Credit crunch ‘affecting buyer confidence’

In news that may be of interest to people looking to sell a house in Scotland, housing market pressures are causing buyers to be prudent, according to one organisation.

The National Association of Estate Agents (NAEA) has reported that the number of housebuyers registered with estate agents decreased to 243 in February from 276 the previous month.

The global credit crunch and squeeze on mortgage approvals were cited by the NAEA as possible reasons for this dip.

However, figures that may be pertinent to people who own Scottish property suggest that sales in the UK remain stable, as the number of properties purchased saw only a marginal decrease.

Stewart Lilly, NAEA president, commented: "The figures reported in February echo the current climate of confusion that is clouding the property market at present.

"Invariably, the global credit crunch, especially the US situation, has had a knock-on effect, which coupled with consumer inflation, is placing continuing pressure onto the property market."

This contrasts with the consumer optimism reported by the association earlier this year, when the number of first-time buyers increased to 14.5 per cent.