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Captain Cavey

Prices Go Down = “Pause” In Recovery

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There have been some arguments on the main board in the subject of the BBC exhibiting a Pravda like agenda for talking up the market.

It could be argued the national BBC put a slight to moderate spin on emphasising the good news and giving platform to HPI-VIs, but wow, BBC Scotland are going full on with North Korea style edicts like this one:

'Pause' in Scottish housing market recovery

The report says the number of housing transactions is still around half pre-recession levels.

The Scottish housing market's recovery from the recession has "paused", according to a new report.

The Scottish House Price Monitor from Lloyds TSB Scotland suggested the average price of a home fell 2.9% in the three months to 31 July 2010 to stand at £159,217.

However, annual underlying figures showed house prices up by 0.8%.

The number of house purchases rose by 20% on the previous quarter and by 20% on the same period in 2009.

The survey said although the number of housing transactions in the Scottish market had increased in recent months, the figure was still around half pre-recession levels.

Meanwhile, underlying figures suggested house prices in Aberdeen rose by 11% between July 2009 and July 2010, with Dundee not far behind on 7.7%. Prices in Glasgow, however, fell by 6.7%.

Prof Donald MacRae, chief economist of Lloyds Banking Group Scotland, said: "The number of housing sales has increased for four consecutive months from the low point of February this year.

"The rise in Scottish house prices identified at the end of 2009 and spring of this year has stopped and has partially reversed.

He added: "However, activity has picked up from the low levels of the winter months. It is clear that recovery from recession in the Scottish housing market has paused."

Now, tell me there is not a bias in the way this is reported. They really are struggling to emphasis that, despite HPs being down, they are up over a carefully selected time frame, so thats just great, isnt it?

Ok, so the actual words are coming from Prof Donald MacRamper, but where is the balance, where is an alternative take on the figures (apart from here)?

Edit to add link

Edited by Captain Cavey

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There have been some arguments on the main board in the subject of the BBC exhibiting a Pravda like agenda for “talking up the market”.

It could be argued the national BBC put a slight to moderate spin on emphasising the good news and giving platform to HPI-VI’s, but wow, BBC Scotland are going full on with North Korea style edicts like this one:

People laugh at religious states and brainwashed nations, but let's be honest - house price growth is an unofficial religion in the UK.

I feel like I live in this deeply religious state with the religious TV and radio. Why would they want to present an alternative point of view, if they all believe in one god called House Price Increase?

Sometimes, you can meet groups of unbelievers online but it's much harder to meet a group of unbelievers in real life (too scared to come out).

Banknotes in the UK should have a little note on them: IN HPI WE TRUST - that would summarise the obsession very nicely.

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This from the Hootsman – geared toward Edinburgh, but using the same base data, still slight “HPI-is-good” spin, but a more balanced interpretation.

But notice the title: not the slight inconvenient pause in the recovery that BBC is reported, but a warning that things may be changing.

Recovery in city's housing market is stalling say experts

Published Date: 24 August 2010

By DAVID McCANN

There were signs today that the recovery in Edinburgh's housing market is stalling with a year-on-year fall in prices.

The Lloyds TSB Scotland house price monitor showed Capital house prices dipped 2.2 per cent in July compared with the same time last year - although that followed an 8.7 per cent rise over the latest quarter.

Analysts today said they expected the price rises to slow by the end of the year as the market stabilises.

Donald McRae, chief economist with Lloyds, said it came as consumer confidence remained "well below" pre-recession levels.

"Retail sales are increasing at an annual rate of 0.8 per cent in July, indicating weak growth in the economy. The number of housing sales has increased for four consecutive months from the low point of February this year. The rise in Scottish house prices identified at the end of 2009 and spring of this year has stopped and has partially reversed. However, activity has picked up from the low levels of the winter months.

"It is clear that recovery from recession in the Scottish housing market has paused."

The average Scottish house price is now £159,217, according to the bank. The highest average was in the Capital at £232,210, followed by Aberdeen at £203,007 and the lowest was in Dundee at £117,455.

Aberdeen recorded the sharpest rise in prices over 12 months to July this year at 11 per cent growth. Dundee recorded a 7.7 per cent growth. Glasgow, however, recorded a 6.7 per cent decrease.

Neil Harrison, marketing manager at ESPC, said his firm had been "surprised" by the double-digit growth nationally.

"Our figures are based on monthly reports. May showed an 11.8 per cent increase, June a 6.5 per cent increase and July an 11.1 per cent increase in house prices. These figures are skewed because more large family homes were selling and inflating the average price. We expect by December the price rise will have stayed the same over the course of 2010.

"At the start of this year we saw more properties come on the market which meant the market swung back in favour of the buyer as there was more choice available."

I’m beginning to rant, aren’t I? Slippery slope - next stop will be park bench sharing a Special Brew with FP :P

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  • 150 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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