Archive for February, 2008
Friday, February 15th, 2008
Edinburgh has seen a 0.9 per cent increase in its property prices for the last quarter, according to Lloyds TSB Scotland.
Those looking to buy a house in Scotland may welcome the rise as it further confirms the growth in the capital’s housing market.
Despite some falls in average property prices across Scotland for the three months to 31st January 2008, annual figures show that Scottish house prices have risen by 14 per cent.
Professor Donald MacRae, chief economist at Lloyds TSB Scotland, indicated that most Scottish cities like Edinburgh had seen an "annual underlying price increase".
The quarterly housing price index also observed changes across different property types in Scotland, with flats showing the biggest increase for the quarter with a rise of 2.1 per cent.
However, people hoping to buy a house in Scotland will take satisfaction from annual figures that show all property types have experienced robust growth.
The Royal Institution of Chartered Surveyors recently released a survey showing that housing, construction and commercial property markets were performing well in Scotland.
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Thursday, February 14th, 2008
People looking to buy a house in Scotland, but who do not have the cash or inclination to do it by themselves, may be interested in signing up to a service which helps them to meet potential purchase partners.
SmartSharedHome.com allows consumers to create their own profile and get in touch with like-minded individuals, with the eventual aim of buying a home.
David Bexon, managing director of the site, explains: "The average price of a first-time buyer home is now in excess of £150,000 and property prices are up around six per cent on last year.
"Therefore, first-time buyers are finding it increasingly difficult to get on the ladder, with very few able to even consider buying alone."
He notes that not all consumers are able to rely on financial help from their families or have people that they can buy a home with, stating that the number of first-time buyers will fall if steps are not taken to help them get into the property market.
In other news that may be of interest to those looking to buy a house in Scotland, research Connells Survey and Valuation states that the number of people taking out a mortgage increased during January.
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Wednesday, February 13th, 2008
The recent decision by the Bank of England’s monetary policy committee (MPC) to reduce the base rate of interest to 5.25 per cent has not provided those looking to buy a house in Scotland or elsewhere in the UK with confidence, according to a new study.
Research carried out by property website HotProperty.co.uk suggests that 40 per cent of people have not had their faith in the housing market boosted by the reduction.
The firm’s managing director Shawn Luetchens states that a cut was "much anticipated" by the property industry.
"It was hoped it would provide a vital boost to consumer confidence and jump-start the market. At this early stage it looks like it hasn’t made quite the impact that was expected," he comments.
He supposes that this may be because the immediate benefits of the reduction are not automatically passed on to those looking to buy a house in Scotland or anywhere else in the UK.
The MPC cut interest rates by 0.25 per cent last week.
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Tuesday, February 12th, 2008
Scotland joined Northern Ireland and England as regions where house price inflation decreased in December 2007, it emerged today.
Those wanting to buy a house in Scotland may be encouraged by the new data from Communities and Local Government, which found that house price inflation fell north of the border from 14.1 per cent in November to 10.8 per cent the following month.
The mix-adjusted average house price in Scotland was found to be £163,206, compared to £227,765 in England, £219,698 in Northern Ireland and £167,739 in Wales.
Scotland’s average house price was below the mean amounts for both first-time buyers and former owner occupiers across the UK, which were £166,734 and £245,522 respectively.
In related news that may also be of interest to those looking to buy a house in Scotland, a new report from Connells stated that mortgage approvals in January of this year rose by three per cent to 75,300.
According to the company, this is the first time the amount has increased since May 2007.
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Monday, February 11th, 2008
The number of people taking out a mortgage to buy a house in Scotland and the rest of the country increased in the first month of the year, new figures show.
January saw mortgage approvals jump three per cent to 75,300 from the low December figure of 73,000, according to Connells Survey and Valuation.
However, the firm’s managing director Ross Bowen warned that the market remains weak.
"The mortgage market may finally be finding a floor after months of decline caused by higher interest rates, the reduced supply of credit from mortgage lenders and the lack of consumer confidence," he commented.
But he added that one month’s figures are not conclusive and that the market remains the weakest in 13 years.
Mr Bowen also said that the ongoing effect of home information packs, following their full implementation at the end of 2007, is unknown.
Nevertheless, the interest from people looking to buy a house in Scotland and the rest of the UK seems "renewed".
"The latest rate cut will help to stimulate demand, but only if mortgage lenders pass on lower rates to their customers," Mr Bowen predicted.
