I was having a cuppa with one of my landlords the other
day, when he explained there were no property bargains for him to buy in Penicuik.
I politely suggested to him that this was ‘hog wash’ (technical term for
‘surely not true Sir’!) and said that I would find a few examples to show him
that there were indeed property bargains to be had, you just need to know where
to look. We don’t sell property and don’t charge for our advice so we can give
impartial advice without any conflict of interest to our landlords.
Here is what I discovered when I did a bit of digging.
A 3 bed semi detached house in Eskhill sold in 2008 for £185,000.
In March 2015, she sold again for £170,000, a drop in value of £15,000 or 8.1%
over the whole 7 year period or 1.2% per annum! A 3 bed detached house on Clerk
Road sold for £188,000 in April this year. When it was last sold in 2007, it
was sold for £205,000 which is a fall in value of £17,000 over 8 years or 1.1%
per annum. These are both excellent value properties.
Now I accept that 2008 was the height of the boom so you
could argue that the Eskhill property and, to a lesser extent, the Clerk Road
property are a bit misleading so I went further back and found some even better
examples. A 2 bed flat in Dykes Road
that was bought for £67,700 in 2003 was sold earlier this year for £52,000
which a reduction in value of £15,700 or 23.2% over the period or 2.2% per
annum. Whilst a 2 bed end terraced house
in Lawrie Drive that sold for £103,000 in April 2015 had been bought for
£112,500 in 2006, a drop in value of £9,500 or 8.4% over the period or 1% per
annum.
Also, the price does not necessarily have to fall to get
a bargain. In my final example I found
the price actually rose but the property was in a good area of Penicuik and the
annual increase in price was small so I consider it to be a bargain. This house was in Mauricewood Road which is a
particularly good part of town. It was bought for £129,895 in 2004 and was sold
in March 2015 for £150,000 which is a meagre increase of only 1.4% per annum –
I consider this to be a bargain given the area the property is in and the
timescales involved.
So there are bargains to be had in Penicuik .... there
have been in the past, there are currently and there will be in the future. The trick is to be able to spot them. We have detailed information about the
Penicuik property market at our finger tips which allows us to spot property
bargains that we can recommend to our clients. We don't charge for these
recommendations.
If you want some advice, come and see us in our offices
(6 Bank Street, Penicuik) or email either of us (robert@thekeyplace.co.uk; linda@thekeyplace.co.uk).
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