For those of you in Scotland....

SickStu

Correction now well under way in Scotland too. Start with this :-

http://www.myhouseprice.com/marketanalysis/AnalysisCharts.cfm?txtCountry=Sco

and select your favourite locale.

IveSeenTheLight

SickStu wrote: »

Correction now well under way in Scotland too. Start with this :-

http://www.myhouseprice.com/marketanalysis/AnalysisCharts.cfm?txtCountry=Sco

and select your favourite locale.

I checked out my favourite locale and can see that if the correction is still under way, then it is still rising
Check it out yourself, look at Aberdeen, Aberdeenshire or Aberdeen City.
All had a peak in August, then another in December, dropped in January, the three stganated, dropped and rose very slightly in Feb and have all risen in March

Sorry I could not link a pic

mitchaa

IveSeenTheLight wrote: »

I checked out my favourite locale and can see that if the correction is still under way, then it is still rising
Check it out yourself, look at Aberdeen, Aberdeenshire or Aberdeen City.
All had a peak in August, then another in December, dropped in January, the three stganated, dropped and rose very slightly in Feb and have all risen in March

Sorry I could not link a pic

Agreed, I have seen a £39k increase in valuation in the space of 10mths (Aberdeenshire)

3 top performing areas of Scotland..

Aberdeen City has seen a 13% increase YOY
Aberdeenshire has seen a 18% increase YOY
Dundee has seen a 14% increase YOY

They are dropping a little though as the last 1/4 price index showed

Aberdeen City at 25% increase YOY
Aberdeenshire at 23% increase YOY
Dundee at 18% YOY

Still, today 13/14/18% increases in this market is strong

SickStu

Don't know about Aberdeenshire (maybe high oil prices are buoying the local market ?) but over here in Highland (council area) prices are definitely coming off. I look on HSPC daily and I've noticed loads of reductions recently, admittedly mostly on stuff that's been on for a while.

IveSeenTheLight

SickStu wrote: »

Don't know about Aberdeenshire (maybe high oil prices are buoying the local market ?) but over here in Highland (council area) prices are definitely coming off. I look on HSPC daily and I've noticed loads of reductions recently, admittedly mostly on stuff that's been on for a while.

Your right, just looked at Inverness (said with a twang ), the Highland capital and they have dropped massively in the last 3 months according to the linked website.
Prices look to have dropped about 15%. Already back to April 2006 prices

Interestingly, if you look at Fort William, the price increased approx 8% from Feb to March, althou still lower than Aug 2007

This is the problem when you generalizes areas.

Everyone needs to look at the data for their own area

I think this website also needs to be taken with a pinch of salt as it depends on the type of houses sold that month

SickStu

IveSeenTheLight wrote: »

I think this website also needs to be taken with a pinch of salt as it depends on the type of houses sold that month

I agree but in my experience, for my area, it looks like a priiiiiiiiiity good indicator.

jackieb

My house went onto the market on Friday at 4pm. I received an offer this morning, and we've accepted. Job done.

artisan_2

I cannot recall the efect previous housing price slump had North of the Border. Can anyone shed any light on how it manifested itself on Scottish house prices?

was there a drop, a crash or a slow down, or a blip.....or somat similar?

IveSeenTheLight

artisan wrote: »

I cannot recall the efect previous housing price slump had North of the Border. Can anyone shed any light on how it manifested itself on Scottish house prices?

was there a drop, a crash or a slow down, or a blip.....or somat similar?

Doing a quick search, it seems that Scotland may have plateuxed during the last "crash". Of course different areas within Scotland may have went down but other stagnated or continued to rise.

The Scotsman has an interesting article
http://thescotsman.scotsman.com/latestnews/Scotland-begins-to-feel-the.3984843.jp

Some positive quotes

1. figures yesterday which showed prices north of the Border are at present the fastest-growing in Britain.
2. They spoke out as government figures showed prices across Britain fell by 1.6 per cent in February, with annual growth slowing to its lowest level for 19 months. But Scotland saw gains of 9.7 per cent during the same month.
3. Research from the Royal Institution of Chartered Surveyors (RICS) showed that, although a record number of surveyors reported falls in property values in March, Scotland had been sheltered from the storm
4. However, Prof Bell, a leading economic adviser based at Stirling University, said it was only a matter of time before the slowdown "rippled out" from London, although values were unlikely to fall far.
5. "If there is a decline, it would not be a very marked decline. We might get a decline from June to July, but we are not looking at a substantial decline in value over, say, what the prices were a year ago."
6. Scotland's experience in the 1990s slowdown: "We saw a bit of a resurgence because, if you have a professional couple down south who have done very well for years and that dries up, they think perhaps it's time to go home. It did happen. Edinburgh prices still look low compared with London's. It would not surprise me if we saw a few people do it this time. That's my hope."

Some negative quotes

1. SCOTLAND will not escape the housing-market slump, with prices falling within six months, a leading economist has warned
2. However, Prof Bell, a leading economic adviser based at Stirling University, said it was only a matter of time before the slowdown "rippled out" from London, although values were unlikely to fall far.
3. He went on: "I would be very surprised if Scottish house prices were still rising three months from now." (Not really negative)
4. He said the country was not exempt from the lending problems which had affected the rest of the country, as buyers have to borrow from the same banks offering the same deals.

Prominently, he also said

He also said he did not believe there had been a decrease in property values at the top end of the market so far this year. However, he added: "The next three months will tell us exactly what the market is doing.

"This is the time when people will normally put their house on the market and this will be quite telling."

twinklefish

jackieb wrote: »

My house went onto the market on Friday at 4pm. I received an offer this morning, and we've accepted. Job done.

:beer: Woohoo! Congrats jackieb! Now the fun of packing and moving starts hehe!

My offer disappeared. I was half expecting this as it was from a lady who spent half the time at the viewing telling me about another flat she liked she liked up the road but she thought it was too expensive! She was also very vague about whether or not she had sold her current property and there was some issue about whether or not she would get her dresser in my kitchen. :rolleyes2 Anyhoo, it's only been on the market 10 days and as I've not bought anything else yet so I'm not getting my knickers in a twist!