Good Grief!!
11 December 2007, 01:35 PM
#1
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Good Grief!!
Look at these House Price Drops!! 
property snake -- home -- find falling house prices in your area
Of course, it may not be happening .................
property snake -- home -- find falling house prices in your area
Of course, it may not be happening .................
11 December 2007, 01:37 PM
#2
Scooby Regular
Not up here it's not 
3 October 2007
ESPC Q3 STATISTICS
HOUSE PRICES CONTINUE TO RISE IN CAPITAL DESPITE NORTHERN ROCK CRISIS
Latest figures released today by ESPC show house prices rose by over 10% in Edinburgh despite a turbulent period in the finance sector which ultimately saw the Bank of England called into action as lender of last resort for Northern Rock.
An annual rise of 11.2% in the three months to October took the average price of a property in the City to £221,986, up from £199,615 in the same period the previous year.
The results mean house price inflation in the Capital has now topped 10% in six consecutive quarters dating back to early 2006.
Commenting on the results, David Marshall, ESPC business analyst said: “The Northern Rock situation created a degree of uncertainty among buyers, however this has not resulted in a cooling in the market. Examining the monthly figures, annual inflation actually picked up slightly last month, from 10.6% in August to 13.4% in September.”
“Looking ahead we are likely to see an increase in the cost of borrowing for those with poorer credit histories,” continued David Marshall. “Balanced against this however is the fact recent events have decreased the likelihood of a further rise in interest rates before the end of the year. Given the current buoyancy of house prices in east central Scotland, the long term impact of the Northern Rock situation on the local market is likely to be fairly minimal.”
Demand continues to be highest for first time buyer properties
Demand continues to be highest for smaller typical first-time buyer properties in the Capital. In Gorgie and Dalry for example, a rise of 20.4% took the average price of one-bedroom flat to £126,330, while in the fashionable Stockbridge and Comely Bank districts an average two-bedroom flat sold for £267,469 following an increase of 26.5% over the year.
Ron Smith, ESPC chief executive comments: “As we have been saying for some time, the level of inflation we have seen over the last 18 months is not sustainable over the longer term. The average one-bedroom flat now sells for over £144,000 in Edinburgh, having barely topped £100,000 just three years ago. It is this reduction in affordability, coupled with interest rate rises over the last two years, that should reign in inflation in coming months. Given the robustness of the market at present this should see a gentle cooling to around the 5% mark come the turn of the year.”
Further afield, East Lothian continued to witness some of the fastest growth outwith the Capital. The average price of a property in the region topped £200,000 for the first time earlier this year, and an annual rise of almost 20% during the third quarter means the average home in the region now sells for £219,323.
The largest rises are found in West Fife & Kinross
The largest rises though were focused on the market in West Fife & Kinross, where an overall increase of 24.2% was recorded. As buyers continued to look outside the Capital for affordable housing, the average price of a property in Dunfermline was pushed up by 21% to the new level of £153,071.”
Robin Stimpson, ESPC chairman, concluded: “The local property market has demonstrated remarkable robustness so far this year. While we have seen a steady increase in the supply of properties to the market, the level of demand is such that inflation continues to exceed our projections. This should ease somewhat toward the end of the year, bringing inflation down toward more sustainable levels over the coming months.”
Issued by ESPC(UK)Ltd
For further information, please contact:
David Marshall
tel 0131 624 8515
3 October 2007 (L/BD&P/Press releases/2007/Q3 stats)
Property price report
Third Quarter 2007
ESPC Q3 STATISTICS
HOUSE PRICES CONTINUE TO RISE IN CAPITAL DESPITE NORTHERN ROCK CRISIS
Latest figures released today by ESPC show house prices rose by over 10% in Edinburgh despite a turbulent period in the finance sector which ultimately saw the Bank of England called into action as lender of last resort for Northern Rock.
An annual rise of 11.2% in the three months to October took the average price of a property in the City to £221,986, up from £199,615 in the same period the previous year.
The results mean house price inflation in the Capital has now topped 10% in six consecutive quarters dating back to early 2006.
Commenting on the results, David Marshall, ESPC business analyst said: “The Northern Rock situation created a degree of uncertainty among buyers, however this has not resulted in a cooling in the market. Examining the monthly figures, annual inflation actually picked up slightly last month, from 10.6% in August to 13.4% in September.”
“Looking ahead we are likely to see an increase in the cost of borrowing for those with poorer credit histories,” continued David Marshall. “Balanced against this however is the fact recent events have decreased the likelihood of a further rise in interest rates before the end of the year. Given the current buoyancy of house prices in east central Scotland, the long term impact of the Northern Rock situation on the local market is likely to be fairly minimal.”
