Scottish first time home buyers facing fresh price increases

29-May-2007

Prices for first time home buyers in Scotland are continuing to increase despite a "very quiet" mortgage market, it has been advised.

Research from Moneyextra has found that interest rate rises and a delay in the implementation of Home information packs (Hips) will limit the potential for growth in the UK as a whole in the coming months. However, prices still rose fractionally in April, up 0.82 per cent compared with the previous month.

Scotland, though traditionally offering lower house prices than in other areas of the UK, is seeing some of the sharpest rises. Average prices have doubled over the past five years, according to figures from the Registers of Scotland.

The average price paid by a first time buyer in the region is now £108,922, up from £52,377 in 2001.

"First-time buyers in Scotland are finding it increasingly difficult to climb on to the property ladder with the average house price paid by a new buyer entering the market now above £100,000," advised Bank of Scotland group economist Tim Crawford.

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