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Dave Beans

Aberdeen Housing Market In Freefall

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Well the whole housing market has been waiting for a trigger for 15 years...perhaps this is the one??

This has been asked so many times over the past 10 years (on here) that I doubt it.

Even if this does cause a big localized crash, the government will step in under the pretext of helping a strategically important industry.

Shame that the SNP lost the referendum in Sept, because we really would have house price chaos by now.

Alistair Darling knew his onions after all...who'd have thunk that!

Edit spelling

Edited by Roman Roady

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Well the whole housing market has been waiting for a trigger for 15 years...perhaps this is the one??

This has been asked so many times over the past 10 years (on here) that I doubt it.

Even if this does cause a big localized crash, the government will step in under the pretext of helping a strategically important industry.

Shame that the SNP lost the referendum in Sept, because we really would have house price chaos by now.

Alistair Darling knew his onions after all...who'd have thunk that!

Edit spelling

Aberdeen is a mid sized town miles away from anywhere, can't see this having a knock on effect to Edinburgh or Southern England.

Edit - Seems Brown is already to the rescue on this one offering Sweaties the ability to top up social security benefits.

http://www.telegraph.co.uk/news/general-election-2015/11383152/Gordon-Brown-to-promise-Scots-higher-pensions-and-benefits.html

Someone shoot this fool please.

Edited by Samboy

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Clever journalism in the first sentence of the article, describing a fall in house prices as a "housing crisis".

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Clever journalism in the first sentence of the article, describing a fall in house prices as a "housing crisis".

Yeah, they've already had the crisis of insane unaffordable price increases. This country and it's one sided vi media is very very sick.

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A mortgage is said to be “risky” when homeowners borrow 4.5 times their salary

The current situation is in contrast to last spring’s price surge, which contributed to a 9.8 per cent house-price increase in the first nine months of 2014

Aberdeen property prices suddenly slumped by 1.5 per cent in the final three months of the year

Hardly freefall, 1.5%. It's funny how the media and PTB find absolutely no problem with prices going up 10% (when wage inflation is basically stagnant) but forbid prices falling.

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A mortgage is said to be “risky” when homeowners borrow 4.5 times their salary

That was what caught my eye. The BoE considers mortgages risky if they are over 4.5x salary

I wonder how many UK mortgages are considered risky in the BoE's planning ?

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Clever journalism in the first sentence of the article, describing a fall in house prices as a "housing crisis".

crisis, in financial terms, means a change in the paradigm.

It doesnt mean disaster as in common parlance.

Although, Im sure they mean it so....and if you are on the wrong side of a trend, then a crisis could be a disaster.

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Clever journalism in the first sentence of the article, describing a fall in house prices as a "housing crisis".

Up is down, left is right, black is white, etc, etc

The sheeple are brainwashed

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Although it may be difficult to devalue when they're all at it, doesn't the oil price crash give the government/BoE the opportunity to devalue without heating costs going through the roof? We import most things, but I would have though that would be the most important.

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Poor poor hamish.

Losing his base stock value now, as well as his London Stock value.

Where can he run too?

Of course, all those high paying Oil Exec renters wont be paying £1000 per month for that Aberdeen BTL either. Renters and OOs lose their jobs alike.

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Why is this bad? Surely the independent should report it neutrally.

they probably are, they have interviewed the only people they can...house sellers..these can be identified as they have advertised the fact.

House buyers, on the other hand, are hard to identify and interview...in any case, good news isnt news, so they wont make an effort to find any.

The others are a phone call away.

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My BIL has a home in Newtonhill. It's a two bedroom terraced house more akin to a concrete bunker with those narrow rectangular windows downstairs position horizontally near the ceiling so you can't even see outside which could only be of benefit in an all out nuclear armageddon I guess (radiation/gamma rays). He told me the house was worth £300k (a year ago) and I was lost for words. I had £80-100k subconsciously priced in my head max even before we got on the subject of house prices which lead us onto his parents home in Aberdeen itself and ballpark £700k which is spectacular as it is very similar to mine in the Midlands at a quarter of that figure. I'm no sherlock but I guessed Aberdeen was blown up on oil money and pre-empted these falls with all the sector job losses announced of late.

They have much further to fall when the oil dries up.

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Aberdeen is a mid sized town miles away from anywhere, can't see this having a knock on effect to Edinburgh or Southern England.

Edit - Seems Brown is already to the rescue on this one offering Sweaties the ability to top up social security benefits.

http://www.telegraph.co.uk/news/general-election-2015/11383152/Gordon-Brown-to-promise-Scots-higher-pensions-and-benefits.html

Someone shoot this fool please.

Will have a big negative sentiment effect on the rest of Scotland, because we just narrowly missed going it alone with NSO as one of the Big Guns of the economy, and there are people who travel from all over the UK to work in oil and gas, they lose their job and the mortgage back home is under threat. Had a conversation with someone recently who told me about rent for basic flats in Aberdeen (paid for by employers) and lets just say it was more than double my rent in Edinburgh for similar. Aberdeen needs to crash, and crash hard.

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