Industry News

Scottish property market is 'recovering' April 7, 2009

The property market in Scotland is recovering and house prices are rising, according to a Scottish legal firm.

Dianne Paterson, property partner at Russel + Aitken, said there was "no doubt" that the Scottish property market was showing signs of recovery.

Paterson added that the reasons for this were the return of confidence, a lack of "doom laden" media reporting, and availability of funding.

"Suppressed activity on the part of buyers and sellers is being triggered by lower interest rates, availability of finance and concern that prices will rise once more," she said.

Scotland was found to be the most resilient property market at the start of 2009, according to Nationwide.

It was also the best performing part of the UK for the fifth consecutive quarter.

But the figures from Nationwide still showed that property prices in Scotland declined.

Earlier this month, Abbey announced an 85 per cent mortgage exclusively aimed at first-time buyers.

Ms Paterson credited improved mortgage deals such as this as one of the reasons for the buoyancy in the Scottish housing market.


© Adfero Ltd

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