Mortgage costs fall in Scotland
16th Apr 2012
The last few years have witnessed a fall in the cost of mortgages in Scotland, according to one sector expert who believes this trend may continue.
Dianne Paterson, property partner at Russel + Aitken, said she disagrees with recent figures published by the Bank of Scotland, indicating that the typical annual cost associated with owning and running a home in Scotland stood at £8,523 in January 2012.
This is the highest average annual total since records began in 2002, but Ms Paterson said separate data shows that annual mortgage costs have dipped over the last four years, reflecting both the fall in mortgage rates and the reduction in house prices.
"Likewise, the average price for a city home in Scotland, at present, is the lowest it has been since 2004, indicating again the significant fall in residential property prices," she added.
When it comes to buying property in Scotland, Ms Paterson said the ease of doing so varies, due in part to regional variations.
In the Lothians, property sales have reached their highest level for four years and there are "competitive bids" being received for some properties, though, on the whole, the people looking to enter the market should not have too much difficulty in finding a suitable home.
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