edinburgh average house price

Euphoria1z

Hi

i was wondering if some one could read the market watch section of the espc (www.espc.co.uk)

basically it says in the 2009 last quarterly report section that house prices in edinburgh were at 218K, then in the monthly section for feb 2010 it says prices are at an average of 200K. am i reading this wrong or have prices fallen? coz all the sections show an increase from mid 2009 onwards till feb 2010 so how come the average price has fallen?

can someone with time on their hands read it and adv me pls?

basically im trying to find out how far edinburgh is from peak of 2007

many thanks!

DaddyBear

Scottish house prices are showing unbelievable fluctuations at the moment. Probably down to low volumes. Looks like Cheyne-Stokes breathing to me.
I don't have time and have no interest in looking further into it.
However, there is a resident Scotsman who has a lot of time on his hands and would be delighted to do it.

HAMISH_MCTAVISH

Euphoria1z wrote: »

basically im trying to find out how far edinburgh is from peak of 2007

ESPC is quite noisy data, but useful for it's breakdown by area and property type. Quarterly and monthly datasets differ only down to the smoothing and error correction opportunities afforded by a greater timespan and higher cumulative volume of property sales. ESPC is only part of the market, the majority part, but it does exclude private sales and those made by estate agents as opposed to solicitors. RoS is therefore probably more accurate.

Based on the Register of Scotland, which is the most complete dataset we have.......

Edinburgh effectively had two peaks, once in July 2007 and again in August 2008, both at right around 230K. Edinburgh's trough was in March 2009 at around 175K. And Edinburgh has since recovered to around 210K as of the last RoS data available which was January 2010.

Edinburgh is currently 8.7% below peak. At it's low point last year, it was 24% below peak.

Edinburgh is a highly seasonal market, and buying in winter tends to be far cheaper than buying in summer, even in the boom years. This trend appears to have amplified during the crash.

There are obviously some exceptions to the above, different property types and neighbourhoods have different performance. To narrow it down further, look at the espc breakdowns.

For more info, monthly RoS figures are pretty accurate, and can be found here....

http://www.ros.gov.uk/professional/eservices/land_property_data/lpd_stats.html

Weekly rolling 28 day flash figures are also available, but they are incredibly volatile and useful only for directional trend indications IMO, can be found here......

http://www.ros.gov.uk/public/news/press_release_flash/28day.html

1984ReturnsForReal_2

HAMISH_MCTAVISH wrote: »

Edinburgh is currently 8.7% below peak. At it's low point last year, it was 24% below peak.

& somewhere in between the two figures is where it will settle for a while.

HAMISH_MCTAVISH

1984ReturnsForReal wrote: »

& somewhere in between the two figures is where it will settle for a while.

I'd be willing to bet we see further rises over spring and summer. It's currently in an upwards trend.

Prices should fall back next winter, they do almost every year. As for how far, nobody knows.

1984ReturnsForReal_2

HAMISH_MCTAVISH wrote: »

I'd be willing to bet we see further rises over spring and summer. It's currently in an upwards trend.

Prices should fall back next winter, they do almost every year. As for how far, nobody knows.

Hamish.

The last 12 months have been "noise".

Reality will be checking in anytime soon.

HAMISH_MCTAVISH

1984ReturnsForReal wrote: »

Reality will be checking in anytime soon.

Whatever.

Not biting on this one. OP asked for some data, he got the data, anything else is just speculation.

DaddyBear

nearlynew wrote: »

I'm sorry, but just read that bit above.

Only a complete f*cking w4nker could write something like that.

(Not necessarily McTittish - because he has just cut and paste from somewhere)

And its probably the most 'productive' thing he's done all day.

DaddyBear

HAMISH_MCTAVISH wrote: »

I see house prices in Bath rose again this month.:beer:

Rose AGAIN? Net drop over the last 4 months, but don't let facts get in the way of your point Hamish.

HAMISH_MCTAVISH wrote: »

So tell me, how is that someone who boasts about being a doctor, married to another doctor, on two doctors salaries, can't afford to buy
You're either a very poorly paid doctor, or a very bad house shopper

... or because houses are overpriced??
I don't recall boasting about being a doctor, you've obviously been searching through my past posts and found the one or two where I mentioned it.
We can afford to buy, just not one that's as nice as the one we rent. Price of a nice 3-bed house is about £300k, in our village about £400k. We've only been doctors for 4 years so plenty of pay increments in the next 10 years. House prices are going nowhere fast so no rush.

HAMISH_MCTAVISH wrote: »

a sh!thole like Bath?

This just makes you look stupid.

googler

You might also want to bear in mind that the ESPC stats are only based on the properties sold by their member firms, and don't include anyone else's....... this might have some bearing on the true average.

googler

OP, what do you REALLY need to know? Are you looking to buy, sell or what?