Housing

[KWJ]

Wondering if there's anybody looking to buy/sell around now or soon and what they are doing about it?

I'm a First Time Buyer who decided I'd start saving for a house in January 2020, I've now got 3 times my original target but still can't afford what I'm after due to the increases. Many are now predicting a crash but that'd need to outweigh the rise in mortgage rates to be helpful for buyers.

Apparently it could still take a long time to hit the market and over a year to reach the bottom before recovering, even 2-3 years.

New builds are going up all over the place but you're doing well to find anything under £200,000. There were 30sqm studio homes by leith links that was still about £150k. Put your keys on the table and the place is a mess.

[Mon Dieu4]

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Wondering if there's anybody looking to buy/sell around now or soon and what they are doing about it?

I'm a First Time Buyer who decided I'd start saving for a house in January 2020, I've now got 3 times my original target but still can't afford what I'm after due to the increases. Many are now predicting a crash but that'd need to outweigh the rise in mortgage rates to be helpful for buyers.

Apparently it could still take a long time to hit the market and over a year to reach the bottom before recovering, even 2-3 years.

New builds are going up all over the place but you're doing well to find anything under £200,000. There were 30sqm studio homes by leith links that was still about £150k. Put your keys on the table and the place is a mess.

Even if there is a crash Edinburgh and London are two places that never really seem to be effected by them, the boy upstairs from me is selling his house just now and has had 5 offers well over the asking price and is playing them all off against each other just now, his house will likely go for £60k over what I paid for mine 4 years ago

[Since90+2]

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Even if there is a crash Edinburgh and London are two places that never really seem to be effected by them, the boy upstairs from me is selling his house just now and has had 5 offers well over the asking price and is playing them all off against each other just now, his house will likely go for £60k over what I paid for mine 4 years ago

Edinburgh was very much effected in the 2008 crash. Prices of homes were dropping by 10/15% all over the city.

I don't think we will see anything like that this time, but will will plateau and potential drop a percentage or 2. If people are waiting on a huge crash in the Edinburgh market this time, I just don't see it happening.

I recently bought a home 2 miles from the City Centre and got it for £7,000 below home report value. Anyone paying massively over HR at this time may get a shock if they are planning to move in the next few years.

[KWJ]

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Edinburgh was very much effected in the 2008 crash. Prices of homes were dropping by 10/15% all over the city.

I don't think we will see anything like that this time, but will will plateau and potential drop a percentage or 2. If people are waiting on a huge crash in the Edinburgh market this time, I just don't see it happening.

I recently bought a home 2 miles from the City Centre and got it for £7,000 below home report value. Anyone paying massively over HR at this time may get a shock if they are planning to move in the next few years.

Was that still above asking price? I notice most homes seem that I've viewed seem to be advertised 5 to 10k under the home report.

And congrats on the new home

[Since90+2]

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Was that still above asking price? I notice most homes seem that I've viewed seem to be advertised 5 to 10k under the home report.

And congrats on the new home

Almost every single home will be advertised at under the home report. Only ones who won't be will be ones that need an immediate sale or have been up for a long time, a lot of time they will shift onto a fixed price. I've bought a home for below fixed price previously, so dont be shy in putting in a cheeky bid.

[Ozyhibby]

https://news.stv.tv/scotland/emergen...x=1666951914-1

Becomes law today. Medium to long term, this policy will fail and result in less houses being built. Short term, I have sympathy. If they leave it at 6 months (they won’t) then it will be a good thing.


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[archie]

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Almost every single home will be advertised at under the home report. Only ones who won't be will be ones that need an immediate sale or have been up for a long time, a lot of time they will shift onto a fixed price. I've bought a home for below fixed price previously, so dont be shy in putting in a cheeky bid.

Funnily enough I was looking in an estate agents window today and was struck by the number of fixed price deals. I suspect a mix of the time of the year and buyers nervousness about interest rate rises. Now if we only adopted long term fixed then there would be more stability.

[speedy_gonzales]

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Funnily enough I was looking in an estate agents window today and was struck by the number of fixed price deals. I suspect a mix of the time of the year and buyers nervousness about interest rate rises. Now if we only adopted long term fixed then there would be more stability.

I also noticed that (fixed prices) myself over the last two weeks. Properties coming on to the market at FP was virtually unheard of in recent times. I wonder if the vendor had already sold, then bought another property only for the original sale to fall through with the tightening and limited availability of mortgages post the "mini budget".

[Ozyhibby]

https://www.theguardian.com/uk-news/...box=1668514423

While it’s fun to have a pop at private landlords, it’s usually housing associations where the worst housing is found.


