24 Feb

More affordable houses for sale in Scotland

More affordable houses for sale in Scotland

People looking for houses for sale in 2011 could find properties in Scotland more affordable.

The average Scot borrowed 2.75 times their earnings in 2010 to buy houses for sale in Scotland, compared with 3.03 for the UK as a whole, according to the Council of Mortgage Lenders Scotland.

In total, 46,800 home loans were approved to buy property for sale in Scotland, a drop of less than one per cent compared to 2009.

However, the whole of the UK saw lending increased by three per cent in comparison to the previous year. 

CML Scotland policy consultant Kennedy Foster said: "The challenge of the dysfunctional mortgage market applies across the UK.

"We look forward to working constructively ... with both the Scottish government and the house building industry to address the considerable challenges."

According to the Centre for Economics and Business Research (CEBR), affordability for people buying their first home is due to reach an eight-year high. 

Low mortgage interest rates and weakening house price growth mean first-time buyers are more likely to be able to afford houses for sale in the coming year.ADNFCR-1222-ID-800425988-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.