NewsArticle-02-04-2009

Statistics published today by Nationwide and GSPC (Glasgow Solicitors Property Centre) were welcomed by Scottish home building industry leaders as yet further positive indicators for those thinking about buying a new home.

According to Nationwide, Scotland continues to be the most resilient market in the whole country and has now been the best performing part of the UK for five consecutive quarters.  People in Scotland also continue to have the most optimistic outlook with fewer consumers than in any other part of the UK expecting prices to fall in the next six months. 

The latest quarterly report from GSPC also provides more evidence that house prices in Scotland are less volatile than elsewhere, showing that the pace at which house prices in Glasgow and west central Scotland are falling has slowed, raising the possibility that the worst of the falls in price are beginning to pass.

Jonathan Fair (right), Chief Executive of Homes for Scotland, the organisation which represents companies building 95% of the country’s new homes built for sale, said:

“Today’s reports and other pieces of research published recently substantiate the noticeable level of increase in footfall to members’ sites that we are now seeing.  Converting this interest into sales remains challenging, especially in the context of mortgage availability.  However, it is clear that consumer confidence appears to be improving as people contemplate the bottom of the market.

“Moves such as the recently implemented expansion of the Scottish Government’s Open Market Shared Equity scheme will also help the market’s recovery.”

Ends

Enquiries to:

Jennifer Kennedy, Homes for Scotland – 0131 455 8350 

Notes to Editors:

Homes for Scotland represents the country’s home building industry which, prior to the onset of the credit crunch,:

• was the largest source of private investment in Scotland and the largest user of the planning system
• built 20,000 new homes, contributed £6bn to the economy and directly impacted the employment of 100,000 people (2007 figures)

But with 26,000 jobs already lost and much new development across the country now effectively on hold, Scottish new build housing output has plummeted.  This will have far-reaching and long-term social and economic consequences.  Browse this website for further market commentary and information on the action and support Homes for Scotland is calling on from both the UK and Scottish Governments.