Greater appetite for new homes north of the border

Date:

Thursday 1st December 2011

Fresh mortgage figures suggest that property sales north of the border may improve in the coming months as more prospective purchasers are now in a position to buy a new home in Scotland.

The latest data published by the Council of Mortgage Lenders Scotland shows that mortgage lending increased by 8% in the third quarter (Q3) of 2011, thanks partly to a marginal 1% increase in the average loan-to-value ratio for first-time buyers to 80% of a property's value.

The figures reveal that 4,600 loans worth around £429m were lent out to first-time buyers in Q3, marking a 7% increase by volume and 10% by value.

Mark Dyason, director of Edinburgh Mortgage Advice, believes that market conditions and confidence is gradually improving.

He said: "Loan-to-values have edged up and the increased competition among lenders has led to some highly attractive products, which is diluting the effect of slight rate increases.

"It's still difficult for first time buyers to get onto the property ladder but it's far less difficult than it was six months ago."

There is a wide selection of new build homes in Scotland for homebuyers to choose from.

Housebuilder Robertson Homes is currently developing a development of luxury one, two and three bedroom apartments in Foresters Way, Inverness. Set in a restored 19th century B-listed building, new homes in this unique development, called Gleann Mor House, range from £115,000 to £200,000.

In Edinburgh, Cala Homes is selling a selection of one, two and three bedroom homes at in East Fettes Avenue. The Hutton apartments offer high specification throughout and spacious, flexible living areas these homes are perfect for contemporary living. Prices start from £295,000.

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