Family homes demand 'robust' in Scotland
29th Nov 2011
The demand for family homes in Scotland is currently robust and likely to continue in this vein for the foreseeable future, according to one specialist.
Dianne Paterson, an expert on Scottish property, said the total number of properties on the market is still around 40 per cent less than what would have been seen before the recession, while the number of people in a position to buy still remains "correspondingly low".
Her comments follow the publication of a report by Lloyds TSB, which showed that, in the three months ending October 2011, the quarterly price index for the average domestic property in Scotland rose by 1.7 per cent.
This marked the first quarterly rise following three consecutive quarterly falls, though, on an annual, underlying basis, Scottish house prices have fallen by 2.9 per cent.
Ms Paterson said that competition amongst sellers therefore continues to be high, with "huge pressure" on them to reduce asking prices accordingly.
"In this context, the market is most challenging for sellers of low value properties with activity from first-time buyers and buy to let investors well below pre-2008 levels," she noted.
The expert added that demand for family homes is robust in comparison, although the number of homes being purchased is still below what would have been seen prior to the economic downturn.
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