nationwide down 1.9%

John_Pierpoint

It must be something to do with Hadrian's wall.
I don't believe that Scotland is avoiding the effects of the global credit crunch.
There could be special effects from the oil boom in Aberdeen & the norther isles, but not all over the country.
Could the different legal system result in a built in delay to getting out the figures?

mitchaa

stonethrower wrote: »

To be honest I don't know what house prices in Aberdeen are doing but 10% of 200k is 20k not 40k

Haha well spotted. 20% £200k

Its not just Aberdeen though bucking trends, Scotland as a whole seems to be fairing very well through this and all this leads back to the old Scotland was a lot more affordable in the 1st place so has less to drop.

Im not saying prices are continually increasing, they have dropped, but the houses around my area are remaining very steady the last few months. Us Scots ae tight and would rather stay put than to lose money;)

Jumping_Bean

stonethrower wrote: »

To be honest I don't know what house prices in Aberdeen are doing but 10% of 200k is 20k not 40k

That's what I thought. :rolleyes:

So is mitchaa saying his house has risen in price by 20% since last June?

Where do you live mitchaa? Please tell.

dopester

Jumping_Bean wrote: »

Where do you live mitchaa? Please tell.

She lives in Aberdeen, as does Iveseenthelight, and both think Aberdeen is immune to a serious crash.

mewbie_2

mitchaa wrote: »

Scotland was a lot more affordable in the 1st place so has less to drop.

This is another fallacy, often quoted about the previously inexpensive corners of England. Where no one wanted to live, but had to as houseprices forced them further and further away from the heart of the economy, and people desperate to become BTL's bought ever more ridiculous properties hundreds of miles away from where they lived.

There was a reason why it was more affordable in normal times. I don't know the Scottish market, but if it has had the same HPI explosion as in England, then it will suffer the same crash.

I know there is an argument for the oil boom, and the Scottish administration, but its not very persuasive to me.

poppy10_2

John_Pierpoint wrote: »

Could the different legal system result in a built in delay to getting out the figures?

It's more simply that Scotland has always lagged behind England, both in the house price boom, which started much later in Scotland, and in the crash, which is only just beginning up there.

ad44downey

John_Pierpoint wrote: »

It must be something to do with Hadrian's wall.
I don't believe that Scotland is avoiding the effects of the global credit crunch.
There could be special effects from the oil boom in Aberdeen & the norther isles, but not all over the country.
Could the different legal system result in a built in delay to getting out the figures?

It's a bit like saying house prices in Iraq or Afghanistan jumped 15% last year. It hardly matters as it's not as though there's a flood or people looking to live in Scotland or Iraq.

mitchaa

Jumping_Bean wrote: »

That's what I thought. :rolleyes:

So is mitchaa saying his house has risen in price by 20% since last June?

Where do you live mitchaa? Please tell.

Did i say that, or did i say my house has risen by £40k since last June.

Yes Aberdeenshire.

poppy10_2

Jumping_Bean wrote: »

Sorry if I seem shocked but it's just dawned on me quite how large this crash is going to be. I don't think many people would have predicted almost 20% in a year. How much did prices fall in the last crash? 25%?

Around 18% from peak (1989) to trough (1995). Although as someone has already pointed out, there was high inflation during this time, which masked the magnitude of the falls in real terms.

Using Nationwide's 'real house prices' data, prices fell 37% peak to trough adjusted for inflation.

mitchaa

mewbie wrote: »

This is another fallacy, often quoted about the previously inexpensive corners of England. Where no one wanted to live, but had to as houseprices forced them further and further away from the heart of the economy, and people desperate to become BTL's bought ever more ridiculous properties hundreds of miles away from where they lived.

There was a reason why it was more affordable in normal times. I don't know the Scottish market, but if it has had the same HPI explosion as in England, then it will suffer the same crash.

I know there is an argument for the oil boom, and the Scottish administration, but its not very persuasive to me.

I do believe the average English home cost around £200k in comparison to the average Scottish home at £145k. ( Before this HPC started last Oct)

Wages are no different so the earnings to lending ratio in England is higher than to that of Scotland.

Which is why England has further to fall.

Again over generalisation as the south props up the English figure and an average home in Necastle may be way off what it is in say Surrey