Looking for flats in Edinburgh - what price range to look at?(82 Posts)
Hi - I have posted this in both Edinburgh Local and Property/DIY.
We're about to start flat hunting in Edinburgh. We are seeing a mortgage advisor on Monday, but are reasonably sure that (all being well) our ceiling price will be £175k.
Basically - I don't know which flats to look at! I am assuming anything fixed price that is £175k or under is worth considering, but other than that I'm just not sure. I don't want to be looking at things that are on for, say, offers over £170k and then finding that actually people are expecting to get £185-190k for them. Conversely, I don't want to find out that I could have been looking at flats on for offers around £180k or £185k and having a decent shot at getting them for £175k!
I know this kind of thing is quite local, and I hope once we've got a solicitor he/she might be able to give us a steer, but does anyone have any advice until then? I'd like to know what I can be looking at on the Internet to start with!
Well... Sort of. Mainly he told us he didn't like the street! More usefully he said the resale record for newer builds in Leith is poor. This particular flat is being sold by a developer who bought it from the bank - the building was built just before the crash and the original developer couldn't shift them. They were all tenanted for a while but now they've mostly been refitted and sold on so the building is filled with owner occupiers. I think it would suit us very well, and we wouldn't be looking to move for a good while (it is a good size). My main fear is that it was lose a lot of value and we'll have problems remortgaging. This is a general worry I have about everything we've seen, but is a bigger concern for a newer building.
I have some experience with new builds, both in Leith and in Granton- with the first I feel I was VERY lucky to have sold it before the big crash. I didn't have to unload the Granton one myself as that was part of a split with my ex but he really struggled to sell it and lost some money on it in the end. My parents are trying to sell a newer build in a good area and finding it very hard to get a buyer. Personally I will never buy new again but I do understand why you would and that sometimes a place does tick the boxes.
As far as Leith goes, I do think the area tends to be a mixed bag- in many ways it's been regenerated (the Shore amenities are very nice) but I don't think it's quite there yet. Even in a "nice" part of the Shore area there was some...interesting night activity, shall we say. There are some places I wouldn't be at all keen on but others may be OK, depending on your criteria.
PM me if you want to discuss gory details in private!
Oh and the other thing I would add- definitely check the previous sale value record, if the property has one. Zoopla is my go-to site for that. I also think an asking price really depends on how long the property has been on the market, is it likely to go quickly, etc. The forums on the site Housepricecrash.co.uk also make for interesting reading. I'd say the days of expecting a good increase on an offer over price are OVER- other than for really desirable properties. For anything that has been sitting any length of time I would definitely go in with a very low initial offer. The worst they can do is say no.
I don't think I'd buy a new build in Leith there are hundreds of them and difficult to sell on. If that's what would suit you I'd rent one in the area you want and see if you like it there before you decide.
There's a whole section of Edinburgh folk who have never been East of John Lewis and still spew out the whole Leith is manky line. It's ridiculous.
We sold our house in Portobello to a retired couple from Corstorphine who were literally gobsmacked that Portobello was so nice. In 50 years they or their friends had never been there although they bypassed it when they went out golfing to East Lothian.
Joining this thread a wee bit late...
@ditziness - is that yours? ;-)
I second the Porty flat - I live in Porty and LOVE it. We've just sold and I've thought about that one too, but I think the way in is up a steep flight of external steps - bit awkward with a buggy, I imagine. Nice quiet street though.
We've got our fingers crossed that a (rare) 3 bed ex council in the area comes up soon (and don't any of you jump in there first!)
Ooh, 3 bed in Portobello sounds perfect for us! (Mwahaha)
hi All just searching old threads. My OH is about to put his 2 BR flat with additional internal box room/study and fantastic, bright kitchen/diner on the market. It's on Great Junction St in Leith. Top floor tenement with huge windows and good views (not the GJS side!) So if on the off chance anyone is looking, let me know! It'll be on in the region of £165,000 xx
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