Nationwide stats ‘show further market weakness’

Further weakness in the UK’s housing market has been exposed by statistics revealed by Nationwide, something that may be of interest to people looking to buy a house in Scotland. The building society’s recorded house price figures show that they decreased by 1.1 per cent, representing a fall of one per cent over the past year. Fionnuala Earley, Nationwide’s chief economist, commented that this follows the trend that has occurred over the last six months and “reflects the weakening sentiment in the market brought about by poor affordability and tighter financial market conditions”. Ms Earley went on to say that a lack of demand from people stepping onto the housing ladder – potentially including Scottish first-time buyers – higher mortgage rates and tighter lending criteria have resulted in a record low in terms of house purchases. However, it was claimed yesterday (April 29th) by property consultancy Knight Frank that the Scottish market was “remarkably robust” compared to the rest of the UK, which may be welcome news to those hoping to buy a house in Scotland.