Buyers should be taking advantage of the current affordability of property in Scotland if they want to secure their next home, according to Edinburgh’s leading property solicitor.
Warners believes that, as house prices are showing signs of levelling out, buyers will not have long to reap the benefits of the current affordability of homes – which has been highlighted in the latest Bank of Scotland Affordability Review.
Responding to the review, Estate Agency Partner Scott Brown said: “This report shows what many property solicitors have been saying in recent months, as it highlights that it has become more affordable to buy a property in Scotland.
“House prices have been falling over the past year and we are seeing a shift from the traditional ‘offers over’ price to a new ‘offers around’ listing, which is providing more clarity for buyers about how much they are expected to pay to purchase a property.
“Although the days of 100% mortgages are now behind us, there are many lenders who are offering 90% mortgages on the high street.
“There have also been recent promises by RBS, Northern Rock and the Lloyds Banking Group to invest more money into lending in Scotland, which will help make purchasing a home more affordable for buyers.
“We are now starting to see evidence of house prices levelling out, so it is possible that property will not become more affordable in the long term. Buyers should be looking to take advantage of these favourable conditions.”
Picture shows the Bank of Scotland’s famous headquarters at The Mound, Edinburgh.
Notes to editors
Warners, which has four property shops in Edinburgh and Lothians, has been the leading property solicitor in terms of property listings, property sales and total sales value in the ESPC for the past nine years.
More information can be found at the website https://www.holyroodpr.co.uk/index.php/clients/detail/warners