Cost of becoming a homeowner ‘351% harder’

The cost of becoming a home purchaser in Great Britain has worsened by a total of 351 per cent since the most accessible point in 1996, according to the Royal Institution of Chartered Surveyors (Rics).

In news that may be of interest to consumers looking to buy a house in Scotland, a first-time buyer couple who are both on lower quartile earnings of £26,595 after taxes must now save up to the equivalent of 104 per cent of their pay to cover up-front costs.

Such outgoings would include stamp duty, fees and deposits.

David Stubbs, Rics senior economist, comments: "At the start of 2008, first-time buyers are finding it even harder to get a foothold on the housing ladder and the signs are that conditions are unlikely to get better in the short term."

In other news that may be of interest to those looking to buy or sell a house in Scotland, the Council of Mortgage Lenders recently stated that 2007 was the stongest ever year for gross mortgage lending.