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hirop

Current Scottish Market - To October 2013

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Wanted to share what I've seen in the last 3 months (Aug,Sept,Oct). My target area is around the Irvine Valley.

A heck of a lot went SSTC and the completions are filtering through now. I put some of it down to end of summer "Be in before Christmas" types, and lots of media speculation about price growth next year. The lower end flats and house (60-100K) have just about all went STC in last 6 weeks, I'd say this is people who can do it getting it done - in case there are price increases next year. I can think of no other explanation given the timing of the HTB2 media blitz. A lot of this stuff was sitting about last year and no comparable activity swept them up then. Slightly concerns me, but I'm more of a watcher of the 180-220K stuff, which is a lot less affordable on local wages unless you have some equity gain or massive deposit to pile in with.

Now what was interesting was two nice bigger places (3 or 4 bed detached, garage, driveway, good sized gardens), 195K and 225K both sold for their fixed prices in September. Both were on my watch list and had reduced from OO 230K and 270K respectively over the past couple of years, both took about 9 months on the fix to get rid. Both had been with multiple agents. So at present, where funding, sentiment and fear collide, the fix seems to be the selling price if the fix has followed a years worth of declines. I'm disappointed to lose two favs, but at the same time, at long last I have local selling prices in the last 12 months to utilize to my benefit. The prices sold were not peaky, but seem to be around 2005 levels. I'd rather not borrow quite what would have been needed to make either happen. I could if i needed to, and I may need to if sentiment carries on into the new year.

That's it, that's what's happening here, maybe something, maybe nothing.

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I'm not really monitoring the local market in detail although keeping an eye on the general market as renting suits me for the time being. This BBC News web site article today emphasises that buyers are paying more rather than sellers dropping prices to close the 'reality gap'. I can't see any 'reality' in the fundamentals to justify price increases other than perhaps a willingness to take on more debt. Along with the rest of the publicity surrounding a housing market 'recovery' i.e. prices going up, it does smells like a shift in sentiment. Not heard much in the media from the SNP about housing policy in an independent Scotland.

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I'm not really monitoring the local market in detail although keeping an eye on the general market as renting suits me for the time being. This BBC News web site article today emphasises that buyers are paying more rather than sellers dropping prices to close the 'reality gap'. I can't see any 'reality' in the fundamentals to justify price increases other than perhaps a willingness to take on more debt. Along with the rest of the publicity surrounding a housing market 'recovery' i.e. prices going up, it does smells like a shift in sentiment. Not heard much in the media from the SNP about housing policy in an independent Scotland.

Or perhaps it's just propaganda.

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