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guitarman001

What Does The Halifax Report Mean For Scotland?

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Not much, I'm guessing... Must check the Scotsman out to see what they're saying....

(As an aside - there's a big banner next to a mate of mine's flat saying the last few new-builds must go with up to £70k off 2007 prices.... couldn't believe it when I saw it)

Edited by guitarman001

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Not much, I'm guessing... Must check the Scotsman out to see what they're saying....

(As an aside - there's a big banner next to a mate of mine's flat saying the last few new-builds must go with up to £70k off 2007 prices.... couldn't believe it when I saw it)

Nothing I am guessing as Scotland is immune to price falls.

More realistically I get the impression that Scotland lags around 6 months behind on these things so the falls may still be on their way. The English dominated media up here helps as the sentiment has changed amongst my work collegues over the last few months.

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Nothing I am guessing as Scotland is immune to price falls.

More realistically I get the impression that Scotland lags around 6 months behind on these things so the falls may still be on their way. The English dominated media up here helps as the sentiment has changed amongst my work collegues over the last few months.

I will wait until other indices show sustained falls before getting too excited. After all they reported rises in the previous 2 months which is plainly absurd.

The trouble with Halifax/Lloyds is they hardly lend any mortgages these days so their sample is small (HSBC, Santander, and Barclays dominate)

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Nothing I am guessing as Scotland is immune to price falls.

More realistically I get the impression that Scotland lags around 6 months behind on these things so the falls may still be on their way. The English dominated media up here helps as the sentiment has changed amongst my work collegues over the last few months.

Agree with that. Tide seems to have definitely turned. It only took about 3 years !!

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The Herald

..ok, now I get it.

A modest dip in house prices could restore the market

Published on 8 Oct 2010

First the bad news: UK house prices fell by 3.6% in September.

Now the good news: UK house prices fell by 3.6% in September. Last month’s figures from the Halifax constituted the worst monthly fall since figures were first compiled nearly three decades ago. That certainly looks like bad news in a country full of homeowners, whose confidence in the economy as a whole rests largely on whether the value of their principal asset is heading north or south. Certainly, those who deal in carpets, furniture and white goods will not be celebrating.

Yet this is only half the story. As the International Monetary Fund warned this week, house prices are artificially high and this puts the whole recovery at risk. In recent months prices have been volatile and nobody should panic about one month’s bad figures. In fact, while a steep fall in house prices risks pushing Britain into a double-dip recession, a modest downward drift would restore some realism to the market. It would also help bring more property within the reach of first-time buyers, if (and it is a big if) they can obtain mortgages. In a recent survey for the Council of Mortgage Lenders, 80% of respondents cited “Young people cannot afford to buy” as the major UK housing problem. And the few that do get on to the ladder, often with help from the “Bank of Mum & Dad”, risk overstretching their finances if interest rates begin to rise.

Demographic changes are generating a sharp increase in the numbers of small households. This has left the country with a shortage of decent, affordable property, both to rent and to buy. The shortage of homes within the reach of first-time buyers would be less serious if there was a healthier balance between renting and owner occupation. It would also provide a more mobile workforce. Britain has an unhealthy obsession with bricks and mortar.

Modest downward drift? !!. How about a huge eye-watering plunge back to long term trends. That’ll get the FTB’s within reach of affordability. Hows that for realism?

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The Herald

..ok, now I get it.

Modest downward drift? !!. How about a huge eye-watering plunge back to long term trends. That’ll get the FTB’s within reach of affordability. Hows that for realism?

I know, the Herald is ghastly. If it wasn't for Iain McWhirter occassionally banging the drum for 20-30% house prices drops I would think The Herald wasn't worth the paper it was printed on.

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Why do you think this Halifax report doesn't apply to Scotland? In fact didn't the initial poster of this thread, state that some housing development was advertising property for 70,000 less than 2007 prices? Wouldn't that indicate this is happening everywhere in Britain?

We lived in Edinburgh for 5 years (well we owned a flat there). In Merchiston on Colinton Rd. We bought for 125,000 in 2000 and sold it for 235,000 in 2005. I see a similar property on the same road is on the market for 335,000. I wonder what it will really go for?

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Why do you think this Halifax report doesn't apply to Scotland? In fact didn't the initial poster of this thread, state that some housing development was advertising property for 70,000 less than 2007 prices? Wouldn't that indicate this is happening everywhere in Britain?

