High street bank Lloyds TSB has predicted that there will be a ten per cent drop in house prices over the next two years, it has emerged. According to the Telegraph, acting finance director Tim Tookey has forecast a further market downturn for 2008-2009. In a statement that may be of interest to people looking to buy a house in Scotland, Mr Tookey claimed that the extent of the strains on the housing market have yet to be made clear. However, he commented that the existing stringent lending conditions have enabled the bank to increase its share of the market and its profit margins. “Our flow of new mortgages in the first few months of the year has been significantly higher than our stock position of 8.5 per cent,” he said. Meanwhile, Scotland’s housing market appears to be defying the credit crunch, according to the Times, since it continues to outperform the rest of the UK, which may be good news for those who want to buy a house in Scotland.
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