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Scottish house prices down 2.9% last quarter, slightly up on last year (Lloyds TSB)
reduceditem
Posts: 3,057 Forumite
BBC, 24 August 2010
'Pause' in Scottish housing market recovery
The Scottish housing market's recovery from the recession has "paused", according to a new report.
The Scottish House Price Monitor from Lloyds TSB Scotland suggested the average price of a home fell 2.9% in the three months to 31 July 2010 to stand at £159,217.
However, annual underlying figures showed house prices up by 0.8%.
The number of house purchases rose by 20% on the previous quarter and by 20% on the same period in 2009.
The survey said although the number of housing transactions in the Scottish market had increased in recent months, the figure was still around half pre-recession levels.
Meanwhile, underlying figures suggested house prices in Aberdeen rose by 11% between July 2009 and July 2010, with Dundee not far behind on 7.7%. Prices in Glasgow, however, fell by 6.7%.
Prof Donald MacRae, chief economist of Lloyds Banking Group Scotland, said: "The number of housing sales has increased for four consecutive months from the low point of February this year.
"The rise in Scottish house prices identified at the end of 2009 and spring of this year has stopped and has partially reversed.
He added: "However, activity has picked up from the low levels of the winter months. It is clear that recovery from recession in the Scottish housing market has paused."
'Pause' in Scottish housing market recovery
The Scottish housing market's recovery from the recession has "paused", according to a new report.
The Scottish House Price Monitor from Lloyds TSB Scotland suggested the average price of a home fell 2.9% in the three months to 31 July 2010 to stand at £159,217.
However, annual underlying figures showed house prices up by 0.8%.
The number of house purchases rose by 20% on the previous quarter and by 20% on the same period in 2009.
The survey said although the number of housing transactions in the Scottish market had increased in recent months, the figure was still around half pre-recession levels.
Meanwhile, underlying figures suggested house prices in Aberdeen rose by 11% between July 2009 and July 2010, with Dundee not far behind on 7.7%. Prices in Glasgow, however, fell by 6.7%.
Prof Donald MacRae, chief economist of Lloyds Banking Group Scotland, said: "The number of housing sales has increased for four consecutive months from the low point of February this year.
"The rise in Scottish house prices identified at the end of 2009 and spring of this year has stopped and has partially reversed.
He added: "However, activity has picked up from the low levels of the winter months. It is clear that recovery from recession in the Scottish housing market has paused."
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Comments
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I rather doubt this is a mere pause.0
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house prices in Aberdeen rose by 11% between July 2009 and July 2010
According to RoS it was lower than that, but now just a couple of percent below peak.
However the latest RoS weekly flash has Aberdeen prices at within a few hundred quid of peak, so I'm not complaining.
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Almost 3% overall. That is a big drop so how they hell can they say paused? It must be really tough for them to say "house market falls"0
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HAMISH_MCTAVISH wrote: »house prices in Aberdeen rose by 11% between July 2009 and July 2010
Excellent news.
So the average house price in that godforsaken town increased £150 over the year.
Nice one Hamish. You can retire now. To Inverness.0 -
Excellent news.
So the average house price in that godforsaken town increased £150 over the year.
More like £16,000 on the average priced house. Around £60,000 for my pair.Nice one Hamish. You can retire now. To Inverness.
No thanks.
I'll wait another few years and retire somewhere much warmer. :beer:“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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[STRIKE]Fewer[/STRIKE] [STRIKE]Less[/STRIKE] [STRIKE]Fewer[/STRIKE] [STRIKE]gramatical and syntactical errors are what we need on this board.[/STRIKE]
Get it right peeps!0 -
reduceditem wrote: »BBC, 24 August 2010
'Pause' in Scottish housing market recovery
"
Strange, I keep a record of prices from the ROSEA.
http://www.ros.gov.uk/professional/eservices/land_property_data/lpd_stats.html
Here's the latest graphical representation.
It still looks like stagnation to me albeit we are on a current upwards slop
:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0
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