Help Sitemap Home Skip Navigation Contact Us Disability Statement

Sponsored by bmibaby. Tell the January blues where to go!
Sponsored by
bmibaby
Tell the January blues where to go!
 
 
Wednesday, 7th January 2009 Change Date

Premium Article !

Your account has been frozen. For your available options click the below button.

Options

Premium Article !

To read this article in full you must have registered and have a Premium Content Subscription with the Edinburgh Evening News site.

Subscribe

Registered Article !

To read this article in full you must be registered with the site.

Sign In
Register

House prices still falling, insist estate agents



Click on thumbnail to view image
Click on thumbnail to view image
Click on thumbnail to view image
Click on thumbnail to view image
Click on thumbnail to view image

Published Date: 13 November 2008
ESTATE agents say house prices in Edinburgh are continuing to fall, despite latest Government statistics indicating the Capital market was holding-up well.
The latest report from the Registers of Scotland yesterday showed that prices in the Capital rose by 0.2 per cent compared to the third quarter last year. This contrasts with a slump in the UK market, with prices around five per cent down on last year.

But David Marshall, business analyst with the Edinburgh Solicitors Property Centre, said sales were usually registered at least a month after they had been agreed. He said their recent figures showed that prices had fallen by 7.1 per cent in September, and 6.8 per cent in August.

He added: "I expect we will soon start to see the average price coming down."

Scott Brown, estate agency partner at Warners, a member of the Edinburgh and Lothians Property Group, said they were also seeing a fall.

He said: "There's no point in trying to talk the market up. The important thing is the market is not dead, if you are realistic about the price."





The full article contains 192 words and appears in Edinburgh Evening News newspaper.
Page 1 of 1

  • Last Updated: 13 November 2008 10:39 AM
  • Source: Edinburgh Evening News
  • Location: Edinburgh
  • Related Topics: Mortgage and property news
 
1

married to a teacher,

Edinburgh 13/11/2008 12:36:28
OK I am no rocket scientist but does this mean that prices ahve fallen by 13.9% i.e. 6.8 and then a further 7.1 or does it mean 7.1% in total. Does this mean that we are actually seeing higher falls than the UK average of 5%?????? Or does it mean we reaklly haven't got a clue but if we are honest we know prices are falling but we are not sure by how muchh???

Lies, Lies and Damned statistics
2

reader,

Edinburgh 13/11/2008 15:35:02
Just after I posted my comment on yesterday's 'House prices up!' story, all comments were deleted for some reason, so I'll repeat it here: The measure of average house prices is completely meaningless. Here's why: The credit crunch affects mainly cheaper houses which don't sell anymore due to lack of mortgages, whereas more expensive houses are less affected (more cash buyers). So, if last year three houses were sold, one expensive one for £800,000 and two cheaper ones for £200,000 each, the average price last year was £400,000. Say this year prices have fallen, and the more expensive one sells for £700,000, one of the cheap ones for £150,000, and the other doesn't sell. Now the average price is £425,000! So although the expensive house has fallen by 12.5% and the cheaper one by 25%, the average price is up 6.25% simply because one of the cheaper ones failed to sell. The fact that EEN makes a story from this about rising house prices just shows their total ignorance.

Today's article just adds to that impression (see #1).

 

Comment on this Story

 

In order to post comments you must Register or Sign In

 
 
RSS Feed of this article's comments
Delivery formats: RSS, Atom, Javascript & Email
 
  

 
 


Sister Newspapers:
Press Complaints Commission

This website and its associated newspaper adheres to the Press Complaints Commission’s Code of Practice. If you have a complaint about editorial content which relates to inaccuracy or intrusion, then contact the Editor by clicking here.

If you remain dissatisfied with the response provided then you can contact the PCC by clicking here.