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[Peanut Shaz]

While it’s fun to have a pop at private landlords, it’s usually housing associations where the worst housing is found.

I would agree to a point but there are some good ones. I work for one in Edinburgh and can state with absolute confidence that we are one of the best.

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[archie]

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https://www.theguardian.com/uk-news/...box=1668514423

While it’s fun to have a pop at private landlords, it’s usually housing associations where the worst housing is found.


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That's a really big assertion. Housing associations have been at the forefront of inner city renewal for a number of years. They operate within a regulatory system that private landlords just don't face.

[Stairway 2 7]

What happens when you sell of social housing. Tax payers money straight into the pockets of the rich

https://mobile.twitter.com/georgeeat...64903544315905
@georgeeaton
High private rents mean the UK now spends more on housing benefit each year than on most government departments – today's
@NewStatesman
Chart of the Day. https://newstatesman.com/chart-of-the-d

[Just Alf]

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That's a really big assertion. Housing associations have been at the forefront of inner city renewal for a number of years. They operate within a regulatory system that private landlords just don't face.

Just wondering on what level?

I agree re the urban renewal bit, but private landlords as a rule don't work in that area most are letting existing properties and in that area Housing Associations have worked to less stringent legislation for years, it's only recently they've been asked to improve their smoke alarm provision to match what private landlords have had to provide for some time as an example.

[archie]

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Just wondering on what level?

I agree re the urban renewal bit, but private landlords as a rule don't work in that area most are letting existing properties and in that area Housing Associations have worked to less stringent legislation for years, it's only recently they've been asked to improve their smoke alarm provision to match what private landlords have had to provide for some time as an example.

Social landlords - Housing Associations and Councils are heaviny regulated compared to private landlords. You can get a flavour of that here: https://www.housingregulator.gov.scot/

[Just Alf]

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Social landlords - Housing Associations and Councils are heaviny regulated compared to private landlords. You can get a flavour of that here: https://www.housingregulator.gov.scot/

My company manages on behalf of both private and social landlords.

From a Tenant perspective the legislation is more onerous on the private side however the Scottish government is working to bring the social sector in line with the private.

I do get that the corporate governance side is more complicated on the social sector tho.

Apologies if you're talking about England, they do have a way to go, we're trying to operate those properties we have to the higher standards we have here, if so I'd agree with you on every level.

[Peanut Shaz]

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Social landlords - Housing Associations and Councils are heaviny regulated compared to private landlords. You can get a flavour of that here: https://www.housingregulator.gov.scot/

I'll second that as everything we do as a social housing landlord is always based on what the Regulator expects.

[Betty Boop]

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While it’s fun to have a pop at private landlords, it’s usually housing associations where the worst housing is found.

I would agree to a point but there are some good ones. I work for one in Edinburgh and can state with absolute confidence that we are one of the best.

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[/QUOTE]

You obviously don't work for the Port of Leith then ?

[Peanut Shaz]

You obviously don't work for the Port of Leith then ?[/QUOTE]

Nope.

[Ozyhibby]

Tonight’s panorama is worth a watch for anyone interested in this subject.


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[Santa Cruz]

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Tonight’s panorama is worth a watch for anyone interested in this subject.


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Eventually got this episode on the iplayer. It's criminal what greedy landlord's get away with.

[Ozyhibby]

https://www.bbc.co.uk/news/business-...team=editorial

Badly need to build more housing.


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[Ozyhibby]

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Eventually got this episode on the iplayer. It's criminal what greedy landlord's get away with.

That whole episode shows a massive failure of governance. It should be criminal to rent out property with mould at that level.


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[Moulin Yarns]

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https://www.bbc.co.uk/news/business-...team=editorial

Badly need to build more housing.


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Plenty of new house building along the east Lothian coast to north Berwick. Just the wrong kind, big houses for commuters, not the 1 and 2 bedroom houses that are needed for rent.

[greenginger]

Yeah

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That whole episode shows a massive failure of governance. It should be criminal to rent out property with mould at that level.


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Any landlord that makes deliberate false statements on applications , makes alterations to properties without relevant permissions , breaks building regulations , or lets rooms to people that do not comply with minimum standards should have their properties compulsory purchased by the local authority who should refurb. it and add it to their housing stock .

Once a few dozen offending landlords have lost their slums it might make others wary of completely disregarding the rules that exist.

[Ozyhibby]

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Yeah


Any landlord that makes deliberate false statements on applications , makes alterations to properties without relevant permissions , breaks building regulations , or lets rooms to people that do not comply with minimum standards should have their properties compulsory purchased by the local authority who should refurb. it and add it to their housing stock .

