Dunfermline 'worst in Britain' for house values
Ally McRoberts • Published 13 Jan 2012 08:25
3 Comments
REPORTS that Dunfermline suffered the biggest drop in house values in the UK have been dismissed as "completely without foundation".
Michael Maloco, of Maloco + associates, rubbished figures from Halifax Bank that said 2011 property prices had plummeted by an average of 15 per cent.
And he said it "beggars belief that anyone should seek to report Dunfermline as the UK's worst town for tumbling values".
Mr Maloco took issue with the Halifax Town House Price Survey which gave a year-end view of property prices across the country.
It said, "Kettering in Northamptonshire and Dunfermline in Scotland experienced the largest falls in average selling prices in 2011, both recording declines of 15 per cent."
Halifax said the average house price in Dunfermline in 2010 was £130,666, falling by 15 per cent to £111,282 in 2011.
But Mr Maloco, whose firm is based in the city's Bonnar Street, stated a year-on-year fall in values of 15 per cent was "simply nonsense".
He explained, "If they had said the value of new build houses had dropped by 15 per cent, that would have been understandable as virtually every house in the eastern expansion, the builders will discount it as no-one pays list price there.
"But they didn't say that.
"Based on empirical evidence and speaking to other agencies, Aisha Akram from Allied Surveyors and Alasdair Seaton of DM Hall, we came up with figures of between 3 to 3.5 per cent, certainly not 15."
Mr Maloco added, "I just think they are rogue figures and they're looking at a small sample as the volume of sales fell by 12 to 15 per cent.
"Fewer recorded sales means that a rogue price paid here or there skews averages.
"This opinion is shared by two of the country's largest surveying firms, DM Hall and Allied Surveyors, the two most active firms in West Fife."
Mr Maloco's firm is predicting another tough year for the property market with values expected to "fall modestly again by 2-3 per cent".
He told the Press, "There will continue to be activity in the market especially in mid-range family homes.
"Flats and former local authority properties which traditionally attract first-time buyers will continue to be more challenging to sell.
"Mortgage availability will remain more restricted for first-time buyers and coupled with the size of deposits required these factors will subdue activity.
"The former mining villages surrounding Dunfermline will perhaps face stiffer challenges whilst Limekilns, Crossford etc will continue to be quite robust.
"Traditional homes in good areas will once again hold their values better than most."
Mr Maloco said that Dunfermline's proximity to Edinburgh and its "better than average employment situation", with Amazon having arrived in the city and the new Forth bridge, Tesco and aircraft carriers set to go ahead, "will provide some protection from the economic gloom".
Have your say. Post a comment on this article.
-
DannyAtkins
30 posts
Jan 13, 15:44
Report commentAnd Mr Moloco doesn't have his own self-interest to think about here, does he?! It wouldn't be good for business if people were put off selling their houses because of the drop in their value. The market is still in decline yet he still claims certain areas are 'robust'........ My a**e!
Recommend?
Yes 10
No 8
-
kaka30
138 posts
Jan 14, 09:09
Report commentThe market may still be in decline but you dont need to be an economist to take that report with a pinch of salt.
I couldent agree more with Mr Malocos comments.
Recommend? Yes 7
No 4
-
Sunpat
4 posts
Jan 15, 11:13
Report commentForget Halifax, Nationwide etc surveys the only true report on house prices is the one from the registers of scotland.
Recommend? Yes 15
No 0
-
******
Jan 20, 01:56
Report commentThis comment has been removed by a moderator
Return to the main index, get more from this section or browse our News archives.
Dunfermline Press Poll
Were the Pars right to sack Jim McIntyre?
This Poll is now closed.
Yes (72.9%)
No (27.1%)
