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Homes in Scotland now 'more affordable'
Posted: 02 Jan 2009 14:38:04 GMT
Homes in Scotland have become largely more affordable throughout 2008, a Herald report has claimed, suggesting 11 more of the 30 council areas throughout the country can now be labelled as affordable for those on an average salary.
Judging the meaning of an 'affordable' home to be no more than four times the salary of a buyer, there are now 20 council areas in Scotland in which buyers on average earnings can comfortably afford a property.
However, John Perkin, financial services director at estate agents Slater Hogg and Howison, told the newspaper that the level of affordability may be overstated.
"I understand where they are coming from in terms of affordability, given the drop in base rates, but many first-time buyers find themselves excluded from the market because they do not have a deposit.
"Someone who has a mortgage of 90 per cent or more is looking at interest rates of six per cent above the base rate. The banks have become very, very cautious about lending at this risky level. Those seeking first-time mortgages do not get cheap deals on mortgages."
If the barriers to purchasing a property remain for some time it is likely that homeowners will continue to face problems selling their property.
Selling a property online can help a homeowner find a buyer sooner, as it could be seen by more buyers than if it was put on sale by a traditional estate agent.
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Tenants
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Finance
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Loans
Mortgages
Savings
Legal
Building survey
Conveyancing
Credit checks
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Gas safety certicates
HIPs
Inventory checklist
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Tenant reference checks
Tenancy agreements
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Home insurance
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