‘A tenth’ bring forwards house-buying plans

In news that could interest anyone looking to buy a house in Scotland, recent research has shown that a tenth of would-be British homeowners have brought forward their plans to acquire a property.

According to figures from Fool.co.uk, a third of people who are aiming to get a foot on the housing ladder are planning to do so in 2009, while almost 38 per cent are now planning to buy a property.

The price comparison firm suggests that the recent house price falls have made people more eager to buy a property in the UK, which could have an impact on anyone looking to sell a house in Scotland.

David Kuo, head of personal finance at Fool.co.uk, states that the "long-overdue correction" in the property market may allow many consumers who have been waiting to move house to finally get the chance to.

"Quite often people will ask how much they can borrow when they want to buy a property. But that is altogether the wrong question. Instead, they should ask themselves how much they can afford to repay," he adds.

In related news, the Bank of England has opted to maintain the base rate of interest at 5.5 per cent until February at the earliest.