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Article: Agents warn there's no quick profit for new-build buyers
- Article from:
- Evening News - Scotland
- Article date:
- November 1, 2006
- Author:
CopyrightCopyright 2006 Evening News - Scotland. Provided by ProQuest LLC. (Hide copyright information)
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PROPERTY experts have warned owners of new-build flats in
Edinburgh they may make next to no money on them in the next year.
Estate agents say the number of new developments sprouting up
across the city has led to an over-supply and warned the market was
becoming "stagnant".
They say the slowdown is a radical shift from recent years when it
seemed that any property in Edinburgh would make money.
The warning comes after estate agent Knight Frank predicted a nine
per cent rise in house prices in Edinburgh next year.
That means the average home in the city would rise from the
current price of GBP 193,815 to more than GBP 213,196 by the end of
2007.
But Matthew Munro, who is in charge of ...