BBC: Scottish Property Prices Reach All Time High

HAMISH_MCTAVISH

Average property prices in Scotland have hit an all-time high, according to official figures.

The last quarter saw the average property price rise to £163,360, which was the highest on record and an increase of 5.8% on the same period in 2009.

This was despite sales volumes being only half of what they were at their peak in 2007.

The figures were released by Registers of Scotland (RoS).
A total of 28 of Scotland's 32 local authority areas saw an increase in average prices.

Eight of them - Aberdeen City, Aberdeenshire, East Lothian, East Renfrewshire, City of Edinburgh, Inverclyde, Scottish Borders and West Lothian - returned their highest ever average price.
However, East Ayrshire, Eilean Siar (Western Isles), Moray and Perth and Kinross local authorities experienced a fall in average property prices.

Kenny Crawford, head of commercial services for RoS, said: "The number of properties sold over the last quarter is up on the same quarter last year by 4.9%, a difference of nearly 1,000 sales, but this is still barely half of the number of properties that were changing hands in the busiest days for the property market in 2007.
"Interestingly, it is the detached and semi-detached properties that have recorded the highest increase in value while the volume of sales has been strongest for semi-detached and flats."

The City of Edinburgh reached its highest ever average property price at £228,697, up by 9.9% on the same period last year, while the average price in the City of Glasgow increased by just 2.9% to £143,255.

http://www.bbc.co.uk/news/uk-scotland-11674569

:beer:

Graham_Devon

Great stuff. Another 40k, and you'll have reached the peak England reached in 2007

Your new peak, appears to be our average price, after falls.

I believe I am therefore richer than yow.

:beer:

HAMISH_MCTAVISH

Graham_Devon wrote: »

Your new peak, appears to be our average price, after falls.

See, I told you Scotland wasn't overvalued.

googler

Averages mean nothing.

In a town near me, the average sale price in June was approx £155,000.
In September, it was £312,000 or so.

I could say - "FACT - house prices almost doubled in three months", but I know that in June, the average was based on total sales of 10 homes between £80k and £284k.

In September, there were similarly 10 sales, but between £102k and £721k - so the average goes way up.

Without knowing the source and spread of data, the averages are meaningless.

Edit : One of the houses sold in September 2010 went for £125k exactly. It was purchased in Sep 2008 for £127,500.

Another two, in perhaps an 'exclusive' part of town;
One sold in Sep 2010 for £455, was purchased in May 2007 for £435k, so modest increase there, but nowhere near the increase in the average.
The second, sold in Sep 2010 for £320k, was purchased in May 2007 for £299k - again, a modest increase.

Last one sold in Sep 2010 for £150k, and whilst there's no direct comparison, I can see similar sales in the last few years at £155k, £157k and thereabouts.....

HAMISH_MCTAVISH

googler wrote: »

Without knowing the source and spread of data, the averages are meaningless.

*yawn*

Not that old chestnut.....

It's the quarterly release googler.

You can check the split between different property types for yourself by area.

It's also interesting that the volume increase of cheaper properties is significantly more than detached.

So the mix related skew has reversed..... It's now likely skewing average prices downwards.

DervProf

I`m wondering if this is good news or not.

If it means Hamish will stay in Scotland :beer:

If it means Hamish is going to "cash in" and move to a cheaper area


I thought people getting excited about HPI was something that vanished in the mid 90`s, and given recent events, something that people wouldn`t openly celebrate.

I bet tonight`s menu was a real feast, eh Hamish ?

Go on, tease us with the details. I`m hungry, and it`s something simple and cheap for me. I bet you`ve had something really expensive (even more expensive than usual, given this news).

I wonder if you have dinner parties where you and your guests compare equity. I bet you do.

1984ReturnsForReal_2

Is this a definitive indication on Scottish intelligence levels?


Personally I didn't think they were that slow. Surely they should of twigged it by now........

HAMISH_MCTAVISH

1984ReturnsForReal wrote: »

Surely they should of twigged it by now........

Should have twigged it by now, you dunce.

The irony of making such a childish mistake when commenting on other people's intelligence is probably lost on you.

But have one of these from me. :beer:

1984ReturnsForReal_2

HAMISH_MCTAVISH wrote: »

Should have twigged it by now, you dunce.

Should have twigged it by now, (.)you dunce.



:rotfl:

poppycod

HAMISH_MCTAVISH wrote: »

http://www.bbc.co.uk/news/uk-scotland-11674569

:beer:

so what...?

Vaila

poppycod wrote: »

so what...?

so what, i see you have strayed from the dt forum to post other irrelevent opinions here, so what ? surerly this is a sign of economic growth in our country and will mean less property developer torching their developments to claim the insurance as they could no longer afford or sell