Scottish housing market quietens with quarterly fa - Mortgages - News - Moneyfacts

News

Scottish housing market quietens with quarterly fa

Scottish housing market quietens with quarterly fa

Category: Mortgages

Updated: 17/11/2008
First Published: 17/11/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The latest Scottish House Price Monitor (from Lloyds TSB Scotland) has shown that Scottish house prices (based on an average domestic property in Scotland) have fallen by 4% in the three months to 31st October 2008. This has been the largest fall in prices since the House Price Monitor started sixteen years ago.

Annually, Scottish house prices have risen by 4.9%, however this figure is substantially down compared to the previous publication of the House Price Monitor which noted a rise of 9.3%.

House purchase transactions (within the Scottish House Price Monitor) have fallen by 43% compared to the same period last year.

Professor Donald MacRae, chief economist, Lloyds TSB Scotland, said: "The Scottish economy is entering a significant slowdown with rising claimant unemployment and falling consumer confidence. The number of housing transactions has declined markedly since one year ago and the market is adjusting to lower prices and sales.

"Although the number of mortgage products has declined, the cost of borrowing has reduced for many mortgage holders with the latest fall in interest rates in early November. So far, the Scottish housing market is showing sensible adjustment rather than a precipitous collapse."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

The time is now for remortgaging

Mortgage borrowers have been urged to review their existing deals after it was revealed that remortgage opportunities continue to flourish in the post-Brexit vote world.

Goodbye to the Help to Buy Guarantee

On 31 December, phase two of the Help to Buy initiative will be withdrawn from the market. It’s certainly done wonders for the high loan-to-value sector, so we thought we’d take a closer look at the significance of the scheme and the effect it’s had.

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.
 
Close