Scottish prices falling now

neverdespairgirl

They lagged behind, but have not proved immune.

In Aberdeen, Edinburgh and Glasgow, there have been BIG falls in the last quarter:

Edinburgh +1.9% -7.3% Aberdeen -0.3% -9.1% Dundee -0.2% -11.9%


On the other hand some areas are up:


Glasgow +4.1% +6.4%

And to help put paid to all that "only nasty places will fall" stuff, the report insterestingly stated that flats are holding their price better than semis, and semis better than detached.


The spokesman added that flats continued to show the most robust performance, with a quarterly fall of 1.1% and an underlying annual increase of 4.7%.
Sales of these lower-priced properties was continuing to hold up well, the spokesman said, offering some explanation for the quarterly rise in Glasgow prices.
However, prices of detached houses fell by 5.6% in the quarter while prices of semi-detached properties fell by 3.5%.
Scottish house prices have suffered their biggest quarterly fall for at least 16 years, according to research by Lloyds TSB.
The bank's Scottish House Price Monitor showed the average domestic property dropped in value by 4% in the three months to 31 October.
It said the fall was the largest in the 16-year history of the monitor.
House prices have risen by 4.9% overall this year - a big reduction on the 9.3% increase reported last year.


The number of house sales also declined by 43% on the same period last year, the research showed.
Lloyds TSB said the average mix-adjusted Scottish house price was now £165,398.
A spokesman for the bank said: "The market is becoming more differentiated with Glasgow reporting a quarterly rise while Edinburgh, Dundee and Aberdeen all show falls in the quarter.
"Outside the main cities, the south east, excluding Edinburgh, reports a modest quarterly rise while the other areas are all showing quarterly falls."



http://news.bbc.co.uk/1/hi/scotland/7727238.stm

Generali

I think that in the end areas that rely on Government spending for their GDP will fall furthest (eg NE England and some local areas like North Kent).

Then places that rely on a single industry will be in bother like Kensington in London (hedgies) and Aberdeen (oilies).

PasturesNew

We only needed this bit

neverdespairgirl wrote: »

Aberdeen -0.3% -9.1%

Now, who was it that always harped on about Aberdeen's immunity???

Hector-The-Inspector_2

What are you doing up at this time woman!


Don't you have an early appointment with the 'JOB CENTRE' tomorrow;)

PasturesNew

Hector-The-Inspector wrote: »

What are you doing up at this time woman!


Don't you have an early appointment with the 'JOB CENTRE' tomorrow;)

Me?
No, wouldn't even know where it is to be honest!
I applied for a job today. That's enough for the week

It's nearly Xmas, might be difficult getting the time off I want for Xmas and leading up to it, so not looking too hard before January. By which time it will be quiet, so maybe February.

baileysbattlebus

And to help put paid to all that "only nasty places will fall" stuff, the report insterestingly stated that flats are holding their price better than semis, and semis better than detached.

Funnily enough when we lived in Scotland flats were very poplular, especially traditional flats. And lots of them are very very nice.

I just thought I'd add this link for a forthcoming auction in Scotland - interesting to see how many have already sold or are under offer.

http://www.wilsonsauctions.com/property_scotland.asp?offset=0

T._x

It's interesting. I was under the impression the demand was less and the houses / flats are perhaps going for 15% over the asking price rather than 35%.... and more fixed price but is the 'offers over' really coming down by that sort of figures mentioned in the article/report?.

If this included sought after areas I would go an buy (another) apartment, and Aberdeen has more places you would live than wouldn't, I think.

PasturesNew wrote: »

We only needed this bit
Now, who was it that always harped on about Aberdeen's immunity???

mystic_trev

Await a backlash from the Aberdeen two. I expect they'll dig up some data showing that Wee Jock McTavish sold his Croft for 20% more than last year! :rotfl:

SingleSue

I must admit to having a look at rightmove last night using the property bee tool to see what prices were doing in Aberdeen.

I decided against posting my findings as I thought I may be baiting a poster that was prolific in posting last night.

Oh plus the fact that the fixed price thing is something I don't really understand and that the end price might be something completely different (upwards) but the one thing I did notice was that the fixed prices were being reduced by a fair amount in some cases and by not a lot in others (one reduced by a fiver!).

And the fact they have an awful lot of flats!

mitchaa

A report from LLoyds tsb so the C+G branch..

Come on:rolleyes:

mitchaa

PasturesNew wrote: »

We only needed this bit



Now, who was it that always harped on about Aberdeen's immunity???

Perhaps you would like to look at my signature again PN;)

Additionally, not immunity as claimed as no-one has stated this.

But this report was released yesterday...

http://www.pressandjournal.co.uk/Article.aspx/936442?UserKey=

By Joe Quinn
Published: 13/11/2008
HOUSE prices fell by up to 7% in some parts of Scotland over the past year, new figures showed yesterday.
And the number of house sales has fallen sharply, with the number of sales almost half of that recorded 12 months ago.
The figures from official body Registers of Scotland showed the average house price in Scotland from July to September rose slightly to £160,155 from £159,000 last year.
But some areas have suffered large falls over the last year. In Glasgow, the average house price of £139,554 was 7.1% down on the same time last year.
In Aberdeen, the average, at £176,464, was 4.3% down on the same time last year, while in Dundee, at £124,422, it was 7.5% down.
But Edinburgh showed a slight increase on the year, from £226,010 to £226,516.
Some areas saw a year-on-year rise, notably East Dunbartonshire where the average price rose by 10.8% to £211,824, and East Ayrshire, where the average went up from £121,469 to £133,446.
Meanwhile the number of sales has fallen sharply. There were 25,042 transactions in the latest quarter, down 41% on the 42,503 sales that took place between July and September last year. The figure was also down 19% on the previous quarter’s 31,066.
Compared with the previous three months, the average property price actually went up by 2.9% between July and September.
The average house price in the latest quarter was £160,155, compared with £155,705 in the previous quarter.

So the 4 major cities in Scotland

Dundee -7.5
Glasgow -7.1%
Aberdeen -4.3%
Edinburgh +0.25%

So the 4 major cities of Scotland showing an average drop over the year of 4.66%

It's the way you play with the numbers you see, but even still it's a lot lower than the 15% that the top 2 lenders claim nationwide.