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News Story
Scots housing market 'changed forever' by Home Reports
Monday 11th January 2010The Scottish housing market has changed fundamentally and forever, with no return to the ‘offers over’ system.
A firm of Edinburgh solicitors, Warners, says the introduction of Home Reports – the Scottish near-equivalent of HIPs – has put an end to the old way of buying and selling property.
Scottish Home Reports were introduced a year ago and, unlike HIPs, contain a valuation of the property.
Properties were previously put up for sale inviting ‘offers over’ a quoted amount. At peak, in 2007, successful offers were often far more than the price which sellers used to attract interest and competition among buyers.
Scott Brown, estate agency partner at Warners – which claims the biggest market share in Edinburgh, says: “Over the past year, we have seen ‘offers over’ asking prices dwindle in Scotland and more sellers have chosen to market their properties using ‘offers around’ instead.
“When the market was at its peak in 2007, many people would deliberately set a low ‘offers over’ price on their property and would not accept an offer unless it was at least 25% higher. It was a situation that created a lot of confusion among buyers and meant that sellers had an automatic expectation for huge premiums on their properties.
“I think we have seen a fundamental change in the property market over the past year. I don’t think there will ever be a situation again where buyers would be expected to pay at least a 25% premium to secure a home.
“Any seller who thinks that recovery in the property market will mean a return to the ‘old’ system of big premiums for ‘offers over’ prices will be very disappointed.”
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Posted By Agent Orange on Monday 18th January 2010 20:33:38
 Get Profile | OK, I can count what's on a property portal the same as any othe Scot, so; for one of the counties close to Edinburgh, I count 414 listings. 173 fixed price, 151 Offers in region of, 88 Offers Over and 1 Offers Invited. 20% of the listings are still 'Offers Over', if that helps. Need to add some other agencies or portals to get a full picture, but that should be fairly representative...... Does that help? |
Posted By PeeBee on Friday 15th January 2010 23:21:48
Get Profile | Agent Orange - depends how thinly you want to split this particular hair... Not that it matters, as let's face it, no Scots are offering their input, and EAT don't seem to want to delve deeper either! We may never know... |
Posted By Agent Orange on Friday 15th January 2010 15:03:31
Get Profile | Warners aren't saying "You can't", rather "Very few people are" .... aren't they? |
Posted By PeeBee on Friday 15th January 2010 12:46:18
Get Profile | Agent Orange. My point exactly - which is why I headed the call for EAT and/or Scottish Agents to provide further information or comment. So far, Warners state that you can't now ask "Offers Over", and SH&H who obviously can, as I found on t'internet the other night. Not exactly a definitive, is it? But I didn't want to stay up ALL night Googling. So far, these stats are about as reliable as the Shelter "1 million paying their mortgage by credit card" claim, methinks... |
Posted By Agent Orange on Friday 15th January 2010 12:16:15
Get Profile | PeeBee - you might want to look further afield than just SH&H if you want the big picture..... |
Posted By Agent Orange on Friday 15th January 2010 12:12:23
Get Profile | Phil Me Timbers - a new govt may sweep away HIPs, but we're talking about Scottish Home Reports here.... |
Posted By Agent Orange on Friday 15th January 2010 12:06:55
Get Profile | PeeBee - "There is nothing in the document to state whether the person compiling the report is qualified as a surveyor - or as anything for that matter...), therefore lenders will surely wish their own report from a trusted, qualified source. "
Which document are you referring to - a Home Report itself, or the legislation regarding them? Nobody - agent or seller - is going to hire someone who ISN'T a surveyor to do a Home Report for them, if that's what you're suggesting .... |
Posted By Agent Orange on Friday 15th January 2010 12:02:34
Get Profile | How often should the monopolies commission look into it? Annually? Bi-anually? Quintennially? |
Posted By Mr Brightmove on Thursday 14th January 2010 19:58:25
Get Profile | Agent Orange - The Monopolies Commission did indeed look into the Solicitor vs. Estate Agent scenario a few years back. Perhaps an updated report is needed although I doubt whether anything useful would result from it. Perhaps the Scottish system is better as Solicitors have a stranglehold over selling property. |
Posted By PeeBee on Thursday 14th January 2010 19:02:40