Demand continues to be highest for first time buyer properties
Demand continues to be highest for smaller typical first-time buyer properties in the Capital. In Gorgie and Dalry for example, a rise of 20.4% took the average price of one-bedroom flat to £126,330, while in the fashionable Stockbridge and Comely Bank districts an average two-bedroom flat sold for £267,469 following an increase of 26.5% over the year.
Ron Smith, ESPC chief executive comments: “As we have been saying for some time, the level of inflation we have seen over the last 18 months is not sustainable over the longer term. The average one-bedroom flat now sells for over £144,000 in Edinburgh, having barely topped £100,000 just three years ago. It is this reduction in affordability, coupled with interest rate rises over the last two years, that should reign in inflation in coming months. Given the robustness of the market at present this should see a gentle cooling to around the 5% mark come the turn of the year.”
Further afield, East Lothian continued to witness some of the fastest growth outwith the Capital. The average price of a property in the region topped £200,000 for the first time earlier this year, and an annual rise of almost 20% during the third quarter means the average home in the region now sells for £219,323.
The largest rises are found in West Fife & Kinross
The largest rises though were focused on the market in West Fife & Kinross, where an overall increase of 24.2% was recorded. As buyers continued to look outside the Capital for affordable housing, the average price of a property in Dunfermline was pushed up by 21% to the new level of £153,071.”
Robin Stimpson, ESPC chairman, concluded: “The local property market has demonstrated remarkable robustness so far this year. While we have seen a steady increase in the supply of properties to the market, the level of demand is such that inflation continues to exceed our projections. This should ease somewhat toward the end of the year, bringing inflation down toward more sustainable levels over the coming months.”
Issued by ESPC(UK)Ltd
For further information, please contact:
David Marshall
tel 0131 624 8515
3 October 2007 (L/BD&P/Press releases/2007/Q3 stats)
Property price report
Third Quarter 2007
11 December 2007, 01:48 PM
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11 December 2007, 01:54 PM
#6
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SiPie - thats a 2 1/2month old report ............... it's all changed since then!
BBC NEWS | In Depth | UK House Prices | Edinburgh, City Of
3rd December Report
NAME AV PRICE (£) QUARTER ANNUAL SALES
Edinburgh, City Of £226,434 8.6% 13.9% 4,824
East Lothian £210,787 8.5% 18.6% 826
East Renfrewshire £202,113 -0.5% -0.1% 616
East Dunbartonshire £196,168 7.4% 6% 726
Aberdeenshire £193,214 10.5% 27.7% 1,748
Stirling £185,747 7.1% 8.2% 621
Aberdeen City £184,942 12.6% 34.6% 2,149
Perth And Kinross £178,490 12.1% 14.5% 1,233
Scottish Borders £174,558 9.4% 12.5% 751
Midlothian £170,790 1.9% 11.7% 486
Argyll And Bute £168,049 13% 18.2% 608
South Ayrshire £167,475 10.7% 13.1% 1,042
Highland £160,608 9.5% 10.2% 1,540
Clackmannanshire £152,403 12.8% 30.1% 411
Dumfries And Galloway £151,068 13.4% 15.7% 892
Glasgow City £149,957 6.1% 11.1% 5,495
Moray £148,607 11.6% 19.2% 502
Angus £144,731 3.1% 16.3% 798
West Lothian £144,526 3.3% 10.4% 1,408
Fife £140,965 8.6% 10.8% 2,981
South Lanarkshire £135,182 4.1% 6.8% 2,631
Dundee City £134,728 7.4% 20.6% 1,249
Renfrewshire £131,500 5.2% 15.1% 1,493
Inverclyde £129,900 7.9% -1.0% 562
Falkirk £127,112 2.9% 12.5% 1,258
East Ayrshire £121,075 -2.0% 10.5% 920
North Ayrshire £120,934 1.6% 7.4% 1,234
Shetland Islands £116,259 25.9% 22.1% 110
North Lanarkshire £116,168 2.8% 11.1% 2,380
Orkney Islands £114,208 -11.2% 2.5% 108
West Dunbartonshire £108,923 4.7% 12.4% 609
Eilean Siar £97,823 5.7% 28.8% 109
In all fairness this too is a quarterly report......but hey, our neighbours just sold theirs for 26% above asking price so it must be true
Last edited by SiPie; 11 December 2007 at 01:56 PM.
