Posted 9 years ago #
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Splendid. Edinburgh has always done so well out of speculative property development. Cough, Western Harbour... Cough, Granton Waterfront, cough...
Posted 9 years ago # -
Nothing like trying to talk up a market that has been stagnant for years.
People thought the market would pick up after the N* vote, but it hasn't
Posted 9 years ago # -
And yet.....house prices still 9% below 2007 levels (whereas Aberdeen's are 11.5% higher than in 2007). Shurely shome mishtake? (Ed.)
Posted 9 years ago # -
Having bought a flat within the last 6 months, and spent a lot of time on Zoopla trying to work out values and bids and all that, the figures in the table above for Edinburgh concur with my experience.
Apart from places like Marchmont and Bruntsfield and Stockbridge, where I suppose fashionability and desirability have held prices high, most of tenement land seemed to be at roughly 2007 prices in 2014, and some bits, particularly in Leith and Dalry were well below the peak.
We ended up bidding over the asking price, but still ended up paying less than the previous owner had in 2007, and that's after he had done a kitchen rebuild which must have set him back in the region of 5 figures. Given the owner went from a note of interest to closing in 12 hours, he did sort of show his hand as to how desperately he needed to sell!
There was a lot more "new build" (i.e. within last 5-10 years) stuff for sale at the time we were looking than traditional tenements, and I got the feeling that a lot of it had been bought on spec 7 or 8 years ago as buy to let "investments" and the owners were only now going to cut their losses as potential sale values were creeping slowly up to the original sale price (although given inflation they would have in real times be taking quite a hit).
Posted 9 years ago # -
I am perpetually baffled by our sanguine approach to the widespread belief that shelter from the elements should be increasingly expensive to obtain whilst sustenance and consumer goods should only ever become easier to obtain.
In conventional economic theory the price of something increases when there are more people willing to buy it than willing to sell it. Do proponents of house price increases favour a decrease in supply, increase in demand (with some of that demand necessarily unsatisfied) or both? Would society be the better if we began to dynamite dwellings? That appears to be the implication of conventional British thinking.
Posted 9 years ago # -
Like building new roads, building new houses only accommodates the demand temporarily. New people are attracted to the area by new houses in the same way new traffic is attracted to new roads.
It will *never* be possible to satisfy housing demand in Edinburgh, therefore prices will always rise (or maintain a level) until certain people are priced out of the market.
It is time to say we are 'full up' and stop building more and more houses, which only go to spoil our city. It is not desirable to draw more & more people into the city. Those priced out of Edinburgh should live in lower cost areas, thereby reviving said areas (supporting businesses & factories), instead of leaving them as ghettos.
Posted 9 years ago #
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