The Crash Comes To Scotland

[Flash]

The Beeb are trying to put a brave face on it and report it as a slowdown. Oh, Come on!!

Lloyds TSB Scotland Price Monitor

EDIT: 22nd November 2005.

Everyone should read this thread. It started out about Glasgow property being (correctly) reported by the BBC as having fallen 12.1%. But as you read on, you see that in the most amazing example yet of vested interest control of property reporting, the bearish article was mysteriously removed and replaced with a bullish one. Read on. You won't regret it.

Webmaster - Can we pin this, especially as it has been picked up by firstrungnow.com?

Edited November 22, 2005 by Flash

[OnlyMe]

"The underlying economic environment remains benign. Unemployment remains at the lowest level for 30 years, accompanied by robust levels of increase of retail sales and continuing high levels of consumer confidence."

They always remeber to forget about the levels of debt that managed to bring down the Japanese economy don't they, how remiss.

Truth is most of all the above are just borrowed from the future, not earned from the past.

[Randall Herbert]

Glasgow down 12.1% in the last quarter?

Surely not?

Prices can't fall?

They can only go up up up! or at the very least plateau?

Huh! who on earth is going to believe this nonsense...............

Falling prices........

HOUSE PRICES CAN'T FALL - Read my lips

where is DogBollox, TTRTR, BBB, KOC etc when you need him (them?)

Come on guys, spin your way out of this one.

The future of your BTL portfolio capital gains and continually reducing rents depend on it.

[The Masked Tulip]

Glasgow prices fell in the last quarter by 12.1%, but the city still has an annual increase of 22%.

The average Dundee house price fell by 2.6% but the annual price growth is 30.1%

Is this not intended to confuse? FUD! A 12% fall in one quarter is a crash.

[roblpm]

I'm a bear but this s B***cks.

For Edinburgh suggests up by 11% YoY.

But on October 22nd less than a month ago i quote from HBOS:

"The housing market in Edinburgh has been steady. Average prices are up 1% (£178,468) over the past year"

So you can not believe any of these figures!!

Anyway the House Registers of scotland is out today as well with:

"The average price for a residential property in Scotland increased by 7.6

per cent in the last quarter (July to September 2005) and is now £126,538,

according to figures released today by Registers of Scotland. This

compares with a figure of £117,626 in the previous quarter (April to June

2005).

This represents an increase of 7.1 per cent over the same quarter last year."

[schadenfreude]

Hard to know wht to believe. ESPC says Edinburgh YOY 2%, but still hasn't published third quarter stats yet.

I thought that the average LTV of 83% (compared to UK average of 67%) was a very positive stat for bears.

[Bookerman]

An article in the daily mail on tuesday gave details of the areas that have fallen in Scotland but of course the headline was about the areas which have risen.

The average price in Newton Mearns has fallen dramatically, down 13.6 per cent in the year to september while prices are down 1.3 per cent in Bearsden, East Dumbartonshire, and by 0.1 per cent in Livingston.

And by the way as some one who works in Edinburgh if prices have risen there I would be amazed as I have been passing the same houses for sale for almost a year and could count the amount of sold signs on one hand.

[Randall Herbert]

same can be said of Dundee

[Guest magnoliawalls]

And by the way as some one who works in Edinburgh if prices have risen there I would be amazed as I have been passing the same houses for sale for almost a year and could count the amount of sold signs on one hand.

Don't you know that prices will never fall in Edinburgh, as my friends keep telling me... it is different here.

[New Darker Law]

I seem to remember reading in the Metro newspaper that Glasgow prices fell 3% in the quarter before the one referred to in this thread.

So that's a 3% drop followed by a 12% drop. Yet the Scottish Executive tell us prices are still rising.

What to make of it all.

NDL

[Peachy]

Someone help me out here. I cant find anywhere in the linked article where it says Glasgow prices dropped by 12% in the last quarter. Has it been amended. If so is there a cache?

This is important to me as i live in Glasgow in rented accomodation with 2 kids. I'm desperate to buy a house with a garden but on one wage its not happening.

[SpoonUnit]

You're right - it's been removed from the article. The VIs hems are showing.

It is stunning how the BBc are being so brazen about this.

I am just gobsmacked...

[jellybean]

Yet What to make of it all.

Dont know really. The Borders has an average wage of 20K and an average house price of 140K. There is bugger all work. Textiles and electronics are gone. But there are a lot of rich people here now because our houses are all worth 114,000,000K. Me to. Trouble is, we cant spend any of it or move anywhere, and I can't get a garden. Ho hum.

On the bright side, sanity is most definately returning, and houses are not selling anymore thank goodness. There has definately been a radical shift in perception over the last year.

Edited November 20, 2005 by jellybean

[New Darker Law]

I was looking for another article (which I may yet find! ) when I found this:

Evening Times: Homebuyers are left in the lurch by housing market slowdown

Looks like sentiment is changing in Glasgow.

NDL

[SpoonUnit]

12.1% a quarter is a real super-duper crash (over 40% per annum annualised). And Glasgow is a huge city and property market. They are frightened. What would Tony and Gordon think if they let people know what was happening? It might lead to panic selling. The BBC has a duty to keep us ill-informed.