In other news that may be of interest to people looking to take out a mortgage or buy a house in Scotland, the Bank of England’s monetary policy committee last week voted for a 0.25 per cent cut in the interest rate to 5.25 per cent.
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Friday, February 8th, 2008
Caesar & Howie are among a number of solicitors in Scotland currently in the running to pick up an award at this year’s Scottish Legal Awards.
The law firm is among the candidates for the Summerhall Marketing Initiative of the Year accolade, making the shortlist thanks to its Kupdum scheme to encourage Polish people to purchase houses.
Now in its sixth year, the event has attracted a great deal of interest, with organisers Cuthbert Recruitment also reporting a large increase in the number of entries as well as overall the standard of competition.
Guest speaker at the event, which is being sponsored by Bank of Scotland Corporate, will be former Liverpool and Scotland defender Alan Hansen.
Rebecca Davies from Cuthbert Recruitment comments: "The range and depth of skill of these individuals is phenomenal and I hope that our awards can give them the recognition that they truly deserve."
Winners will be announced at the awards ceremony, which takes place on February 22nd at the Glasgow Hilton.
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Thursday, February 7th, 2008
The base rate of interest has been lowered by a quarter of a percentage point by Bank of England’s monetary policy committee (MPC).
In news that may be of interest to those with mortgages or looking to buy a house in Scotland, the MPC elected to reduce the rate to 5.25 per cent.
The financial institution states that global financial market disruption has continued and credit conditions for households in the UK are tightening.
It also suggests that higher energy and food prices are expected to increase inflation and as such it is necessary to return inflation to target levelled in the medium term.
In related news that may also be of interest to those looking to buy a house in Scotland, Abbey’s chief economist stated: "The reduction should help to bolster consumer confidence and support economic activity at a time of continued uncertainty."
The MPC’s previous decision to change the interest rate was a reduction of 0.25 percentage points in December 2007.
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Wednesday, February 6th, 2008
A number of regions in central Scotland have been identified as popular with house-hunters, according to homebuilder George Wimpey.
The firm suggests that Greenock in Inverclyde is one of only ten hotspots in the UK that has been earmarked for house price growth over the course of 2008 as a result of high-quality transport links to Glasgow and lower-than-average property prices.
In news that may be of interest to those looking to buy a house in Scotland, Port Glasgow is also identified as being at the heart of an inward property boom.
Michelle Logie, marketing and sales director for the firm, states: "The present market indicators are showing positive signs that Port Glasgow will be a good area to invest in… particularly for families and professional couples looking for a quality, three or four-bedroom property."
In other news that may be welcomed by those looking to buy a house in Scotland, a recent poll of financial institutions suggested that the common belief is that the Bank of England will cut the base rate of interest on Thursday.
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Wednesday, February 6th, 2008
A poll of financial institutions recently suggested that the majority of lenders believe that the Bank of England’s monetary policy committee (MPC) will elect to cut the base rate of interest in its meeting next week.
In news that may be of interest to those looking to buy or sell a house in Scotland, the common belief is that the MPC will slash the rate by a quarter of a percentage point to 5.25 per cent.
Howard Archer, UK chief economist at Global Insight, stated: "We expect the Bank to trim interest rates by 25 basis points to 5.25 per cent next Thursday."
Ross Walker, economist at the Royal Bank of Scotland, stated that a drop of 25 basis points is a "near-certainty".
Lloyds TSB economist Kenneth Broux stated that economic conditions have been "a little bit restrictive" at 5.5 per cent.
In other news that may interest those looking to sell or buy a house in Scotland, recent data from Nationwide suggested that house prices fell by 0.1 per cent in January.
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Tuesday, February 5th, 2008
Consumers looking to buy a house in Scotland may be relived to know that property prices remained constant in January, according to the latest house price index from Halifax.
The average house price stands at £197,224, which reflects a 4.5 per cent increase on January 2007.
Martin Ellis, chief economist at the financial services provider, comments: "We expect sound economic fundamentals and lower interest rates to support house prices. Nationally, we predict that house prices will be flat in 2008."
He added that the firm expects the Bank of England’s monetary policy committee to cut interest rates on at least two occasions over the course of 2008, news which may be welcomed by those who looking to buy a house and take out a mortgage.
In related news, data from the Bank of Scotland recently identified East Renfrewshire as the most expensive region of Scotland to purchase a property in.
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