11 December 2007, 01:55 PM
#7
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Look at these House Price Drops!!
property snake -- home -- find falling house prices in your area
Of course, it may not be happening .................
property snake -- home -- find falling house prices in your area
Of course, it may not be happening .................
House prices have always risen and fallen. People only refer back to the last time, as it caught out / involved prolly a good majority of people on here.
What you have ommited to add is the second half of the equation. which cancels the "shock horror" house price fall statement
for every fall in the house price market/ stock markets, the eventual recovery blows away the old ceilings, and the house prices / stock go even higher.
you could add a third factor to the equation, "who has been looking after our economy" for the last ten years??
but then as your barred from involving politics in your posts, you couldnt really answer that one
Mart
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11 December 2007, 05:54 PM
#10
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Looking at specific areas doesnt tell you much about the overall picture - as in looking at London where there are still loads of muppets paying way over the odds for crappy flats and glorified bedsits.
One thing that website shows though is that people were asking too much in the first place, I think a lot of it is someone sees a neighbours house sell for £200K and thinks 'ours is nicer than theres' so puts theres on for £220K and so on.
As an example, my parents had 3 valuations on their house - one was £280K, one was £300K ( so based on this, you can assume the house is worth around £290K which is about right for the area ) and one at £340K - and of course they put the house on the market for £340K, which is why almost a year later it still hasnt sold.
So if you look just at their street, house prices are rocketing going on the asking prices, but if the houses never sell then it doesnt mean a great deal.
One thing that website shows though is that people were asking too much in the first place, I think a lot of it is someone sees a neighbours house sell for £200K and thinks 'ours is nicer than theres' so puts theres on for £220K and so on.
As an example, my parents had 3 valuations on their house - one was £280K, one was £300K ( so based on this, you can assume the house is worth around £290K which is about right for the area ) and one at £340K - and of course they put the house on the market for £340K, which is why almost a year later it still hasnt sold.
So if you look just at their street, house prices are rocketing going on the asking prices, but if the houses never sell then it doesnt mean a great deal.
11 December 2007, 07:00 PM
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Never mind Mike maybe this year the valuation will catch up with the area prices and it will sell 
House prices fluctuate just like most other things, also it has a lot to do with the season we are in, who wants to spend all that money moving when Xmas is nearly upon us
Although it rental is supposed to be booming currently.
All in all house prices only affect you if you are buying/selling if you are just reading about it, it has not real impact
House prices fluctuate just like most other things, also it has a lot to do with the season we are in, who wants to spend all that money moving when Xmas is nearly upon us
Although it rental is supposed to be booming currently.
All in all house prices only affect you if you are buying/selling if you are just reading about it, it has not real impact
11 December 2007, 08:16 PM
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Look at these House Price Drops!!
property snake -- home -- find falling house prices in your area
Of course, it may not be happening .................
property snake -- home -- find falling house prices in your area
Of course, it may not be happening .................
11 December 2007, 08:21 PM
#14
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Pete - this is a 6 year old topic - its all changed since then
(BTW - Using a site that only publishes asking prices which have dropped is like doing a survey on the nations drinking habits by questioning an alcoholics anonymous meeting
)
11 December 2007, 09:20 PM
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12 December 2007, 12:53 AM
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Henley-on-Thames - expensive area, houses selling well ... until £575K just sold two weeks ago for £435K. Lots now taking 10-15% less unless LOCATION, LOCATION, LOCATION when they are holding their value and more - 2 bed semi, needs "updating", village cricket ground location, put on market at guide of £325K four weeks ago and just gone to sealed bids [lots] and sold "well beyond" £444K [my chum's bid!].
12 December 2007, 01:59 PM
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Prices never really drop; they cant. The most that you can hope for is a readjustment, with a few distress sales which seem cheap. Most people simply tough it out, what other option do they have? If your mortgage is now 150% of what your house is worth you simply ride it out, you cant afford to sell your house at its now value. The market may well die on its ****, but dont expect a raft of sensibly (1999/2000) priced houses.....
12 December 2007, 02:38 PM
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According to that site the house across the road from me is now for sale for £199,950 down 9% from £219,950, considering I payed £36,500 for mine 12 years ago I don't think im in negative equity yet
12 December 2007, 02:48 PM
#20
Look at these House Price Drops!!
property snake -- home -- find falling house prices in your area
Of course, it may not be happening .................
property snake -- home -- find falling house prices in your area
Of course, it may not be happening .................
Watch out Pete soon you will be homeless and I will have snapped up your house for a tenner
12 December 2007, 04:11 PM
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