Tuesday, September 2, 2008

But… but… it’s different here!

Edinburgh House Prices Fall for First Time in 37 years

Edinburgh house prices fell last month for the first time in at least 37 years as the number of purchases slumped and sellers lowered their expectations. Prices in August fell 6.5 percent from a year earlier to an average of almost £202,000, as the number of sales dropped 59%, the ESPC said. In July prices were up 7.4 percent from a year earlier to an average of £245,000.

Posted by little professor @ 07:47 PM (809 views)
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9 thoughts on “But… but… it’s different here!

  • little professor says:

    Those are some crazy numbers – up 7.4% YoY last month, down 6.5% YoY this month. I think this must reflect the low number of transactions – only 400 – which isn’t enough to give decent statistical power.

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  • little professor says:

    Either that or the article is just plain wrong. I’m still scratching my head.

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  • In 37 years? That bunkum surely.

    A wee dram’na shot’ay skahg.

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  • These are the equivalent of Rightmove figures, except that in Scotland, houses tend to sell for more (usually much more) than the asking price.

    I think what we have been seeing is that actual selling prices have been much less of a margin over asking prices than previously.

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  • Saw this on the evening STV news, music to my ears! They didn’t even seem to spin it, except to have an “expert” say, buying a house is a longterm investment, we’re on a small island, prices always go up in the long term…

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  • If these numbers are correct, the fall in average prices from July to August is 17.5% – Now that’s what I call a house price crash.

    House prices in Scotland have been maintained (and reported) at artificially high levels by VI’s for the past 9 months – the market has now got to the point where the reality can no longer be hidden.

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  • Highland Property Bubble says:

    Edinburgh is amongst the most overpriced of Western European cities outside of London.

    jonb – “except that in Scotland, houses tend to sell for more (usually much more) than the asking price.”
    This was indeed true during the recent times of funny money, multiple salary, self-certification mortgages. The current situation is however that Scottish vendors are being ill advised to advertise their properties at last year’s asking prices which are never going to be achieved in the foreseeable future. Our local solicitors property centre has hundreds of unsold properties on their books which will have to be re-priced in order to have hope of being sold.

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  • I’ve noticed a lot more “for sale” boards in Edinburgh recently.

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  • japanese uncle says:

    Be in no doubt that HPC will reach 75-80% in Edinburgh which belongs to the London League of Property Casinos.

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