Clydesdale Bank says Bids dropping in Scotland
www.moneynews.co.uk > Housing market > Clydesdale Bank says Bids dropping in Scotland
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Money News |
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Clydesdale Bank says Bids dropping in Scotland
Mon 12th Feb 2007
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With the base rate standing at 5.25 per cent, mortgage costs have risen, with the knock-on effect being that in the past three months, potential buyers prepared to bid ten per cent above the offers over price has reduced by 13 per cent.
House price rises are not expected to tail off any time soon with Clydesdale Bank reporting that three quarters (75 per cent) of respondents believe the next few months will see more price increases.
Steve Reid, Clydesdale Bank's director of retail banking, said: "Last year house prices in Scotland were some of the fastest growing in the UK. Despite three interest rate rises in six months, buyers remain confident prices will go the same way this year."
Mr Reid added that the increased interest rates were making buyers more cautious to part with their money and are presently looking for houses that need little renovation work doing so they can move straight into the property with minimum fuss.
Furthermore, Clydesdale Bank's research showed that just under three quarters (74 per cent) of those surveyed had no plans at the present time to move house this year.
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