UK Money News
3rd June 2008
Scottish property proves resilient to downturn
The downturn in the property market is not hitting Scotland as hard as England, it has been claimed.
According to the Council of Mortgage Lenders (CML), during the first quarter of the year the number of mortgage approvals was down by 40 per cent in England year year.
However, in Scotland a 20 per cent decline was noted in the same timeframe.
Kennedy Foster of CML Scotland said that the principal factor behind the robust market in Scotland was the fact that property is considerably more affordable, with homes priced some 25 per cent lower than in the UK.
He added: "Affordability is the key and obviously one of the things with the credit crunch is that lenders have been tightening their lending criteria and the fact that loans have fallen by 40 per cent in the UK and only 20 per cent in Scotland suggests that affordability is better up here.
"And when you look at affordability measures such as income multiples and mortgage interest payments as a percentage of total income then the picture is better in Scotland than the rest of the UK."
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