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ScottishToeRag

South Of Scotland Crash Is Here

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House went on market near us almost exactly one year ago at £375k.

Reduced to £350K summer.

Reduced to £300k autumn.

Reduced to £265k Winter.

Sold February 2006 for £250K.

I make that a 33.3% reduction.

Ouch!!

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House went on market near us almost exactly one year ago at £375k.

Reduced to £350K summer.

Reduced to £300k autumn.

Reduced to £265k Winter.

Sold February 2006 for £250K.

I make that a 33.3% reduction.

Ouch!!

OMG! That is a nightmare! what area was that in? I am thinking of selling my apartment and i am dreading the market response. I have been told a figure to expect and I am happy with it as most of my equity is intact but there is a difference between what you are told you will get and what you ACTUALLY get!

K

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So this great discovery of a south of Scotland crash is based on the anecdote of the fortunes of one property?

Fantastic extrapolation!!!

However, very much in keeping with the hyperbole on this site!

Edited by Alba

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House went on market near us almost exactly one year ago at £375k.

Reduced to £350K summer.

Reduced to £300k autumn.

Reduced to £265k Winter.

Sold February 2006 for £250K.

I make that a 33.3% reduction.

Ouch!!

ScottishToeRag

The last time I looked Glasgow was in the south of Scotland, and I can assure you there is no crash here. For a year I've been logging on to the GSPC website around the start of each month to check out whats on offer. I use a range of GBP60,000-GBP140,000 and a one bedroom flat as a constant. In October last year there were 23 one bed city centre flats on offer, November there were 25, December there were 21, January there were 12, February there were 7, March there were 9. I kept the reference numbers and checked out whether they had been sold, removed etc just last week... and all the properties that were listed from October to December have been sold.

As another example using the same price constant, in January, Slater-Hogg (Candleriggs) had 9 one bed city centre flats for sale, now they have 6, however these are mostly new listings. All but 2 of the January properties have been sold. The supply and demand dynamic here is not suggestive of a crash ...by any stretch of the imagination. Also, there are very few one bedroom flats for sale in the city centre at all, certainly less than there were at this time of year in 1999 for instance. From what I can gather, the peak of prices (one bed flat) in Glasgow occured in May 2005 then dropped 10% around November, and prices are now around 3% less and climbing.

There may be a crash regarding the particular house you mention in your post, wherever that is ? ...but the entire south of Scotland ? Certainly not in Glasgow.

OMG! That is a nightmare!

KenOH,

I would'nt read too much into sensationalist posts like this. I too am selling in the city centre of Glasgow and my own research suggests it should be a fairly swift process. I'm about 3 weeks away from listing so I'll let you know how it goes.

---

Edited by Buylowsellhigh

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ScottishToeRag

The last time I looked Glasgow was in the south of Scotland, and I can assure you there is no crash here. For a year I've been logging on to the GSPC website around the start of each month to check out whats on offer. I use a range of GBP60,000-GBP140,000 and a one bedroom flat as a constant. In October last year there were 23 one bed city centre flats on offer, November there were 25, December there were 21, January there were 12, February there were 7, March there were 9. I kept the reference numbers and checked out whether they had been sold, removed etc just last week... and all the properties that were listed from October to December have been sold.

As another example using the same price constant, in January, Slater-Hogg (Candleriggs) had 9 one bed city centre flats for sale, now they have 6, however these are mostly new listings. All but 2 of the January properties have been sold. The supply and demand dynamic here is not suggestive of a crash ...by any stretch of the imagination. Also, there are very few one bedroom flats for sale in the city centre at all, certainly less than there were at this time of year in 1999 for instance. From what I can gather, the peak of prices (one bed flat) in Glasgow occured in May 2005 then dropped 10% around November, and prices are now around 3% less and climbing.

There may be a crash regarding the particular house you mention in your post, wherever that is ? ...but the entire south of Scotland ? Certainly not in Glasgow.

KenOH,

I would'nt read too much into sensationalist posts like this. I too am selling in the city centre of Glasgow and my own research suggests it should be a fairly swift process. I'm about 3 weeks away from listing so I'll let you know how it goes.

---

THANKS!

I am not very wise when it comes to my property having only ever bought 2 places. Please keep me up to date on your adventures.

I am about to start the process of house sale...

Cheers,

KenOH

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It would probably be more interesting to compare the last selling price to the one before WRT this house. That would give a fairer picture of where we are at, rather than drops in (probable) inflated asking prices. For instance, if it sold for £150000 more than when it was sold 3 years ago compared to if it sold for £10000 less this time than 3 years ago. I don't think lowering of asking prices can really be called a crash or a correction. To my mind, this occurs when actual prices are coming down.

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  • 337 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
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      • up 5%



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