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Scotland riding out property storm

Thursday, 17 July 2008 12:00 AM

While the rest of the UK is languishing in the credit crunch-induced doldrums, Scotland appears to have escaped remarkably lightly.

According to the latest research from Nationwide, Scotland recorded annual house price growth of 0.6 per cent over the year to July.

This is in comparison to a four per cent drop across the UK as a whole, with drops of as much as 7.6 and 5.9 per cent in Wales and Yorkshire & the Humber respectively.

Furthermore, property north of the border appears to have been outperforming the rest of the UK for some time.

Research from Knight Frank finds the Scottish housing market outperformed nearly all other UK regions in 2007, recording 13.0 per cent capital growth.

Furthermore, the new homes market exceeded even this level, recording house price inflation of 19.9 per cent.

As Knight Frank explain in a statement: "In 2007 the strong performance of peripheral towns and suburbs in the Scottish central belt (e.g. Kirkcaldy, Greenock) was indicative of a growing impact of commuter wealth on more secondary locations.

"Affordability constraints, better transport links, high land values, and in the case of Edinburgh, a limited number of sites with the capacity to deliver affordable family housing are driving this demand."

It is also easier for first-time buyers to secure a property in Scotland - ensuring a more vibrant market.

The Council for Mortgage Lenders (CML) finds Scottish first-time buyers spent an average of 2.96 of their income moving into a new property - compared with 3.36 in the UK as a whole.

The average house price, of £159,157, is also well below the £213,807 charged on average across the UK.

Chris O'Toole

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