Print friendly version 18 Jul 2008

Scottish buyers optimistic about house prices

Scottish buyers and sellers are more positive about house prices than their counterparts in the rest of the UK, research from Propertyfinder has revealed.

The online portal conducted a survey of 3,500 consumers and found 29% of Scottish house-hunters thought house prices would be higher in twelve months time, compared to 21% across the rest of the UK. Overall, those in Scotland predicted house prices would fall by 3% over the next year, compared to a prediction of 5% from those across the rest of the UK. In addition, one in 10 people in Scotland thought house prices wouldn’t change at all.

Those working in the housing industry agree with homeowners, according to Propertyfinder, with 59% of Scottish estate agents confident they wouldn’t see the same house price falls as in other parts of the UK.

Nick Leeming, director of Propertyfinder, said agents were seeing a lot of buyers looking for an investment thanks to high tenant demand in the private rented sector. However, they did highlight some barriers to buying for Scots, including difficulty securing finance, mortgage affordability and chains breaking down.

Leeming added: “Scotland has proved resilient in the face of the global credit crunch so far, with house price growth slowing but not showing the same decline as the rest of the UK.

“Scotland has an enviable record of house price stability. However the market is undeniably cooling, with properties becoming harder to sell and the same problems faced by UK buyers and sellers becoming apparent in Scotland.”

If you live in England or Wales, use our Property Price Predictor tool to find out how much your house will be worth in five years.

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