Consumer confidence in Scotlands housing market is high despite the difficulties facing first-time buyers, a survey has shown. Almost two thirds of people questioned (63%) believe now is a good time to buy, according to Solicitor Property Centres (SPC) Scotland. A similar proportion (68%) believe prices will rise this year, but the majority think the increase will be less than 5%. The greatest obstacle to buying is raising the mortgage deposit, the research found. SPC Scotland questioned 570 people last month, with less than 9% disagreeing that now is a good time to purchase. Location was cited as by far the biggest factor in choosing a home, with respondents also listing a garden and parking as very important. Mark Hordern, chairman of SPC Scotland, said: Activity among buyers and sellers has been on the rise over the last year and this is reflected by the level of consumer confidence in the market. Its important to note that the market is not without its difficulties, however. For many first-time buyers, raising the deposit they need to secure mortgage funding remains challenging. Existing homeowners are much more likely to say that a lack of suitable homes on the market is the main issue facing them. This is backed up by anecdotal evidence from some of our solicitor members who have had experience of potential sellers waiting to put their home on the market until they see something they wish to buy. As we move forward and confidence in the economy grows we should see more sellers coming to the market. This increase in the supply of homes will be welcomed by those worried about a lack of homes for sale and should help to moderate house price inflation, which will be good news for those looking to take their first step onto the property ladder. The quarterly survey was carried out online from May 5 to 18.
Posted on: Wed, 04 Jun 2014 09:07:31 +0000
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