The Elite Ayrshire Business Circle

The Elite Ayrshire Business Circle

Saturday, 15 November 2008

House price crash? Not here in Scotland there’s not!

By: Murdoch MacDonald

HERE in south-west Scotland, house prices fell by 2.3% in the three months to 31 October 2008.

Yes, a paltry 2.3%.

Hardly the end of civilisation as we know it, is it?

Certainly not even evidence of a house price crash that some doom-mongers seem convinced that we are in the midst of.

Especially when you consider that, in spite of the current gloom in some quarters, house prices here are still a heartening 7.1% higher than they were a year ago.

Up in Glasgow, figures also lend weight to the view that economic Armageddon is not yet upon us.

There, house prices actually rose by 6.4% in the last three months, and are currently 4.1% higher than they were this time last year.

Professor Donald MacRae is chief economist at Lloyds TSB Scotland, who produced these figures.

He comments: “The Scottish housing market is showing sensible adjustment rather than a precipitous collapse.”

Wise words.

So, don’t panic, Captain Mainwaring, don’t panic!

The only thing we have to fear is fear itself.


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