CML: Scotland is the most affordable for homes
There may be a rise in the number of people attempting DIY house selling
in Scotland as new figures show it is the most affordable area for house purchase loans.
Statistics from the Council of Mortgage Lenders (CML) reveal that the average buyer in Scotland borrowed 2.75 times their income last year, compared to 3.03 times in the UK as a whole.
It also found that 46,800 loans were approved in the country during 2010, which marks less than a one per cent reduction from 2009 levels.
CML Scotland policy consultant Kennedy Foster commented: "The challenge of the dysfunctional mortgage market applies across the UK and the impact which this has on first-time buyers and second steppers is no different in Scotland."
Naomi Heaton, chief executive at London Central Portfolio, recently predicted that property located in prime areas of London is likely to experience a boost in demand this year.
- Property News from Lawpack: buying or selling your own house? Straight-forward advice on DIY house selling.
Published on: February 24, 2011
Did you like this article? Share it!