Scottish Property Owners Keen To Sell
Property owners north of other border are currently very keen to continue moving up the property ladder, but a lack of mortgage finance is affecting their plans, it has been claimed say Zoopla.
Dianne Paterson, residential property partner at Russel + Aitken, made the comments after a report by the Registers of Scotland showed that the average price of a residential property in Scotland increased by 0.4 per cent from April to June 2011, compared with the same period in the previous year.
However, the total volume of sales across Scotland registered during the quarter was 16,947 - a decrease of 10.8 per cent on the same quarter in 2010. Such muted activities are expected to prevail for an undetermined period.
She noted that the data is more indicative of the "challenging issues" which the housing market continues to face. With unemployment and inflation at its highest, the purchasing power of the people has been seen to be restricted more as compared to the last year.
"Both groups are dependent on each other and both are being thwarted in their attempts to do so due to the lack of affordable mortgages and the reluctance of mortgage lenders to release funding," the expert said.
She added that most sellers are "anxious" to get moving, particularly if they are planning to upgrade, as there are many opportunities around to purchase something "bigger and better" at realistic prices.