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If you are considering buying a repossessed house in Scotland, it is worthwhile taking a quick overview of the Scottish property market.
Buying repossessed houses or any other property in Scotland, for that matter, is really a tale of two parts; whilst properties in the Scottish borders increased in value by 1.2% in 2011, prices within Scotland itself fell by 3.2%
Taking a longer term look at the Scottish property market gives food for thought, however, with the value of Scotland’s housing increasing by 131% over the decade, the equivalent of £69,000 per house. This compares to 84% for the rest of the UK.
An article in one of the property industries journals published today, reports:
‘… Repossession numbers are predicted to grow and this will be magnified in Scotland, where a backlog exists, due to legal rulings that temporarily suspended Scottish repossessions last year. This will depress prices further. The spring market will be punctuated by more lending to wealthier buyers and buy-to-let investors – groups that lenders see as lower risk – at the expense of first time buyer”
This is a viewpoint backed up by statistics from the CML, which reveal that properties bought with buy-to-let mortgages increased by 84,000 last year (2011).
It seems that buying a repossessed house in Scotland might be a very good move indeed.