Oil price and NE property market

[ViperPict]

Hi folks. I'm aware of the other thread relating to oil prices but this question is sufficientky different I think to warrant a different thread.

Has anyone in the NE had any direct evidence of the housing market in the north-east being affected yet by the low oil price?

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foz01 said:

It's normally delayed by a year tbh..

The bigger impact will be the new stamp duty regs IMHO.

That was my thinking also. But was wondering if anyone 'in the market' recently had any direct experience.

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Hollowpockets said:

I'm not so sure the oil price will affect the housing market for a while yet, as some companies struggle, others will flourish as decommissioning and other work progresses. Of the people I've spoken to its a very mixed bag of good/bad news.

The only thing I've noticed is since the UK govt (and soon Scottish govt) increased stamp duty on the more expensive properties on the 4th December up to 12%, there have only been maybe 2/3 homes in Aberdeen at 1m+ have sold. Not much has moved even since the run up to the referendum and now I suspect people looking at buying anything top end of the market in Scotland would only be wise to wait until April in case the Scottish govt reduce their claimed % plans for the land tax again. Buyers in the middle price range of the market should definitely get a shift on and buy before April or they will get hammered by Scotland's proposed tax plans. Potentially painful time to be buying/selling at the middle/top end of the market, there should be more moving at the lower end though.

At what house values do you consider middle and top ends? If the house you are buying/ selling is not much above the £250k mark, there should be little impact I thought. Presumably houses under the cut-off value will start to become more attractive after the new plans comes in (thereby raising their value - a negative feedback?).

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Hollowpockets said:

Middle being 4-600k. Stamp duty will double on these 'family sized' homes in Aberdeen.

Yes I agree the lower end of the market will be fine and homes will change hands no issues, I don't think values will rise much if the middle/top of the market don't increase. The whole thing will stall for a few years or until the government re-think the proposed system.

Only my opinion of course.

Edited by Hollowpockets on Thursday 22 January 11:50

I would only add that considering middle house prices in the range £400-600k is very much an Aberdeen/ Aberdeenshire situation. The government need to make policy based on the entire country.

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Hollowpockets said:

ViperPict said:

I would only add that considering middle house prices in the range £400-600k is very much an Aberdeen/ Aberdeenshire situation. The government need to make policy based on the entire country.

Well you did start a thread titled directly at North East (Aberdeen)

But the conversation turned to the issue of stamp duty, which is obviously a national policy. But even in the NE (i.e. not just Aberdeen city and its immediate environs), £400-600k is an expensive hoose.

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Hollowpockets said:

ViperPict said:

But the conversation turned to the issue of stamp duty, which is obviously a national policy. But even in the NE (i.e. not just Aberdeen city and its immediate environs), £400-600k is an expensive hoose.

Expensive but still middle of the market as it stands here.

Median selling price on properties in Grampian in 2014 was well under £250k

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8bit said:

ViperPict said:

Median selling price on properties in Grampian in 2014 was well under £250k

Grampian is much bigger than just Aberdeen though. Out of interest, have you got the figure for Aberdeen City for the same period? Not trolling, genuinely interested to know.

I have to say though, I'm with Hollowpockets - £400k is about where one would start to find a house big enough for a couple with 2 kids in a relatively pleasant and safe area in Aberdeen at the moment.

But I was interested in the wider 'north-east', not Aberdeen specifically. Rightmove say that houses sold in Aberdeen City last year averaged around £220,000 though! Peak was Cults with an average of £456k.

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CraigV6 said:

Ah you have returned.
Took a while to get over the 18th September.
Still living in Scotland too. Thought you'd be long gone.............

Anyway, no noticeable changes, will take a while to filter through.
There may be a few more houses than normal appearing on the market if the culling and cuts continue as non locals move on. This will reduce prices a touch.

Edited by CraigV6 on Friday 23 January 19:36

Eh?!

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McWigglebum4th said:

ViperPict said:

CraigV6 said:

Ah you have returned.
Took a while to get over the 18th September.
Still living in Scotland too. Thought you'd be long gone.............

Anyway, no noticeable changes, will take a while to filter through.
There may be a few more houses than normal appearing on the market if the culling and cuts continue as non locals move on. This will reduce prices a touch.

Edited by CraigV6 on Friday 23 January 19:36

Eh?!

basically he is saying you are a big mouthed arse who claimed that scotland was a terrible terrible country under the jack boot of english oppression and if we didn't win our freedom you would be forced to leave before we all died in poverty


Seeing you are still here you must be speaking ste

again

And this has what to do with house prices in the north-east?!

But, since you raise the subject (why are you SO obsessed with it?!), I have never said Scotland was terrible (quite the opposite) or ever made any mention of English oppression (that is just a convenient lie that you require to fuel your vile rhetoric). You are one of the only people on here who has made insultingly derogatory comments about England.

And, after all these posts, your grammar and diction is still that of a schoolboy. Although that is what you actually are in reality, isn't it? Just a wee laddie.

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simoid said:

There will be no effect whatsoever. Complex systems theory, my lad

But a significant oil price change (however transient) is a perturbation to the system and there will be 'ripples' until the new equilibrium is reached. Schoolboy stuff! ;-)

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simoid said:

There will be no effect whatsoever. Complex systems theory, my lad

But a significant oil price change (however transient) is a perturbation to the system and there will be 'ripples' until the new equilibrium is reached. Schoolboy stuff! ;-)

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simoid said:

rossub said:

Agreed. There's no way house prices will stay at the current level with an extended period of oil prices at $50-60.

ViperPict previously said that independence would have no effect on the Scottish economy, that's what my quip was. I wasn't being serious

Now you are, 1) going off topic in a childish point-scoring attempt, 2) actually misquoting me terribly!

Back on topic please. For instance, has the oil price affected the amount Sevco will get for pawning Ibrox next month? ;-)

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simoid said:

I'm not misquoting you. It was on topic - I was wondering if your economic concepts applied to Aberdeen' property market as well as a theoretical independent Scotland. If they don't, that's cool.

If you think I'm misquoting you that's cool too.

NFD required

Whatever

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McWigglebum4th said:

ViperPict said:

simoid said:

I'm not misquoting you. It was on topic - I was wondering if your economic concepts applied to Aberdeen' property market as well as a theoretical independent Scotland. If they don't, that's cool.

If you think I'm misquoting you that's cool too.

NFD required

Whatever

Pity i didn't take you up on your 20grand bet

Might of made a nice deposit on a nice buy to let

You enjoying SNP administration for the foreseeable? Careful what you wish for chap!

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McWigglebum4th said:

ViperPict said:

You enjoying SNP administration for the foreseeable? Careful what you wish for chap!

No they are basically useless hate mongering idiots

That's a BINGO!! Boom, there it is RIGHT there!

Back to oil price and Aberdeen/ shire housing market please...

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Well, we sold our property in June for just over asking price. We only had three requests to view, only two ended up turning up and an offer from just one. I feel quite lucky that we got it sold relatively quickly though.