Lloyds TSB: Housing market in Scotland improved for first-time buyers

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Lloyds TSB: Housing market in Scotland improved for first-time buyers

First-time buyers in Scotland face more appealing borrowing conditions according to a Lloyds TSB housing market report, which also showed the sector is gradually recovering.

Professor Donald MacRae, chief economist at Lloyds Banking Group Scotland suggested that consumer confidence on the whole is improving, but is still below pre-recession levels.

But he stressed that the availability of mortgages for first-time buyers has increased, with the firm's quarterly price index - up to April 30th - showing a rise of 0.7 per cent compared to the previous three months.

"Activity has picked up from the low levels of the winter months. The Scottish housing market continues to recover but slowly," stated professor MacRae.

House prices increased in Scotland, according to the index, with the average property worth £157,801.

Research by Lloyds TSB published recently showed that the flexibility of a mortgage is the most important part of the product for homeowners, with 68 per cent of respondents favouring this feature.

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