Archive for January, 2008
Monday, January 14th, 2008
In news that could be of interest to anyone aiming to sell a house in Scotland, recent research has shown that the value of housing stock north of the border reached £247 billion during 2007.
Figures compiled from various sources by Halifax demonstrate that Scotland saw the sharpest rise in the value of its housing stock of any region in the UK over the course of last year.
The UK’s overall housing stock is now worth more than £4 trillion, but the most notable finding to come out of the recent study for anyone looking to buy a house in Scotland is that the value of property in the nation rose by 16 per cent in 2007.
Martin Ellis, chief economist at Halifax, said: "UK home owners have collectively accumulated an extra £2 trillion of equity in their homes over the past decade as property prices have risen.
"This has significantly strengthened the household balance sheet," he added.
At its most recent meeting, the Bank of England’s monetary policy committee opted to maintain the base rate of interest at 5.5 per cent until next month at least.
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Friday, January 11th, 2008
People looking to buy a house in Scotland may decide to wait and see if interest rates continue to fall following the news that the Bank of England has maintained its interest rate at 5.5 per cent.
Ray Boulger from mortgage broker John Charcol said that the Bank’s monetary policy committee (MPC) minutes, revealing a unanimous decision to cut the rate from 5.57 per cent, had implied another cut in February.
The choice not to shave off another 0.25 per cent would cost homeowners, which includes those looking to buy or sell a house in Scotland, more than £100 million in interest payments.
Meanwhile, head of Abbey Mortgages Nici Audhlam-Gardiner warned: "Borrowers are still feeling stretched after the rate increases from the last couple of years and those coming to the end of their fixed rate deals are still likely to see their interest rates go up."
However she added that there are still good deals on fixed rate mortgages and this type of product would remain popular until the base rate settled at a lower level.
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Thursday, January 10th, 2008
In news that could interest anyone looking to buy a house in Scotland, recent research has shown that a tenth of would-be British homeowners have brought forward their plans to acquire a property.
According to figures from Fool.co.uk, a third of people who are aiming to get a foot on the housing ladder are planning to do so in 2009, while almost 38 per cent are now planning to buy a property.
The price comparison firm suggests that the recent house price falls have made people more eager to buy a property in the UK, which could have an impact on anyone looking to sell a house in Scotland.
David Kuo, head of personal finance at Fool.co.uk, states that the "long-overdue correction" in the property market may allow many consumers who have been waiting to move house to finally get the chance to.
"Quite often people will ask how much they can borrow when they want to buy a property. But that is altogether the wrong question. Instead, they should ask themselves how much they can afford to repay," he adds.
In related news, the Bank of England has opted to maintain the base rate of interest at 5.5 per cent until February at the earliest.
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Wednesday, January 9th, 2008
A number of fiscal institutions have made predications on the upcoming interest rate decision by the Bank of England’s monetary policy committee (MPC).
The resolution will be announced by the MPC tomorrow at 12 noon, in news that may be of interest to those with mortgages or looking to buy a house in Scotland.
Simon Hayes, a UK economist at Barclays Capital, comments: "We now expect 25 bp rate cuts in January, February and April, taking Bank Rate to 4.75 per cent."
Martin Ellis, chief economist at Halifax, states that the institution believes another change will occur but predicts that it is more likely that it will occur in February than tomorrow, adding that it thinks at least two more reductions will take place in 2008.
HSBC and Capital Economics also predicted no change in the interest rates tomorrow.
The MPC elected to cut the interest rate by 0.25 percentage points to 5.5 per cent in December 2007.
In other news that may interest those looking to buy a house in Scotland, the Edinburgh Evening News recently stated that the Scottish capital is due to defy they UK trend of falling house prices over the next 12 months.
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Tuesday, January 8th, 2008
Consumers in Scotland are paying less for their energy than those living south of the border, according to price comparison site moneysupermarket.com.
The firm reports that Npower Standard customers pay almost £100 less than those who reside in the northern England region.
