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I have attached the Scottish Housing Market Review for Quarter Four for your interest.
I have highlighted areas of interest, such as house price growth which shows a significant fall, to almost zero. House sale transactions which still have not recovered to pre-recession levels.
The most interesting for me is the average interest rate on new loans and mortgage interest rates by type. All showing a significant fall. This highlights the fact that lenders are trying hard to encourage borrowing again, yet house buyers stay away!
This I am sure is all to do with fear of interest rates going back up at some point in the future, a fear that is not based on any financial facts. There will be no significant rise in interest rates for many years ahead.
The other graph I feel borrowers should take heart from is, Interest rates as a percentage of income. Some 10% below where it was pre-recession.
I leave you to read the full report.
Bill Reid BEM BA NAEA DipPFS