Scottish property most affordable in the UK

Scottish property is the most affordable in the UK, according to the Bank of Scotland.

The figures, released at the weekend, show that compared to the rest of the UK, Scottish property is more affordable thanks to low house prices and even lower mortgage rates.

A “substantial improvement”

The Bank of Scotland found that despite the common misconception that moving to Scotland is increasingly costly, more than 50 per cent of the most affordable areas in Britain are found north of the Border.

There, homeowners spend an average of 22 per cent of their income on mortgage payment. Excluding Scottish islands for sale, that’s a significant drop from the 38 per cent recorded four years ago.

Martin Ellis, the Bank of Scotland’s housing economist told Herald Scotland: “Lower house prices and reduced mortgage rates have resulted in a substantial improvement in housing affordability since the peak of the housing market in 2007.”

Expensive in Edinburgh

Although the figures sound positive for prospective first-time-buyers, deposits for property have actually risen by one-fifth over the past four years.

Those looking to purchase property in Edinburgh will also now find it the most expensive city in Scotland, with an average price of approximately £230,000 – according to the Caledonian Mercury, considerably higher than the national average of £152,565.

Elsewhere, however, Scotland can still boast six of the 10 most affordable regions in the UK. With housing demand and house prices both moving in promising directions, the Scottish housing market can be pleased with the Bank of Scotland’s latest research.