19 May

Mortgage availability 'improves' for Scottish FTBs

Mortgage availability 'improves' for Scottish FTBs

There has been a "slow but perceptible increase" in mortgage availability for first-time buyers (FTB) in Scotland, according to a new survey.

Lloyds TSB research shows that the cost of borrowing has reduced for many mortgage holders north of the border.

This comes after property consultancy Ducalian suggested that now was the best time for FTBs to purchase property in nearly 20 years.

Professor Donald MacRae, chief economist at Lloyds TSB Scotland, said: "The Scottish housing market continues to adjust to changing circumstances with reduced sales, lower prices, but no precipitous collapse."

His comments followed the release of Lloyds housing market research, which showed that the average house price in Scotland during the three months to the end of April was £148,990.

Flat purchases were down 39 per cent on 2008's equivalent figures and there have been 28 per cent fewer semi-detached sales over the course of the year.

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