Housing transactions rise in Scotland
16th May 2012
The increase in the number of first time buyers in Scotland has led to a significant rise in housing transactions, the latest report reveals.
Data published by LSL and Acadametics shows that property transactions rose by 15 per cent in March compared with the previous month, helping to boost the entire country's housing market.
The rise was likely caused by first-time buyers rushing to beat the March stamp duty deadline, the data suggests, with the increased activity helping to push the price of a house in Scotland up by an average of £792.
Commenting on the report, UK property expert Gordon Fowlis said the fact that so many first time buyers were able to piece together a deposit in the midst of economic downturn is testament to the strong underlying demand from buyers eager to get onto the property ladder.
"Despite having to cross a relatively high threshold to get a mortgage, there is still strong appetite from buyers who are anxious to avoid remaining rental accommodation," he added.
On a local level, Mr Fowlis predicted that the fortunes of house prices will be "heavily dependent" on the performance of their immediate economies, particularly the impact of public sector austerity.
Posted by Staff Writer: Ewan Robertson
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