Local Talk

Looking for flats in Edinburgh - what price range to look at?

(8 Posts)
FrozenFlowers Wed 30-Jan-13 18:48:26

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!

emma12344 Wed 30-Jan-13 22:25:24

If I were you I'd be looking at flats up to £190k or 200k. Trust me, there are so many flats on the market right now and they are not selling. Go in with a very low offer and go up if necessary. We bought one recently on at offers around 195 and got it for 170. And its really nice!

rattling Thu 31-Jan-13 12:02:17

As someone trying to sell a flat I'd agree they are not shifting quickly (though that may not be accurate in a few more desirable pockets of town). For an idea sign up to ESPC and put anything that grabs your fancy on your shortlist - you'll start to see how quickly they are selling (as they don't disappear from your shortlist, just get "greyed out" when unavailable). Also, Property Bee will give you more details - how long the property has been on the market and any price changes.

Best of luck.

sillybillywilly Thu 31-Jan-13 12:23:20

There is a site that we used called something like property snake where they list when and how much a house has been reduced by. If a house has been on the market a long time, the vendor is more likely to take a cut in selling price than if its new on the market. I live in England so not sure if Scotland is included but there is probably a Scottish equivalent somewhere?

One house we bought was originally prices at 300k (then 290k then 280k)but we bought it for 270k as we knew it had been in the market for a while.

sillybillywilly Thu 31-Jan-13 12:25:39

Also worth finding out why the vendor is selling. If it belonged to someone who's divorcing they will be more desperate to move than the person selling the home of a deceased relative.

dizzycake Sun 03-Feb-13 22:09:20

There are various sites that can tell you what nearby properties have sold for. The estate agents will use these figures to help set asking prices and can be used as a good guide. Just google the address or postcode. It is unusual to see the high offers over that was previously normal. From memory the home report should give you a valuation and most sellers i know have expected to get a little under this. I would say yes go and look at slightly more expensive flats!

BeanbagBirdie Mon 11-Feb-13 15:19:24

I would look at "offers over £160," "offers around £200" or "fixed price £175." If the valuation is mentioned, expect to offer a bit below that. Some areas are still selling quickly with closing dates and sealed bids, whereas others (most) will take an offer when approached.

emma12344 Mon 11-Feb-13 18:41:19

Bear in mind when looking at a home report 'value' that they are very seldom truly independent as solicitors and agents are still able to exert considerable influence here. Particularly if they are putting a lot of business the surveyors way. No surprises that the system is crooked. Go in with a low offer.

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