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House Prices Plummet- Shock Figures From Bo S

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House prices plummet

house prices are plummeting
at one of the fastest rates in Scotland.
The average price in the area is now £97,304 — three per cent down on this time last year.
The shock figures, revealed by the Bank of Scotland,
are in stark contrast to massive rises in other parts of the country where the cost of some properties has shot up by more than 25 per cent.
A spokesperson for The Property Shop estate agents in Greenock's West Blackhall Street said there was still hope for home owners in Inverclyde despite the drop. She said: "The larger properties are maybe not selling for as much as before but they are still selling for over £120,000.


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I suppose they need something to write about in these local papers. They have just read the 21 July HBoS Regional Comments for Scotland which shows Greenock 3% down yoy. But with the rest of the areas in Scotland posting double digit increases there must be some local factors at work or just a blip (see http://www.hbosplc.com/economy/includes/ScotlandQ22006.doc). How one can spin this as prices plummeting across the board escapes me. Historically certain areas perform out of kilter with the general trend.

Sadly the trend in Scotland is still up and London average prices only 2.2 x Scottish average prices against a historic average of 3+.

I do not recall news that the Scottish economy is outperforming England or becoming standalone - the reverse probably. When the fall happens (sadly I think still a year or so away) the fall in Scotland will be brutal and swift. I am a Scot before anyone asks but live in London - given what the SE of England pays indirectly into the Scottish economy through Govt funding we probably have paid for these house price rises! And we'll pay more when the next recession comes as their population will be hit harder. Wonderful isn't it.

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  • 301 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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