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 (email@example.com; firstname.lastname@example.org).