News

Market Report
Welcome to 2016! I thought it would be useful for us to review the Scottish Housing Statistics for quarter 4 of 2015. The daily press we read constantly talks of the UK market as a whole, but the true picture in Scotland is very different to that of England.  A reality check is always useful.
I have attached the full report for you to read. The ROS is the Register for Scotland (old Land Registry) and the ONS is the National Office of Statistics. CML is the Council of Mortgage Lenders.
Points of interest I feel are the Annual Growth Rate for home price growth in the UK was 5.6% whilst in Scotland it was 0% down from 1.1%.
Sale transactions are still at 2009 levels, when we were in the depth of recession.
Lending for house purchase although slightly picked up is still below 2010 levels.
Private new builds have picked up, but at the lower price range where they qualify for the Government shared equity schemes, but the market as a whole is down and dropping further.
Yet the good news to would be purchasers is twofold. Interest payments as a percentage of income has fallen to 8% significantly below 2008 when it was 19%. Mortgage interest rates are still falling as lenders struggle to gain new business.
Have a read of the attached, lots of graphs! But I feel it will be useful to understand the market we are in.
On a positive note we had an increase of viewings over the Christmas break with 4 sales. A strange thing to find in your Christmas stocking!
Bill Reid BEM BA DipPFS NAEA
01738237337