Once a few dozen offending landlords have lost their slums it might make others wary of completely disregarding the rules that exist.

Couldn’t agree more. If you want to be a landlord then there should be a responsibility to meet minimum standards.


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[Stairway 2 7]

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Plenty of new house building along the east Lothian coast to north Berwick. Just the wrong kind, big houses for commuters, not the 1 and 2 bedroom houses that are needed for rent.

Yep £350,000 cheap boxes instead of a good selection of family and single occupancy homes. The government can't leave it to developers they need to take control. NIMBY's are also a massive problem, for wind, nuclear and solar too

[Pretty Boy]

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Yep £350,000 cheap boxes instead of a good selection of family and single occupancy homes. The government can't leave it to developers they need to take control. NIMBY's are also a massive problem, for wind, nuclear and solar too

I'm not sure of the legalities of it but could one of the governments in the UK embark on a house building project then set up a nationalised mortgage company that puts up a deposit for the buyer and acts as mortgage provider but holds a share in the property that is then repaid when the house is sold? Broadly similar schemes exist in Scotland already but it's still reliant on the buyer having a sizable deposit contribution, housing stock being available from private sector partners and a mortgage being approved by a selected panel of lenders.

When it comes to housing the private sector is failing. The fault of that isn't entirely at their door of course but it's a failure nonetheless. As has been pointed out above we seem to get either expensive 2 bedroom flats that are of little use to families, those on low incomes or those looking for single occupancy or we get 3, 4 and 5 bedroom developments that price out a huge chunk of young families. I think a lot of first time buyers would be more than happy with a small but functional 2 or 3 bedroom house, maybe with a little garden to keep on an affordable development that was an updated version of the building of the schemes a few decades ago. Mix in good quality homes for social housing with those looking to buy and you could give people something to be proud of.

Such housing exists but it's largely being built for the mid market sector. There's developments of nice little houses in Craigmillar and Pennywell (and I'm sure elsewhere too) . A mix of flats and houses but there's not enough and it's still keeping people trapped in the rent trap and not really addressing the underlying issue. Scale that up and have a real drive to open up both high quality social housing and genuinely affordable housing to buy and you could start to solve the problem. Unfortunately there is too much vested interest in property and land development among politicians for that to ever happen.

[Ozyhibby]

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I'm not sure of the legalities of it but could one of the governments in the UK embark on a house building project then set up a nationalised mortgage company that puts up a deposit for the buyer and acts as mortgage provider but holds a share in the property that is then repaid when the house is sold? Broadly similar schemes exist in Scotland already but it's still reliant on the buyer having a sizable deposit contribution, housing stock being available from private sector partners and a mortgage being approved by a selected panel of lenders.

When it comes to housing the private sector is failing. The fault of that isn't entirely at their door of course but it's a failure nonetheless. As has been pointed out above we seem to get either expensive 2 bedroom flats that are of little use to families, those on low incomes or those looking for single occupancy or we get 3, 4 and 5 bedroom developments that price out a huge chunk of young families. I think a lot of first time buyers would be more than happy with a small but functional 2 or 3 bedroom house, maybe with a little garden to keep on an affordable development that was an updated version of the building of the schemes a few decades ago. Mix in good quality homes for social housing with those looking to buy and you could give people something to be proud of.

Such housing exists but it's largely being built for the mid market sector. There's developments of nice little houses in Craigmillar and Pennywell (and I'm sure elsewhere too) . A mix of flats and houses but there's not enough and it's still keeping people trapped in the rent trap and not really addressing the underlying issue. Scale that up and have a real drive to open up both high quality social housing and genuinely affordable housing to buy and you could start to solve the problem. Unfortunately there is too much vested interest in property and land development among politicians for that to ever happen.

The govt can do all those things if the political will is there.


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[superfurryhibby]

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The govt can do all those things if the political will is there.


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It makes you wonder why we haven't, after nearly 16 years of SNP government?

One of the areas where I've become deeply disillusioned by the lack of will to force change

[Ozyhibby]

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It makes you wonder why we haven't, after nearly 16 years of SNP government?

One of the areas where I've become deeply disillusioned by the lack of will to force change

The Scottish govt can’t because they don’t have the borrowing powers. Not an Indy point though because it’s the same in England.
It’s a mad system where govt across the UK is struggling for money but something that can make them money and ease the burden on the tax payer is not being done for idealogical reasons. Building and renting out homes could be very profitable for councils all across the UK. However they are not allowed to borrow the money to invest in it.


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