When I first happened upon this site, I thought that people were being overly paranoid about BBC bias. But now I know what they mean. It's an absolute disgrace.

[New Darker Law]

Oh yeah, here it was, found it in the blog:

Evening Times: City house prices plummet

That's more the language we like!

NDL

[Peachy]

good old Google Cache, I tried to find it but my google fu skills are weak.

Wonder why they changed it. Anyone fancy writing a letter to them for an explanation?

Maybe we should look out for more of this post publication editing and link them on the wiki. Might make for some interesting reading. Do you think a pattern would emerge?

I have some mixed feelings about this. One of my friends just bought 130k worth of property in the new Gorbals. I'll let you do your own research on the history / reputation of the Gorbals.

Its indicative of the stall in new build prices, go to rightmove and look at the amount of fixed prices on new apartments, particularly Lancefield Quay which is 5 mins from me. Lots of flippers cutting each others throats.

I also have an anecdotal story about someone who was prepared to lose his 10k deposit half way through the build of those particular apartments rather than taking what he thought would be a greater hit later. Looks like he was right.

There are also numerous rumours around the town of Irish people buying them off plan and them scarpering back to Ireland and suddenly becoming uncontactable. I cant vouch for this as i say its just a rumor. Still I will spread it.

[rogerthelodger]

I was looking for another article (which I may yet find! ) when I found this:

Evening Times: Homebuyers are left in the lurch by housing market slowdown

Looks like sentiment is changing in Glasgow.

NDL

from the same newspaper

http://www.eveningtimes.co.uk/hi/news/5045843.html

Publication date 18/11/05.

HOUSE prices in Glasgow have dropped by 12% on average over the last three months.

It's just one sign that Scotland's house price boom is subsiding.

The price of an average home in Scotland has risen by 0.8% to £129,989.

Lloyds TSB Scotland said prices have risen for 19 quarters in a row, but the figures conceal a wide variation across the country.

Despite the price-drop last quarter, Glasgow still shows significant annual growth thank to price gains earlier in the year.

Edinburgh's modest price rises continue, but it posts the lowest annual rise at 11%, having entered first into the house price boom. Aberdeen shows 10% up in the last quarter and annual growth of 22%

The average house price in Glasgow is now £130,175; Edinburgh £178,078 and Aberdeen £137,658.

[BuyingBear]

They really are the sort of plummy twits who group-think "what possible reason could anyone have for wanting house prices to drop?".

We can thank their hotline to HM Treasury for this, there are a lot of Brownites in the Beeb, some will never forgive Blair for the war and Hutton.

[curious1]

complaint posted... we shall see what they have to say!

[Flash]

When I first happened upon this site, I thought that people were being overly paranoid about BBC bias. But now I know what they mean. It's an absolute disgrace.

Having started this thread last week, I've just come back to take a look and I can't believe what the BBC has done with this article. In fact, it is a completely different article, leading with Registers of Scotland data. It should therefore be on a different link.

I am absolutely stunned. I used to look on with amusement when some would question the impartiality of the BBC - not any more.

Why is the BBC doing is? In whose interests are they acting?

[Tempest]

This is a DISGRACE.

Clear censorship of unfavourable news.

I urge us all to complain about this behaviour and ideally highlight it to the newspapers and other financial websites (eg moneyweek, FT, Economist etc) via their online feedback. Hopefully some brave (non-government employed) journo will take up the beacon of truth!

Those of you who doubt the "VI" story be in no doubt. This is Vested Interests in action. Sadly these are the most insidious ones - they are not employed in the property market themselves a la Rightmove (where one can understand if not condone such activities) but in a position of power (duty?) to inform the masses of real information affecting their lives and prosperity - and they choose to play to the tune of their politicial paymasters and idealogical bedfellows in masking the true state of things.

Shame on you BBC employees (or at least those of you with any editorial control). You are the lowest of the low. I would rather talk to a Foxtons chap/chick than you.

Can we keep bringing this to the top for a while until people have seen it.

This is the CRASH in action. As we have said, it will hit those areas which (on fundamentals) are least able to absorb the runaway prices first.

BBC Disgrace.

Those of you who have cut the BBC come slack to date just imagine what they have been telling you (not telling you) about across the whole spectrum of news in recent years.

[curious1]

Bump...

Isn't this the best evidence of VI influence on the BBC yet?

Still waiting for this to become sticky.

[RedHotChippyLeper]

Shocking!

Thats the only word. I, naively it seems, thought the beeb to be a reliable source of information.

I know not to trust any random figures published by anyone as it is all vested interest and everyone's figures seem different anyway. However changing the content after publication to deliberately mask the truth is just not on.

I will be complaining as well. I would want to know who requested the edit and who approved it. If the figure is real, then, as news reporters they should be bound to report it truthfully. Or is my head just living in some kind of utopian fantasy land where propaganda does not exist and people don’t pay £200,000 for naff 2 bedroom flats made out of balsa wood and paper mache.

[BearLite]

Great thread. Significant falls in Scotland with shady VI backtracking anticts.