American banks wake up to reality.....

HAMISH_MCTAVISH

Grovelling apology to follow then, I presume.....

27, Carlton Place, Aberdeen, AB15 4BR
May 2011 £580,000
Oct 2007 £350,000

6, Berry Street, Aberdeen, AB25 1DL
May 2011 £185,000
Sep 2008 £155,550

58, Concraig Park, Kingswells, Aberdeen, AB15 8DH
Mar 2011 £221,000
Jan 2009 £192,000


112g, Constitution Street, Aberdeen, AB24 5DZ
June 2011 £182,500
Feb 2008 £175,000

17b, Dee Street, Aberdeen, AB11 6AW
Oct 2010 £155,000
Aug 2008 £110,000

6, Ferryhill Terrace, Aberdeen, AB11 6SQ
June 2011 £112,500
July 2006 £90,013

112, Grandholm Crescent, Bridge Of Don, Aberdeen, AB22 8BA
May 2011 £150,000
Jan 2007 £125,000

162, Forest Avenue, Aberdeen, AB15 4UN
-Dec-2009 £280,000
Dec-2006 £255,500

98, Union Grove, Aberdeen, AB10 6SA
Jun-2010 £130,000
Apr-2009 £91,500

305, Union Grove, Aberdeen, AB10 6TD
May-2010 £121,121
Oct-2007 £115,000

57, Chapel Street, Aberdeen, AB10 1SS
Jun-2010 £170,000
Mar-2007 £156,777

58e, Chapel Street, Aberdeen, AB10 1SN
Jun-2010 £145,000
Aug-2006 £110,000

398, King Street, Aberdeen, AB24 3BY
Jun-2010 £125,000
Dec-2007 £124,000

394, King Street, Aberdeen, AB24 3BQ
May-2010 £132,500
Oct-2007 £130,501

HAMISH_MCTAVISH

And it's not just these examples of individual houses, although they do illustrate it's not a statistical skew.

The indices show the same thing.

The Aberdeen Housing Market Area has seen an 8% increase in
the average house price from £201,786 in the first quarter, to £218,326 in the second quarter of 2011. This is the highest average quarterly house price that the Aberdeen Housing Market Area has seen.

http://www.aspc.co.uk/Documents/HousePrices-2011Q2.pdf

Registers of Scotland:

Aberdeen June 2011 £194,257
Aberdeen June 2007 £177,214
http://www.ros.gov.uk/professional/eservices/land_property_data/lpd_stats.html

Nationwide: (mix adjusted)

Q2 2011 £221,395
Q2 2007 £218,000
http://www.nationwide.co.uk/hpi/archive.htm

Etc.......

shortchanged_2

Well for starters 6 Ferryhill Terrace sold for £127777 in May 07.

And also many of your examples don't actually quote 2007 prices to compare with.

Also whose to say that your example of 27 Carlton Place wasn't changed from a 3 bed house and extended to a 6 bed house? How would I know?

HAMISH_MCTAVISH

shortchanged wrote: »

Well for starters 6 Ferryhill Terrace sold for £127777 in May 07.

Not according to ROS.

Here's the complete extract:


Application No. Date Title Number Price
11ABN10942 22-Jun-2011 ABN16068 £112,500
06ABN15827 21-Jul-2006 ABN16068 £90,013
03ABN21726 31-Oct-2003 ABN16068 £56,250

And also many of your examples don't actually quote 2007 prices to compare with.

Well, given the average house was held for 7 years pre-2007, and more like 15 years today, it's surprisingly difficult to find houses that sold in 2007 that sold again in 2011.

But 2006-2010 and 2008 to 2011 give you a pretty good indication, as obviously do the ones from 2007 to 2011.

And of course, the indices, with access to far more data than me, show exactly the same thing. Even the mix adjusted ones.

Do you really find it so hard to believe? And if so why?

Also whose to say that your example of 27 Carlton Place wasn't changed from a 3 bed house and extended to a 6 bed house? How would I know?

Yeah..... and I suppose the one bed flats listed could also have installed a swimming pool and helipad.....:rotfl:

You lost. Have the good grace to admit it.;)

shortchanged_2

Fair enough Hamish, I know diddly squat about the housing market in Aberdeen and you are probably right that it may well buck the trend like the South East and London. The oil industry there obviously will effect the housing market.

In fairness there is no point in me arguing with you about a place I have no knowledge of, just in the same manner I would expect to know my local market a great deal better than you would.

Interesting note though that according to ROS for Aberdeen City in Q2 of 2007 the average price was £184,620 and the peak was in Q2 of 2010 at £189,827 and then Q1 in 2011 was £182,863.

the_flying_pig

HAMISH_MCTAVISH wrote: »

No.

Housing is a critical component of GDP. There can be no sustainable recovery whilst asset prices are falling.

As has clearly been the case.

H

You're a mortgage broker/estate agent/whatever. You're massively out of your depth with this type of posting. Stick to ramping.

Although kudos to you for somehow digging up a quote by a bloke who earns a living renting out bulldozers in Cuyahoga County and using it as a basis for making recommendations on economic policy.

IronWolf

Lol as usual Hamish has been exposed as posting drivel, and so defaults to Aberdeen house prices

Generali

HAMISH_MCTAVISH wrote: »

http://seattletimes.nwsource.com/html/realestate/2015759069_homeglut31.html

In a country where the massive oversupply means 13% of homes are vacant, and prices keep falling ensuring a sustainable wider economic recovery cannot take hold, bulldozing is the only solution that will work.

As I noted some time ago.....

Good to see the Americans are starting to wake up and smell the coffee.

There can be no sustainable economic recovery, without a sustainable housing market recovery.

In part this will be driven by US tax laws. You pay property tax AIUI on the value of the land plus the 'assessable value' of the property on it. If you bulldoze the house, property taxes are lower as only the land remains.

My belief is that in many of the areas most badly affected by the crash in house prices, councils have in some cases been pretty flexible about rezoning which is bring employers into previously moribund areas.

If the solvency crisis can be resolved there is a pretty good future for the American economy.

Buy Coca Cola shares!

Pimperne1

Blinking heck, the bear "thankers" were out in force yesterday.

myhouse_2

HAMISH_MCTAVISH wrote: »

Volumes have fallen off a cliff since 2007. Falling prices have obviously not increased the ability of people to buy.

As you said yourself, prices in the UK have only fallen 10%. That's why volumes have fallen off a cliff - no one can afford them yet.