Friday, May 16, 2008

Is it different in Scotland?

Scottish house prices rise again

I hope you'll forgive me for this slightly mischievous posting but I cannot help wondering what this story is about. I found this bit amusing: "The Edinburgh & Lothians Property Group (ELPG,) which brings together property solicitors, welcomed the figures. Steve Spence, senior partner at ELPG member-firm Neilsons, said they underline the message that Scotland has a distinct property market that is largely immune from the peaks and troughs that affect English homeowners." Kinda reminds you of arrogant estate agents perhaps?

Posted by quiet guy @ 08:06 PM (989 views)
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10 thoughts on “Is it different in Scotland?

  • I live in Scotland in an area that believes it is immune. In the property guides there are lots of properties with New Price and Back on market, mostly because the buyer failed to get a mortgage or the valuation wasn’t up to scratch. Properties just aren’t selling where I live.

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  • Presumably this is asking prices that are going up, and in Scotland, they bear no relationship whatsoever to actual sales prices.

    They usually have “offers over” prices, which means the lowest price below which there is no point wasting a phone call on an offer. Actual sale prices are usually much higher than that.

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  • yorkshireman says:

    Funny that, because the first two prices falls in Haddington, East Lothian ( 17 miles East of Edinburgh ) Post Code EH41 show up on Property Snake. Mind ye, ye can ne’er trust these Sassenach websites.

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  • this is just pathetic it’s the same shit everytime scotland imune blah blah blah …
    i wonder what exactly makes scotland so special, no industry, the neds, the weather?

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  • montesquieu says:

    Wishful thinking. I bought a flat in the West End of Glasgow in 1996. the couple I bought it from had been trapped there by negative equity since 1989. They made all of £500 over what they paid six years before.

    While it’s true Scotland didn’t see the 50-60% falls of some areas in England (typified by Bradley Stoke – aka ‘SadlyBroke’ in Bristol), it did have negative equity as there were indeed price falls over that period.

    Scotland’s market used to be different, with solicitors controlling buying, selling and mortgage provision, assisted by some old-fashioned building societies, and the rules and ‘offers over’ arrangements are still different, but the market looks a lot more like England’s now and is set to suffer just the same.

    When one-bedroom flats in a dump like Motherwell have almost doubled in value between 2006 and 2007 (from £50k to £90), then a crash isn’t far behind. Could even be worse than some places down south. I have a few friends who got the BTL bug (buy a flat off plan and either flip it or offer it to someone on housing benefit, the cooncil pays the mortgage while the value goes up, free money eh? …) and it’s clear the madness has been no different than in Leeds or Manchester.

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  • Yep, even though the house price boom and bust is a global phenomenon, Scotland is immune. Funny, people were saying the same thing about Northern Ireland last year.

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  • Crashonitsway says:

    Check out the actual price fall in Scotland!

    Figures for Scotland are for the period January to March 2008 (by Registers of Scotland Executive Agency):
    Change in last quarter: -5.1%
    Change in last year: 7.4%
    Sales: 27,501

    http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/regions/html/region12.stm

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  • Presumably ELPG missed the story this week about the fact that the majority of people in the UK don’t think house price rises are a good thing per se.

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  • dohousescrashinthewoods says:

    “Is it different in Scotland?”

    No.

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