We lived in Edinburgh for 5 years (well we owned a flat there). In Merchiston on Colinton Rd. We bought for 125,000 in 2000 and sold it for 235,000 in 2005. I see a similar property on the same road is on the market for 335,000. I wonder what it will really go for?

I`d take a punt on 135.

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I`d take a punt on 135.

Well 41/4 Colinton Road sold for £341,000 in April 2010. 41/1 is on the market for £340,000 and 41/5 is on the marker for £335,000. Given those figures, if either of them sell, it'll probably be for around £320,000- £340,000 I would guess. According to Bee 41/5 it's been on since August 19th with no prices chances so there's a chance it simply won't sell while 41/1 is brand new. Both priced at around £3200 per sq metre.

The price history for what is either 41/1 or 41/2 seems to be:

02-Jun-2006 £299,000

25-Jul-2003 £215,000

[edit] they seem to have fixed the Chrome issue at last so no more need for html...

Edited by Deleriad

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Well we currently live in West London, and I can tell you I long for the housing prices of Edinburgh.

Plus (and I know most people in Edinburgh don't want these Englanders to know this) but Edinburgh is a MUCH nicer place to live than London. Better schools, great restaurants, loads of culture, beautiful places to walk.

The biggest hoax in the UK, is the fact that people actually pay 650,000 GBP to live in a small 2 bed flat in a decent part of London. When for half the money and at least 40% more space you could live in Edinburgh.

Can you tell we want to move back. Actually we probably will.

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Well we currently live in West London, and I can tell you I long for the housing prices of Edinburgh.

Plus (and I know most people in Edinburgh don't want these Englanders to know this) but Edinburgh is a MUCH nicer place to live than London. Better schools, great restaurants, loads of culture, beautiful places to walk.

The biggest hoax in the UK, is the fact that people actually pay 650,000 GBP to live in a small 2 bed flat in a decent part of London. When for half the money and at least 40% more space you could live in Edinburgh.

Can you tell we want to move back. Actually we probably will.

Yep but people here are paying 350k for a 2 bed flat in a nice area of Edinburgh. And Edinburgh doesn't have a multitude of 25 year olds earning mega bucks unlike London. London prices are mental - no doubt about that. However in line with local potential earnings ? I think Edinburgh probably just wins. There are flats to be had in outer London, in perhaps not the greatest areas, for similar prices to Edinburgh. And for these people the potential to be driving a Ferrari by the age of 30 is very real indeed. If that is what floats their boat. In Edinburgh ? Different planet.

I agree it's a nicer place though and that probably accounts for some of the crazy pricing.

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Yep but people here are paying 350k for a 2 bed flat in a nice area of Edinburgh. And Edinburgh doesn't have a multitude of 25 year olds earning mega bucks unlike London. London prices are mental - no doubt about that. However in line with local potential earnings ? I think Edinburgh probably just wins. There are flats to be had in outer London, in perhaps not the greatest areas, for similar prices to Edinburgh. And for these people the potential to be driving a Ferrari by the age of 30 is very real indeed. If that is what floats their boat. In Edinburgh ? Different planet.

I agree it's a nicer place though and that probably accounts for some of the crazy pricing.

Well my husband earns 135,000 GBP and we can't afford to buy the 2 bedroom flat we are currently renting (they are still on the market for 680,000). You actually have to be making the BIG mega bucks in London to live in London. And who the hell wants to live out in Kent, I would rather live in a box under a bridge on the Thames ;) .

We lived in Edinburgh for 5 years in an area (Merchiston) comparable to where we live now. I realize salaries are lower in Edinburgh but they are NOT half of what they are here for the same job, whereas housing is half (or less).

Anyway, my husband is going on contractual work beginning early next year, at which time we are looking to move back to Edinburgh. So I will be frequenting this segment of the HPC often.

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Well my husband earns 135,000 GBP and we can't afford to buy the 2 bedroom flat we are currently renting (they are still on the market for 680,000). You actually have to be making the BIG mega bucks in London to live in London. And who the hell wants to live out in Kent, I would rather live in a box under a bridge on the Thames ;) .

We lived in Edinburgh for 5 years in an area (Merchiston) comparable to where we live now. I realize salaries are lower in Edinburgh but they are NOT half of what they are here for the same job, whereas housing is half (or less).

