THE price of an average Scottish house rose by 1.9% to #52,169 in the
quarter ended 30 October 1993, according to the latest statistics from
the TSB Scotland.
The bank's statistics will bring some comfort to a housing market that
is nervously awaiting Tuesday's Budget. The report shows that the number
of houses sold in the quarter was 35.2% up on the same time last year.
''The Scottish housing market continues to be strong. Low interest
rates look as if they are here to stay and this is good news for
buyers,'' said Roy McGregor, chief executive director of TSB Scotland.
As the Budget looms, this quarter's figures show that the Scottish
housing market has responded well to a prolonged diet of low interest
rates. The volume of transactions remains high, being 35% up on the same
quarter last year, and with first-time buyers making up 47% of all
transactions, compared with 35% a year ago. The average price in the
quarter was #52,169, an increase of 1.9% over last quarter.
The regional breakdown shows Aberdeen as being the most costly area,
with an average price of #60,680, some 16.3% above the Scottish average
of #52,169. By contrast, the Central, Dundee, Tayside and Perth area,
with an average price of #46,666 was some 10.5% below the Scottish
average.
The analysis of transaction volumes shows that the number of houses
changing hands fell by 12.3% compared with the previous quarter. This is
a normal seasonal trend, with autumn being traditionally quieter than
the summer months. However the 35.2% increase in the number of houses
sold compared with the same quarter last year, shows that the current
market remains buoyant.
The price-to-earnings ratio shows that the average Scottish price is
valued at 2.7 times average earnings. This compares with a figure of 2.9
at the end of the last quarter.
According to TSB's research, flats and maisonettes are the most
popular kind of house (36%), followed by semi-detached (27%), detached
(20%) and terraced (17%).
Overall, the figures show a market that is operating well, with plenty
of affordable houses being turned over. The keen competition among
mortgage lenders, who are offering a range of products including many
fixed-rate mortgage deals, means that conditions remain attractive to
home buyers.
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