EdiLass Posted June 3, 2008 Share Posted June 3, 2008 Its now June, we have the UK house prices for May, we have a whole rash of articles saying that Scotland will be more resiliant and quoting the Q1 figures for Scotland compared with the UK as a whole, but do we really have to wait till the end of August to see a regional breakdown? Quote Link to comment Share on other sites More sharing options...
roblpm Posted June 3, 2008 Share Posted June 3, 2008 Check out myhouseprice.com, Market analysis section, I think they update monthly from the RoS figures Shows prices rising in Edinburgh!! Mean price: April 2008: 227224 March 2008: 213564 Feb 2008: 222800 Jan 2008: 208252 Peak is July 2007 which is 244131 so we aint gonna get to that by July which will mean YoY falls in Edinburgh, however its amazing that it is Spring bouncing at all! Low transaction volumes skewing the figures?? Quote Link to comment Share on other sites More sharing options...
Radge Posted June 3, 2008 Share Posted June 3, 2008 (edited) Reuters is spouting the 'Scotland is different' stuff today (quoting the ubiquitous Fionnuala). Interestingly, they appear to be quoting the Halifax figures, which no-one on the main forum seems to have been able to find. If myhouseprice.com are using RoS figures then they are subject to a time lag. Edited June 3, 2008 by Radge Quote Link to comment Share on other sites More sharing options...
EdiLass Posted June 3, 2008 Author Share Posted June 3, 2008 Check out myhouseprice.com, Market analysis section, I think they update monthly from the RoS figuresShows prices rising in Edinburgh!! Mean price: April 2008: 227224 March 2008: 213564 Feb 2008: 222800 Jan 2008: 208252 Peak is July 2007 which is 244131 so we aint gonna get to that by July which will mean YoY falls in Edinburgh, however its amazing that it is Spring bouncing at all! Low transaction volumes skewing the figures?? thanks roblpm, I checked the myhouseprice.com FAQs and they get their Scottish house prices from RoS, so there is a lag, and they say they update their figures every month, but no mention of when in the month so no idea when May's figures will be available. The way I see it in Edinburgh at the moment there is a stand off with buyers unwilling to drop their prices and potential buyers unwilling to commit at such a time. I'm thinking that once the May figures come out, if they show a significant drop then that may be the thing tht pushes sellers to start dropping prices If however, they hold steady, then I think the stand off might continue for a while longer as long as there aren't alot of forced sales Quote Link to comment Share on other sites More sharing options...
geed Posted June 3, 2008 Share Posted June 3, 2008 thanks roblpm, I checked the myhouseprice.com FAQs and they get their Scottish house prices from RoS, so there is a lag, and they say they update their figures every month, but no mention of when in the month so no idea when May's figures will be available. The way I see it in Edinburgh at the moment there is a stand off with buyers unwilling to drop their prices and potential buyers unwilling to commit at such a time. I'm thinking that once the May figures come out, if they show a significant drop then that may be the thing tht pushes sellers to start dropping pricesIf however, they hold steady, then I think the stand off might continue for a while longer as long as there aren't alot of forced sales If the stand off continues EdiLass the real estate agents/ solicitors will make no money. Mmmmm, the ironic thing is that the ESPC et all are trying to scare the Johnstone press readers into thinking that falls in Edinburgh will not happen in the hope that they will then start buying again. But many can't as they cannot get cheap credit anymore and have no money of their own, and many won't (me) because they know that desire to buy and ability to buy are two different things and they will not plough their hard earned cash into a well documented and researched asset bubble. Property is overvalued period. As the cashflow dries up for the ESPC crew (like now!), they will be forced to push vendors into reduced prices or they will have to shut up shop. So in effect they will push the market down for us, they simply have to to survive. Irony at its best. It's happening in England and Wales right now and it is a beautiful thing really. Quote Link to comment Share on other sites More sharing options...
canny man Posted June 4, 2008 Share Posted June 4, 2008 Edinburgh solicitors are still busy......trying to offload their own 'investments' Quote Link to comment Share on other sites More sharing options...
EdiLass Posted June 4, 2008 Author Share Posted June 4, 2008 If the stand off continues EdiLass the real estate agents/ solicitors will make no money. Mmmmm, the ironic thing is that the ESPC et all are trying to scare the Johnstone press readers into thinking that falls in Edinburgh will not happen in the hope that they will then start buying again. But many can't as they cannot get cheap credit anymore and have no money of their own, and many won't (me) because they know that desire to buy and ability to buy are two different things and they will not plough their hard earned cash into a well documented and researched asset bubble. Property is overvalued period. As the cashflow dries up for the ESPC crew (like now!), they will be forced to push vendors into reduced prices or they will have to shut up shop. So in effect they will push the market down for us, they simply have to to survive. Irony at its best.It's happening in England and Wales right now and it is a beautiful thing really. I agree all those fators will come in to play, but just because ESPC is pushing doesn't mean vendors will shift. There will be people who just say no, I'm not selling now or until I get what I thought I'd get. Another outcome would be that EAs go under, and solicitors that really are solicitors scale back on that side of things Quote Link to comment Share on other sites More sharing options...
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