Anyway, my husband is going on contractual work beginning early next year, at which time we are looking to move back to Edinburgh. So I will be frequenting this segment of the HPC often.

Well it is exactly the same in Edinburgh. However I think we are both talking about 'nice' areas here ? I have seen many a place in not so nice, but liveable, areas of outside central London that are not hugely different from Edinburgh in terms of price.

As for salaries I totally agree. However the possibilities to earn mega money is HUGELY more in London compared to up here.

The chance of a smart 25 year old in Edinburgh buying a nice 2 bed flat in a nice New Town street due to their earnings ? Pretty much zero.

The chance of a similar 25 year old in London buying a nice 2 bed flat in a comparable area of London ? It is possible. Will be hard work but possible. There are a lot of jobs out there that pay that sort of silly money. There are also a lot of people trying to get them of course.

That is all I am trying to say. Megabuck money in Edinburgh is rare, however megabuck houses prices are not. London is not the same.

Anyway - they are both ******ing overpriced !! Welcome to the Jock forum. :D

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One bed flat Ilford about 8 miles from Central London.

109k

There are loads at this sort of price. Lots in not the greatest order but not too shabby. Look to have pretty big rooms.

Studio flat in Edmonton about 8 miles from Central London..

100k

------------------------------------------------------------------------------------------------------------

Now Edinburgh:

Studio flat about 5 miles from Central Edinburgh.

83k

One bed flat similar area similar distance.

112k

Apart from the nicer areas near Central London - is London really that much more expensive than Edinburgh ?

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One bed flat Ilford about 8 miles from Central London.

109k

There are loads at this sort of price. Lots in not the greatest order but not too shabby. Look to have pretty big rooms.

Studio flat in Edmonton about 8 miles from Central London..

100k

------------------------------------------------------------------------------------------------------------

Now Edinburgh:

Studio flat about 5 miles from Central Edinburgh.

83k

One bed flat similar area similar distance.

112k

Apart from the nicer areas near Central London - is London really that much more expensive than Edinburgh ?

In a word, yes.

I grew up in a 3 bed victorian semi in Raynes Park, SW20. Current value £1M. We are currently looking at similar 1800-2000 sq ft 3/4 bed victorian semis in Bruntsfield/Viewforth ( a similar or nice area to Raynes Park IMO). Cost: around £530k.

I mean-look at this in Wimbledon:

http://www.rightmove.co.uk/property-for-sale/property-26776561.html

2-bed flat for £510. I know the area well-nice but nothing special. Good for commuting to waterloo. wimbledon town centre is pretty bog standard. the village is nice but this is not in the village.

London is massively more expensive than Edinburgh. I would never consider returning to London on my current salary.

Edited by fflump

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In a word, yes.

I grew up in a 3 bed victorian semi in Raynes Park, SW20. Current value £1M. We are currently looking at similar 1800-2000 sq ft 3/4 bed victorian semis in Bruntsfield/Viewforth ( a similar or nice area to Raynes Park IMO). Cost: around £530k.

I mean-look at this in Wimbledon:

http://www.rightmove...y-26776561.html

2-bed flat for £510. I know the area well-nice but nothing special. Good for commuting to waterloo. wimbledon town centre is pretty bog standard. the village is nice but this is not in the village.

London is massively more expensive than Edinburgh. I would never consider returning to London on my current salary.

You have picked out the so called 'nicer' areas in London. Whether or not you personally think Wimbledon is nice it is known as a very popular and attractive place to live there.

I was simply making the point that if you go to areas outside of these, it is possible to get places for similar prices to Edinburgh. And the comparable places in Edinburgh are not exactly in the nicest areas either.

It is also possible for a 25 year old in London to be earning a couple of hundred grand per year. Not normal but not that unusual. I know someone myself who did just that. Someone doing really well for themself working in Finance in Edinburgh age 25 ? Probably earning 30-40k. The difference in the ability to earn big money is far greater than the house price gap IMO.

A 25 year old in London wants to buy a one bed flat in Ilford with the savings of just one years good salary and bonuses ? Very possible in London. Not normal but very possible.

A 25 year old in Edinburgh wants to buy a one bed flat in East Craigs with the savings of just one years good salary and bonuses ? Impossible in Edinburgh.

That is my simple point. We hear sob stories from London about how ludicrously high their prices are. Nobody will disagree with that. HOWEVER if you go just a little further out the prices are very simiilar to Edinburgh AND they have the chance to make serious cash at an early age in London. Whereas in Edinburgh there just is not that chance.