Get Profile | AgencyInsider - I am certainly not surprised by this - which is why I raised the point. Phil Me Timbers - you state "Perhaps SH&H ave better things to do, "sellinmg property prehaps"? than post on here trying to be clever?? Why bother any way HIPs are close to going if Cameron does not really mess up further. Anyway work to do." Time of my post: 23.59. Time of yours: 13.01. Your point (assuming there IS one) is...? |
Posted By AgencyInsider on Thursday 14th January 2010 15:30:07
Get Profile | I believe you will find that they are having enormous problems in Scotland over the fact that lenders will NOT accept the 'valuation' in the single survey. |
Posted By Phil Me Timbers on Thursday 14th January 2010 13:01:52
Get Profile | Perhaps SH&H ave better things to do, "sellinmg property prehaps"? than post on here trying to be clever?? Why bother any way HIPs are close to going if Cameron does not really mess up further. Anyway work to do. |
Posted By PeeBee on Wednesday 13th January 2010 23:59:25
Get Profile | Hmmm... Just did a property search on the SH&H website - of the first 30 properties, 24 were 'Offers Over...'; four statesd 'Oiro...', and the other two just quoted an asking price with no additional wordage. Explain THAT, Warners... |
Posted By PeeBee on Wednesday 13th January 2010 23:50:15
Get Profile | Agent Orange. Thank you for your explanation of "the idea" as you put it behind the Single Survey element of the Scottish Home Report. This is almost exactly the theory behind the HCRs we narrowly escaped when HIPs were brought out. However, what I would like to know, is are lenders accepting these 'surveys' as you suggest they should be? There is nothing in the document to state whether the person compiling the report is qualified as a surveyor - or as anything for that matter...), therefore lenders will surely wish their own report from a trusted, qualified source. This is why I suggested we get some feedback from our Scottish peers. at the minute we have a single source of information and expect to make a judgement. Of course, you may well be on t'other side of the border and therefore well able to comment as to how the 'new' system is working, but I hazard a guess that this is not the case. Therefore we are all surmising. Let us hear direct from the mouth of the horses. Come on - someone at Slater Hogg & Howison must be reading this!! Spill the beans to an ex-BHA colleague (and several hundred other interested folks...) |
Posted By Agent Orange on Wednesday 13th January 2010 21:10:47
Get Profile | The idea is that the single survey will be available to all viewers and prospective buyers of a property, and taht it will be accepted by lenders as the only survey required on the property. It's an opinion of market value, but in a survey which is expected to be used as the basis for lending - so it determines what the buyer will be able to afford in loan-to-value terms. |
Posted By PeeBee on Wednesday 13th January 2010 12:54:49
Get Profile | Perhaps it would be interesting for EAT to carry out some further background research on this. The actual 'single survey' that is used includes, as I see it, an "...opinion of market value...". I could be reading this wrong, but surely this is no more than what you would expect in the rest of the UK (from a Market Appraisal) - and therefore purchasers can and will decide whether to offer over, under, or otherwise? My guess is that the market simply doesn't warrant the canny folk of Scotland risking over-inflated guesstimates as they have been doing in more buoyant times - just like the rest of the UK! Property Professionals in Scotland - over to you. Share your experiences, please... |
Posted By Agent Orange on Tuesday 12th January 2010 15:53:28
Get Profile | Michael Osborn - the monopolies commission looked into the Solicitor vs. Estate Agent scenario a few years back - google 'monopolies estate agent solicitor scotland' and it's fairly prominent |
Posted By PeeBee on Tuesday 12th January 2010 11:19:07
Get Profile | What is it with 'Richards' today? They all seem to be letting their vindictive streaks come to the surface. Of course, it could be just one Richard. THAT would explain everything. See - my son is called Richard - and his Mother definitely loves him... (and yes, Richard, RichardJeffrey, et al - this IS a pointless PeeBee post. Bite me!) |
Posted By Richard on Tuesday 12th January 2010 09:08:02
Get Profile | Mr Osborn, AKA Brightmove, (irony!) Must you feel the need to comment on everything? Please wait till you have something to offer.......then again..... |
Posted By Michael Osborn on Monday 11th January 2010 11:20:07
Get Profile | Interestingly, Solicitors in Scotland have a monopoly over the house sales market and exclude independent Estate Agents from their house selling network and advertising - something that the Office of Fair Trading would never allow in England but are nervous about addressing in Scotland. |
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