How about this from The Herald:
QUOTE
A slowdown, not a slump
Another month, another slump in house prices. The property bubble has burst.
That's the message in UK-wide figures yesterday from Britain's biggest mortgage lender Halifax Bank of Scotland.
HBoS said average house prices had fallen 2.4% in May compared with the previous month. A Scottish breakdown will only be available in July. So does this gloomy picture reflect reality north of the border? Scotland escaped the housing crash in 1991 and has seen a much steadier rising market in recent years.
advertisement <!-- OAS_AD('Frame2'); //--> Figures from the Registers of Scotland suggest that the average price of a house sold here was 7.4% higher in the first quarter of 2008 than in the same period in 2007. The biggest increases came in Grampian and the Borders.
Why does Scotland appear to be prospering when the rest of the UK prepares for meltdown? There is some time lag involved. The government figures relate to sales registered up to three months after purchase - they took place in the last quarter of 2007. The HBoS figures are for mortgages - people gaining approval to buy a house in a month or so.
A more detailed look behind the headlines reveals a truer - and perhaps less worrying - picture of the property market. The volume of sales in Scotland fell by 16% in the first three months of the year. The houses that are selling may be worth more, but there are fewer overall and the value of sales has dropped by around one-tenth. The implication is that fewer first-time buyers are coming to the market, perhaps because they are struggling for mortgage approval during the credit crunch.
Mr Cullen said that people should not be nervous about stepping into the property market, with many people benefiting from the current climate.
"Nearly everyone who buys and sells a house is trading up and they could not be choosing a better time. Suppose the market correction in prices was 10%. You would rather save 10% on the cost of an expensive house and absorb the loss of 10% on your cheaper house."
Mr Luck said that those most affected are people who bought a new house before prices started to tumble - and before selling their existing property.
"People must remain positive. If people are buying or selling in the same market, it makes very little difference. It is all psychological.
Another month, another slump in house prices. The property bubble has burst.
That's the message in UK-wide figures yesterday from Britain's biggest mortgage lender Halifax Bank of Scotland.
HBoS said average house prices had fallen 2.4% in May compared with the previous month. A Scottish breakdown will only be available in July. So does this gloomy picture reflect reality north of the border? Scotland escaped the housing crash in 1991 and has seen a much steadier rising market in recent years.
advertisement <!-- OAS_AD('Frame2'); //--> Figures from the Registers of Scotland suggest that the average price of a house sold here was 7.4% higher in the first quarter of 2008 than in the same period in 2007. The biggest increases came in Grampian and the Borders.
Why does Scotland appear to be prospering when the rest of the UK prepares for meltdown? There is some time lag involved. The government figures relate to sales registered up to three months after purchase - they took place in the last quarter of 2007. The HBoS figures are for mortgages - people gaining approval to buy a house in a month or so.
A more detailed look behind the headlines reveals a truer - and perhaps less worrying - picture of the property market. The volume of sales in Scotland fell by 16% in the first three months of the year. The houses that are selling may be worth more, but there are fewer overall and the value of sales has dropped by around one-tenth. The implication is that fewer first-time buyers are coming to the market, perhaps because they are struggling for mortgage approval during the credit crunch.
Mr Cullen said that people should not be nervous about stepping into the property market, with many people benefiting from the current climate.
"Nearly everyone who buys and sells a house is trading up and they could not be choosing a better time. Suppose the market correction in prices was 10%. You would rather save 10% on the cost of an expensive house and absorb the loss of 10% on your cheaper house."
Mr Luck said that those most affected are people who bought a new house before prices started to tumble - and before selling their existing property.
"People must remain positive. If people are buying or selling in the same market, it makes very little difference. It is all psychological.