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.”
So, don’t panic, Captain Mainwaring, don’t panic!
The only thing we have to fear is fear itself.
Scottish Business Forums
* * *
There are currently 394 Ayrshire business stories permanently archived on this site. To locate those of most interest to you, please use the site search facility in the top left hand corner of this page. Type your search term in the white box, then click “SEARCH BLOG”.
* * *