Friday, Feb 15, 2008
House flipping over in Scotland, not so sure about caber 'tossers'...
Firstrung: Scottish house prices fall by 1.3% in last three months
The boom in Scottish house prices has come to an end according to the latest Scottish House Price Monitor from Lloyds TSB Scotland, with the first quarterly fall in the all Scotland average house price for seven years. In the three months to 31 January 2008, the quarterly price index for the average domestic property in Scotland fell by 1.6 per cent to give an average mix adjusted Scottish house price of £163,211. On an annual basis, Scottish house prices have risen by 14 per cent.
Posted by converted lurker @ 12:53 PM (398 views) Add Comment
7 Comments
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1. Johnnyp said...
That will be the end of the speculators then, know a few from work and they are getting a bit worried incase they get their fingers burned , well tough s**t i say if these greedy so and so's didn't do what they do house prices would be 10-20 % less.
2. su said...
At last a noticeable dip in Scotland. About time too! If Scotland's prices didn't start falling soon there would be debates in the press about why housing in Scotland was more expensive than south of the border. (And that would be another reason for Berwick upon Tweed home-owners to vote to move the border southwards.)
3. paul said...
About time because it was being used as a confusion tactic by the NAEA, property section in the Times etc to desperately try to portray a "mixed picture" rather than a "really bad picture".
4. submedia said...
I agree. It wasn't long ago that "property experts" where saying that Scotland would be spared any drop in house prices. I forget their rationale.
5. su said...
Calculating house prices in Scotland is more complicated than in England because of the dual pricing system (Offers Over and Fixed Prices). If a property is not selling it may be switched from the former to the latter which will be recorded as an increase in asking price. The only sure way of knowing what is happening is by knowing the Sold prices. But even this is complicated by the fact that unlike England the Scottish figures are not broken down into detached, semi, terraced and flat, again making it even more difficult to make accurate comparisons.
6. su said...
Submedia.
I heard one theory that house prices wouldn't drop because they hadn't gone up as much as in England. I was a bit suspicious of that view as my friend's house (in Scotland) had almost tripled in value over the last 10 years.
I also heard that because of financial and health benefits people (especially elderly people) would be flocking to Scotland to take advantage of living north of the border. This I find rather unlikely for a variety of reasons including the fact that most elderly English have difficulty understanding the Scottish accent (Edinburgh's not too bad), and it's pretty cold up here!
7. A Saver said...
There just isn't the range of employment opportunities up here that there is down south, so Scottish house prices are hard to justify. Both my sister and I had to go down south and/or work abroad for a many years to find suitable work (we're in medical research). I believe many areas that always had very cheap housing in the past experienced the ripple effect with people being priced out of Edinburgh, as well as Prince W studying at St Andrews.
Anyway, there's been lots of reductions on Edinburgh newbuild flats on Propertysnake for months now.