Expert: Still tough to sell in Scotland

Posted: 12 Jan 2009 11:53:34 GMT

The head of a leading property agency in Scotland has suggested that the housing market in the country is not out of the woods yet, in spite of a 0.1 per cent increase in house prices in the closing quarter of 2008.

While the minimal increase contrasts a 4.4 per cent average fall across the UK, Rettie and Co managing director Simon Rettie explained that things could get worse again very quickly.

"I think we're probably in the eye of the storm actually," he warned.

"The process for buyers to get mortgage funding is as tight here as it will be anywhere else and, as a result that has slowed the market right down."

Mr Rettie also believes that the impact of the December 1st introduction of the Home Information Packs (Hips) has yet to take its toll on the market.

According to figures from Nationwide, the Scottish property market fared better than the 14.7 per cent UK average fall in house prices in 2008, with a drop of just 8.1 per cent.


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