Buy-to-let booms in Scotland

14-Apr-2005

A Scottish town near Strathclyde has become a buy-to-let hotspot following the news that house prices in the town are rising faster than anywhere else in the UK.

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Halifax has revealed that Bellshill, has the fastest rate of house price inflation in the country, forcing many aspiring first time buyers in the area to shelve their plans to become homeowners and are instead continuing to rent.

Of the ten towns that recorded the fastest house price rises in the last 12 months, four are in Scotland, suggesting that the country is now the UK's top destination for buy-to-let investments.

A further three of the top ten are in the north of England, revealing that while first time buyers in the south are starting to get their foot on the property ladder, aspiring homeowners further north are remaining in buy-to-let accommodation.

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"It has been areas in Scotland, Wales, Northern Ireland and northern England that have recorded the most buoyant housing market conditions over the past year," Halifax chief economist Martin Ellis confirmed.

He explained: "As a result, the north/south divide has narrowed to its smallest for seven years."

But fast house price inflation in the north has been slowing recently, leading Halifax to predict a broadly flat market over the coming year and therefore giving some hope to first time buyers that rising house prices may be coming to an end across the UK.

Mr Ellis commented: "Despite some spectacular increases in house prices in some parts of the UK over the past 12 months, the market has slowed in most areas during the past six months or so.

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