In news that may be of interest to those looking to sell or buy a house in Scotland, the data from the company also suggests that Medium users in northern Scotland will pay £1,010 for gas and electricity, while those in the south of the country will pay £1,024.
This compares to £1,104 in northern England and over £1,080 in the Midlands and Yorkshire.
In other news that may be of interest to those looking to buy a house in Scotland, recent figures from Halifax suggested that a total of 25,000 people moved to the region from elsewhere in the UK in the last ten years, increasing the population of the area by two per cent.
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Monday, January 7th, 2008
A total of 25,000 people moved to Scotland in the last ten years, according to new figures from Halifax.
In news that may be of interest to those looking to buy or sell a house in Scotland, a study by the financial services provider suggests that the population of Scotland has increased by two per cent due to internal migration.
Other figures from Halifax indicate that during the ten-year period from 1997 to 2007, average Scottish house prices have increased by 138 per cent.
Commenting on the study, chief economist at the firm Martin Ellis states: "Figures at a local authority level highlight the transient nature of the population in many of the UK’s major cities.
"Birmingham, for example, recorded both the highest level of immigration and emigration in England and Wales."
In other news that may interest those looking to sell or buy a house in Scotland, recent data from Nationwide suggests that house price inflation in Scotland has continued to outperform the UK for the 17th consecutive quarter.
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Friday, January 4th, 2008
House price inflation in Scotland has continued to outperform the UK for the 17th consecutive quarter, according to new data from Nationwide.
In news that may be of interest to those looking to buy or sell a house in Scotland, while the average UK house price currently stands at £183,959, north of the border the figure is £151,178.
Prices in Scotland rose by 10.1 per cent in the 12 months ending in December 2007, compared to 6.9 per cent for the UK overall.
Aberdeen was listed as one of the five "hottest" regional towns and cities, boasting an annual change of 25 per cent with the average house price now standing at £234,041.
Nationwide predicts that Scotland will continue to perform strongly in comparison to other areas of the UK, forecasting price increases of around four per cent north of the border in 2008, in news that may interest those looking to buy a house in Scotland.
In recent days, the firm stated that double-digit house price growth was seen by Edinburgh during 2007.
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Thursday, January 3rd, 2008
Double-digit house price growth was experienced by two Scottish cities during 2007, according to Nationwide.
A survey of 30 towns and cities by the financial services firm suggests that Aberdeen saw a 25 per cent increase over the last 12 months, with the average house price standing at £234,041 at the end of 2007 compared to £186,497 at the close of 2006.
This is the equivalent of a £130 rise in price per day, in news that may be of interest to those looking to buy or sell a house in Scotland.
Edinburgh saw a boost of ten per cent, with the average house price in the city currently standing at £257,288 compared to £232,927 at the end of 2006.
Glasgow underwent a swell of nine per cent, with property prices increasing at £39 per day over 2007 to finish at £176,608.
It was recently reported by the Times that the number of people looking to buy a house in Scotland is bucking trends being set elsewhere in the UK, with Savills in Glasgow reporting that tenement flats under £100,000 are proving particularly popular.
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Wednesday, January 2nd, 2008
Edinburgh is set to defy the UK-wide trend for falling house prices over the next year, as homeowners in the Scottish capital see continued appreciation.
According to the Evening News, anyone looking to buy a house in Edinburgh might be well advised to make the change sooner rather than later, given that prices are set to continue increasing.
Estate agents in Scotland believe that, rather than the "massive" price increases of recent months, 2008 is set to see a steady rise in home values north of the border – news likely to be welcomed by those intending to sell a house in central Scotland.
Scott Brown, a partner with Warners Estate Agency, told the publication: "I think we’ll see a growth of between one and four per cent in Edinburgh and Lothians – a steady-as-she-goes figure and one that reinstalls a sense of calm."
Meanwhile, recent analysis by mortgage lender Halifax suggested that Scotland and the south-east of England would be the two areas most likely to gain in the coming months, with Montrose taking the top spot for rising values.
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