Friday, May 18, 2007
Housing market peaked in Scotland?
Firstrung: House prices in Scotland show sharp drop in first quarter 2007
The average price for a residential property in Scotland decreased by 2.2 per cent in the last quarter (January to March 2007) and is now £139,836, according to figures released today by Registers of Scotland. This compares with a figure of £143,055 in the previous quarter (October to December 2006).
Posted by converted lurker @ 12:49 PM (426 views) Add Comment
17 Comments
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1. uncle chris said...
Wow - that's a bit of a shock. I thought the Scottish market was one of the hot potatoes. I've kept a home in Scotland since 1991 (until last year) and noticed that prices weren't really affected that much during the last crash (to 1997), so I'm surprised we have seen a fall this time. Maybe all those people that moved up from England to bag a bargain are realising just how far it is to drive and how few jobs there are, or perhaps we are seeing an offloading of holiday homes? Whatever the cause, it's good news for us and people in Scotland.
2. Andy said...
Scotts are renowned for there prudence and parsimony -
Hopefully this gets the snowball rolling.
Poor old gordon - shot in the foot by his old countrymen.
Well done Jocks - good luck with the independence - dump the BOE and get some sensible monetary management!!
3. Skint Academic said...
My partner and I are wanting to buy our first home in Scotland. So this is fantastic news. I'm glad the bubble hasn't really had much effect up there. It means we don't have to wait so long for the prices to finish dropping. You're right UC, the English prefer to stay in England generally, especially for holidays when the weather is more likely to be cloudy, wet and windy
4. speculatorone said...
But who want's to live in Scotland.....
(only joking before I get any threats)
5. maddison said...
No seriously this is big news.
It is the first proper fall in the UK and I am not sure what the underpinnings of the Scottish boom was unlike London that can be attributed to lots of money in the financial services sector. I suspect more areas to follow!
6. Marzipan said...
'speculatorone said...
But who want's to live in Scotland.....'
I knew before i clicked on the comments list there would be at least one racist attack on scotland. there always is on this site
7. European Bear said...
Interesting indeed.. Throughout the boom, Scotland with the exception of Edinburgh, has lagged behind the rest of the UK in terms of prices starting to rocket and the house price costs, yet this suggests that now prices are falling.
In Scotland people have always felt they are immune from negative equity (with the exception of Aberdeen). It's just not the same as in London blah, blah. This time round they forgot that they got involved in silly lending multiples too, like the rest of the UK. When trying to explain this it always falls on deaf ears, ...no, no it can't happen here. Looks like it could...
8. Wyldman100 said...
I think the underpinnings of the Scottish boom are fundamentals like "prices only ever go up", "you can't lose with bricks and mortar" and "you will miss the boat". I am sure it will suffer just like everywhere else.
9. Not If - When! said...
Will there be a quick slide in prices i.e in the first months or will it take years to see substantial falls?
10. japanese uncle said...
Speculative money from across the border and the silly boom created by 'Scottish Parliament' celebration is the key ingredients of the housing boom there. When the full-scale collapse of the bubble happens (which actually in some parts seems already under way), speculative money flooded in london from overseas will be quickly withdrawn, then the English speculative money will be withdrawn likewise from Scotland, triggering price meltdown. The keyword here is the 'disloyalty' of these cowboy-speculators who are not interested in long-term investment in UK or Scotland, but just seeking short-term 'reward.
11. inbreda said...
Steady on Tomazipan. No one meant to hurt you. We're all friends here.
12. tyrellcorporation said...
Marzi, calm down dear your gonna blow a blood vessel! I'm sure 'who wan'ts to live in Scotland' is a geographical question rather than a racist statement... crikey! Chill...
13. Scott said...
Seriously though, who wants to live in Scotland? The Romans built Hadrian's wall for a reason you know.
14. Sherlock Homes said...
Scotland is a fantastic country, one of the oldest formations of land in the world, perhaps the speculators and 2nd home owners who destroyed rural communities in great britain now will get their just desserts in Scotland,
15. Littledeb said...
Scott
The roman 'walls' were built as markers of how far they had reached in their conquests of land. Hadrian built is wall where he did because he was unable to progress any further (wimp). You will find that Antonius managed to break into Scotland where he built the Antonine wall in the Glasgow region. Hadrian's wall - Such a commonly used mistake by the English!
16. Andrew Kershaw said...
The Romans built Hadrians wall for defensive purposes, because the Romans like us English were fags and couldn't take the full frontal agression of the Scotts, and had to resort to devisive backstabbing and manipulation to try and tame em. They were real men and if weren't for the Scotts us English Softies would all be speaking German.
Am English, but proud of our Scottish neighbours.
17. Skint Academic said...
Hadrian's wall is a source of pride! :)
The people who live in Scotland are the ones who want to live there. There's a constant pressure to move down south as it is much easier to get a job with a seemingly higher wage (eaten up by living expenses unfortunately). I've been trying to move back for two years now. You have nicer tasting water, cleaner air, a nicer culture, access to fantastic countryside with better land access and far better beer up there! But you won't like it if you can't stand rain, wind and grey clouds. The bad weather and midges can ruin many holidays (unless you expect it). So you don't get the whole empty second home ownership issue like you do in Cornwall, Devon and Dorset.