9 Jun

Volatile property market prompts a 'wait and see' attitude

Volatile property market prompts a 'wait and see' attitude

The managing director of property agency Rettie and Co has suggested that in the current volatile property market, many people will simply do "the safe thing" and stay put.

Simon Rettie noted that events in the market have moved at an unexpectedly fast pace, adding: "I think you'll find people will just sit tight, take stock of what's happening and then make a decision of which way to go."

Commenting on the steep growth in the number of owner-occupiers in Scotland since 2001, Mr Rettie suggested that this trend would not stop altogether as a result of the credit crunch but may "take a break".

According to data released by the Bank of Scotland in May, the number of owner-occupiers in the country increased by 8.9 per cent between 2001 and 2006, compared to an average UK rise of 3.1 per cent in the same period.

The report also revealed that the number of people who own their homes north of the border has more than doubled since 1971, from 31 per cent to 66 per cent.

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