Ooops, there go prices in Scotland, too....

lostinrates

Self proclaimed idiot, please don't shout at me, but I'm wondering.....is there not a lack of suplly in southern England? Isn't that whats keeping prices down here so high in a worried market, and what drove them high in the first place?

jem16

My son just bought a cottage flat last month. All the decent properties were selling within a week and usually a lot of viewers.

The only change I have noticed is that builders are offering new builds on a buy now, pay part of it in 10 years time basis.

CB1979_2

well i don't buy the theory that "forking out" an extra whopping £300 will push people to put theirs on the market early to be honest.

after all they're still spending the same amount, just not on their prospective property.

hearts

CB1979 wrote: »

well i don't buy the theory that "forking out" an extra whopping £300 will push people to put theirs on the market early to be honest.

after all they're still spending the same amount, just not on their prospective property.

I agree m8. It's so bloody ridiculous. Whatever may happen to house prices or sales volume, this thing will make not a jot of difference.

jennifernil

carolt wrote: »

I think the examples on here make it clear to me that Scotland is ripe for a fall - 310K for a house sounds like a lot to me as a multiple of local salaries.

£310 K is not a FTB's house, more likely a good size 4 bed detached in many areas. And as already said, why do people think we are are all so poor up here? OK, there are many not so well off, but also plenty of high earners in the cities. Our son is on £80K, a 22 year old IT graduate can start on £27k, well qualified engineers can expectover £60k, more in the oil related areas.

They are the ones who are buying the £300K+ homes. There are plenty on the market, and selling, at over £500K, and even a few over 1Million.

immy

i think prices will remain on par this year or drop slightly in scotland.
Scotlands system differs from england in that here it is common to use offers over system. Typical price right now is between 5 and 12% over the price.

But as surveyors are viewing the slowdown, they are valuing at less, and thus the resultant offers are reduced to match the survey price.

I very much doubt people in scotland are still paying 20-30% over on house price now.

Joyful

irnbru wrote: »

Location?

Hold on, that's just an O/O of ~13% - where's the 20%/30% that keeps getting mentioned?

Considering a similar house is on the market for Fixed price £285 ( which is above valuation) I think that was a very good price.

ixwood

Wonder when it'll change to "offers under"..

Generali

lostinrates wrote: »

Self proclaimed idiot, please don't shout at me, but I'm wondering.....is there not a lack of suplly in southern England? Isn't that whats keeping prices down here so high in a worried market, and what drove them high in the first place?

If supply exceeds demand, prices fall. If demand exceeds supply, prices rise.

However, remember supply is the number of houses that people are willing and able to sell (or forced to sell in some circumstances) at any given price. It's not the total number of houses that exist in an area.

Similarly, demand is the number of people willing and able to buy at any given price not just the number of people that fancy buying a house. If you can't borrow enough to buy at a particular price then you aren't part of demand at that price, even if you really really want to buy a place.

zappahey

Reading the article, what it actually says is "maybe", "could", "perhaps". In other words they are guessing and speculating.

Much like you and I, they don't know what effect it will have on the market. It could equally be argued that, since there are fewer upfront costs to buyers, the Scottish market could continue to rise as they won't be burning money on surveys for houses where they have been unsuccessful bidders.

Of course, for the sake of discussion, that discounts the current financial doom and gloom, but this single article does not herald the demise of the Scottish market.