Glasgow house market

dbbear

Just wondering if anyone knows how the Glasgow house market will fare with the crash etc. Am a first time buyer and would have around £100-140k to get a place, looking for a decent 2 bedroom place. At the moment I am only just scrapping the money needed to afford the places I have seen advertised that I like. I would not pay over £75k for a 4-in-a-block good enough house but not willing to pay that! Anyone think I should sit tight till '09 or is it worth just going for it even if the price falls by £5-10k? With the offers over thing as well what are they on avergae going for? For instance with my budget above should I not look at anything with offers over £120 or is going to £130-135k possible?

Cheers

Kat_9Lives

Think you might have to wait a bit to get what you want, depending on area. Use property bee and get an idea of how the market is behaving ie how long before properties are being reduced then going to fixed price, then the fixed price is reduced. Some types of property are going to fixed prices for over 20% the offers over price still, these properties usually reduce in chunks of £5k. Well in the areas I've been watching although its a big city so different areas are reacting differently, prices being chased down in some and not so much in others.

However there's an awful lot on the market so expect some reductions by those that have to sell.

m00m00

property bee will get a lot more useful for scottish users soon. The version being worked on by beerhunter at the moment (and in testing at the moment) doesn't just work with rightmove, it will also work with sites like espc and gspc

Kat_9Lives

omg I'll have to give up work and dedicate myself 24/7 to property bee!!!!

mitchaa

Scotland in general lags England in terms of house prices, and is still a much more affordable place to live so this will have an effect

Average English property = £200k, Average Scottish property = £145k

So i suspect those south of the border will experience heavier falls in order to minimise that gap.

Perhaps 10-15% north of the border, 25-30% in England.

Well thats my prediction anyway.

dopester

mitchaa wrote: »

Scotland in general lags England in terms of house prices, and is still a much more affordable place to live so this will have an effect

Average English property = £200k, Average Scottish property = £145k

So i suspect those south of the border will experience heavier falls in order to minimise that gap.

Perhaps 10-15% north of the border, 25-30% in England.

Well thats my prediction anyway.

Scotland is more affordable for a reason. :rotfl:

So you are possibly working on these expectations?

North of the border = £145,000 - 10% = £130,500
England = £200,000 - 25% = £150,000

:rotfl:

mitchaa

dopester wrote: »

Scotland is more affordable for a reason. :rotfl:

So you are possibly working on these expectations?

North of the border = £145,000 - 10% = £130,500
England = £200,000 - 25% = £150,000

:rotfl:

I dont find anything :rotfl: about that

Please ellaborate us with your thoughts, the higher the unrealistic price, the harder the falls. Yes, this is exactly what i think will happen. REMEMBER AVERAGE PRICE FALL, NOT 1 INDIVIDUAL HOUSE SALE.

Why is Scotland more affordable, go on? Have you ever seen inner city Newcastle, Liverpool, Manchester etc:rotfl: Wouldn't wish it on my own worst enemy:D

I expect average UK house prices to fall to around £145k. Peak £185k, currently at £175k so i dont find anything silly about that prediction? You??

£150k for a home in England, £130k for a home in Scotland, Bingo, you work out the average Lets not forget Wales/N.Ireland also, which will all fall into the £130-£150k range also.

Have you done any research into the last ''crash'', which country had harder falls then?

dopester

mitchaa wrote: »

Why is Scotland more affordable, go on? Ever seen inner city Newcastle, Liverpool, Manchester etc:rotfl: Wouldn't wish it on my own worst enemy:D

It's colder innit.

Hmm.. whilst Scotland has a few roughish areas of it's own, I concede you do make a good point.

However I think both countries are house price doomed - tired of saying it but £150,000 is only x6 the England average wage, (and I expect wages to fall as well / unemployment to rise) - but the Granite City, home to an important oil industry, does have a few advantages over other places, but still testing times.

mitchaa

Yes £150k and £25k dont add up,

But should an average wage buy an average home, or more importantly should a single average wage buy an average home?? 2 x average wage would be £50k, £50k would be reasonable for a £150k average home.

Is an average home a 3 bed semi detached or a 2 bed flat?

The 3 bed semi detached may well be priced at £150k, but the 2 bed flat may only be priced at £100k.

Yep, testing times ahead.

I dont think £140-145k is an unreasonable guess though(Peak £185, current £175k)