Does anyone ave their finger on Edinburgh's property price pulse?

[WeirdFamily]

We're hoping to buy a flat in Tollcross/Bruntsfield area, and have put in an offer £5k lower than the asking price (which is £275k). My solicitor tells me that the surveyor will probably come back with a significantly lower valuation, as property prices have fallen since August when it was put on the market. If the vendor refuses to budge on the price then we won't be able to get a mortgage.

Obviously we don't want to pay over the odds for it, but it seems a fair price compared to everything else on the market. Or maybe everything is overvalued at the moment?

NB the offer of £270k was accepted, but the solicitor thinks it's probably worth more in region of £255k.

TBH, if you want the house, you pay what it takes. The property market only really matters to those trying to make money. If you looking for somewhere to live and have found it...Good for you. It will all change in 12/24/48 months anyway!

Well yes, that's what I think. Unfortunately if it's valued at, say, £260k and the owner refuses to go any lower than £270k we won't be able to get a mortgage for it (ltv would be too high).

bump

I just sold my house in this price bracket.

As a seller, it is badly affected by increase in stamp duty from 1% to 3% at the £250k mark.

Our house was valued at £260k. Nobody was going to pay that though as it costs and extra £7.5k tax to do so.

£250k plus £5k for non stamp duty "movables" - fireplaces, wall light fitting etc was the best we could hope to achieve.

Many buyers will be thinking this. The owners will just have to accept this is what happens in this price bracket.

I am surprised your solictor is not advising you about this - it is pretty much standard for valuations at the £260k mark. We were told nobody should expect to achieve the valuation.

That was Glagsow mind you..!

Thanks ScotGirl. Our solicitor has actually advised us about that side of things, and if we can down to a £255k-ish price then we'll definitely do that. I'm just not convinced that the owners are going to budge from 270 though.

We're having a survey/valuation done today, so I guess we'll have a better idea later on.

The stamp duty thing is a bitch though! Seems so unfair as it makes a huge difference to the affordability of a £250k property.