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Landlord.co.uk: Is Scotland Safe From So Called Uk House Price Crash?

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AM, Thur 11th Oct - Is Scotland safe from so called UK house price crash?

There are now suggestions that the housing market slowdown is accelerating - but Scotland appears to be oblivious to this trend affecting the rest of the country.

Posted: 9:26 am, 11th October 2007

There are now suggestions that the housing market slowdown is accelerating - but Scotland appears to be oblivious to this trend affecting the rest of the country.

Asking prices are said to be going down in many places south of the border - but there is evidence that values in Scotland are still going up - this inflation is higher than anywhere else apart from Northern Ireland and London. The Halifax put Scottish prices being 0.7% up over the past three months (14% higher than this time last year) whilst Nationwide say the increase is 2.5% over the past quarter (12% over the year).

Local experts the Edinburgh Solicitors' Property Centre (ESPC) also released data in the past week suggesting that house price inflation actually increased during the month of September making annual inflation stand at 13% compared to 10.6% in August.

England and Wales may not be so fortunate however - the appetite for buying a new home appears to have diminished since the credit crunch, the interest rate rises and the Northern Rock incident. Estate agents also believe that official data is lagging what is actually happening by up to three months - meaning the full details of the impact of this slowdown will not be evident in the numbers yet. This slowdown could also become more pronounced if mortgage finance becomes harder to arrange. The Halifax announced last week that they are scrapping their targets for selling loans...

The blame in England and Wales is being left with the introduction of Home Information Packs (HIPs), the Scottish equivalent of which will not come into effect until 2008. Agents in some areas are accusing HIPs of making buyers flood the market before their introduction so that they do not have to pay the new fees, whilst others argue that buyers have been halted due to the lack of new property for sale.

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