There is more choice in London, in terms of work or housing, and the prices clearly are not as ludicrously high in all the areas as we are led to believe.

The lowest priced one bed flats in London are no higher than the lowest priced one bed flats in Edinburgh.

And is Ilford really much worse than Gorgie...:rolleyes:

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Catford 2 bed 140k

Lewisham 2 bed 149k

These are barely 6 miles from London City Centre. They both look pretty reasonable. I don't know the areas but I doubt you are likely to get stabbed whilst walking out your front door ?

And they are similar prices to 2 bedders a similar distance from the centre of Edinburgh.

Having a look around righmove tells me one thing. You stay out of the popular areas of London ? It is very similar to Edinburgh in price. For FTB's anyway.

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2 bedroom semi in Bromley.

Looks ok. Not the nicest but not too shabby.

175k

2 bedroom semi East Craigs

165k

:rolleyes:

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Had a look at the London section for chat on Bromley/Lewisham.

HPC London Chat

Seems like Bromley is a reasonable area about 20-40 minutes from central London. Not too much going on but nice parks, 'leafy' and pretty decent.

Sounds pretty much like East Craigs to me.

Anyone else think they have been conned by the whole 'London is the most overpriced place on Earth' chat ?!

Aside from the popular areas, not much worse than Edinburgh unless I have missed something....

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Well my husband earns 135,000 GBP and we can't afford to buy the 2 bedroom flat we are currently renting (they are still on the market for 680,000). You actually have to be making the BIG mega bucks in London to live in London. And who the hell wants to live out in Kent, I would rather live in a box under a bridge on the Thames ;) .

We lived in Edinburgh for 5 years in an area (Merchiston) comparable to where we live now. I realize salaries are lower in Edinburgh but they are NOT half of what they are here for the same job, whereas housing is half (or less).

Anyway, my husband is going on contractual work beginning early next year, at which time we are looking to move back to Edinburgh. So I will be frequenting this segment of the HPC often.

Something seems very wrong here, I'm no expert but would guess that even for London surely £135K is an above average salary? Sometimes I think there will be a day when people look back on these forums with awe at the values placed on property. How many square feet is your flat?

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Lordy. Overcompensate much?

Thanks for sharing.

Was I not suppose to share such detailed information on this site? I was merely attempting to make a point about the ridiculous price of real estate in this country (which I thought was the point of this message board).

Besides we had to leave Edinburgh (and move back to the US, I am American) for personal family reasons. We never wanted to leave Edinburgh, but at least now we are back in the UK (although London is not the same).

Edited by mel in w9

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Had a look at the London section for chat on Bromley/Lewisham.

HPC London Chat

Seems like Bromley is a reasonable area about 20-40 minutes from central London. Not too much going on but nice parks, 'leafy' and pretty decent.

Sounds pretty much like East Craigs to me.

Anyone else think they have been conned by the whole 'London is the most overpriced place on Earth' chat ?!

Aside from the popular areas, not much worse than Edinburgh unless I have missed something....

Well as someone who has lived in Edinburgh and London, I can say that like for like area, London is FAR more expensive than Edinburgh.

Lewisham is down right dangerous. Bromley is not much better. Yes, one can live in "cheaper" parts of London, but they aren't safe and the schools are awful (so for those of us with children, its a bit of a no-go).

We lived in Merchiston for 5 years (which is a nice part of Edinburgh). We currently live in Maida Vale (which I would say is comparable to Merchiston, although maybe even a step down). The price for a 2 bed flat is double what it is in Edinburgh for a similar area.

I follow the ESPC pretty much weekly (as we are looking to move back to Edinburgh by the spring time) and what you can get for your money in Edinburgh is astounding compared to a similar property here in London.

I agree Edinburgh is expensive, and compared to much of the UK its excessive in its cost. But London is another universe. Yes, I know its because there is so much money here, and so many rich non-doms live here. However the cost of property borders on the absurd.

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Something seems very wrong here, I'm no expert but would guess that even for London surely £135K is an above average salary? Sometimes I think there will be a day when people look back on these forums with awe at the values placed on property. How many square feet is your flat?

Our present flat is about 900 square feet. These flats go for about 680,000 (and yes they are still selling at this price, although I have no idea who is buying them).

Yes, something is very wrong with this scenario.

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  • 261 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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