The voice of property

Wednesday 6 June 2012

Latest bank figures on the state of the housing market are sending out mixed messages, but take a closer look and things aren't as bad as they seem.

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Beverley Brown

I am rapidly coming around to thinking we should give a new meaning to data protection, as in protecting us from any more house price monitors and indexes produced by banks which, in my opinion, should be focusing on more helpful things, such as finding the key to the safe and re-booting the mortgage market.

The latest is news from Lloyds TSB Scotland, which "on an annual underlying basis" shows that Scottish house prices have fallen by 4.4% and that "following mix adjusting" the average Scottish house price is now £148,024. Less helpful still is the comment from the bank's chief economist that "average house prices are now 89% of their peak of three and three-quarter years ago". What does all that mean? And why are we still commenting on the past and comparing it to the present? House prices only matter if you are selling, in which case insight from a reputable estate agent in your area is helpful and informative. I was therefore pleased by the swift response to the above from Blair Stewart, partner in Strutt & Parker's Edinburgh office. He said: "The last financial year has been a record year for the Edinburgh residential department and we have sold more than 90 city properties with an average value of about £750,000, which shows that the Edinburgh market is still resilient. "The last quarter of the financial year, the first few months of 2012, is one of the best quarters we have had since the city department started operating in 2003. "As a result, we are very optimistic about the future and it just goes to show that it is time to stop looking over our shoulder and start looking forwards." Well said – and further proof that if you want to find out what is really happening in the housing market, go direct to the source. Grim reading What is worrying are the latest Scottish Government statistics, which reveal only 15,150 new houses were built across all tenures in 2011 – the lowest level since 1931 excluding the Second World War period. The housebuilders' trade body, Homes for Scotland, is rightly concerned and warns that, if this trend is not arrested, the long-term social consequences could be severe. Desirable Dennistoun My house of the week is a traditional four-bedroom terraced townhouse overlooking private residents' gardens in Clayton Terrace, Dennistoun, Glasgow. You might not associate Dennistoun with grand houses, you'd be wrong. Over three levels, the accommodation includes a large L-shaped hall, living room, 20ft kitchen/family room, utility and wet room. Upstairs are four bedrooms, a family bathroom – and access to a converted attic, which is currently used as an office. The house has original features, including reconditioned sash windows to the front (double glazing at the back) and beautiful plasterwork. There is also an enclosed south-facing back garden and detached garage. For sale with Countrywide's Dennistoun office at offers over £310,000. Mountain view Bell Ingram is selling a fabulous property set among dramatic scenery at the foot of the Pap of Glencoe, close to the River Coe and Glencoe village. The Strath is a striking larch and stone-clad house, which was built in 2004. With seven en-suite bedrooms over three levels – including a studio annex – it also has great income potential. The interior is stunning while wrap-round decking provides a place to sit and admire the views. The property also has 1.1 acres of fenced garden grounds, including a workshop and log store. Offers over £575,000 are invited. Rettie grabs gold Edinburgh-based Rettie & Co has won the gold award in the Best Scotland Lettings Agency for the second year running at the Lettings Agency of the Year Awards. Rettie & Co's letting director, Diarmid Mackenzie Smith, said: "To win this award last year was a fantastic acknowledgement for us, and to win it again demonstrates our continually improving service offering over other agents. We are especially proud to be the only gold winner in Scotland."

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