People looking to buy a house in Scotland may be interested to learn that the Bank of Scotland has announced the acquisition of a £27.5 million stake in a homebuilding firm.
The Bank of Scotland has purchased 40 per cent of the shares in Tulloch Homes, an Inverness-based company established in 1925.
With a view to invest in a region in the UK where the housing market is expected to outperform the national average, the bank decided to establish a partnership with the organisation, which it says has "a good track record and reputation in the Scottish housing market".
Gordon More, head of joint ventures transactions at the bank, commented on the acquisition, stating: "The deal … fits perfectly with our ambition to invest in the north of Scotland housing market, which we see as having strong growth potential over the coming years."
The Halifax House Price Index revealed this week that Scottish property prices remained strong, with an increase of 5.3 per cent in the past year.