Home > News > Debt in scotland

Initiative announced to support Scottish people in debt More Scots with extreme credit card debts, charity reports Govt actions `could lead to debt for pensioners` Middle-class families in south-east `most in debt` Scottish bankruptcies double BBC Scotland looks at effects of debt on health Scotland avoids house price decline Optimism for Scottish economy Demand for staff in Scotland highest in UK Scots `faring better from credit crunch` Scottish markets "remarkably robust" Crunch `affecting Scottish consumers worse` Scots `feel inflation to be 8.4 percent` Scots calm as UK `goes switching crazy` Scottish house prices `dropped at end of 2007` Debt problems grow for Scots as bankruptcies soar Scots `positive` over new year debts Generous Scots spreading festive cheer Areas of Scotland `most indebted in the UK` Scottish house prices soar

Scotland avoids house price decline

04/07/2008

Property in Scotland has avoided the national drop in prices, according to Nationwide`s recent figures.

While average house prices across the UK have seen a drop of 4 per cent this year, the building society has recorded a growth of 0.6 per cent in Scotland.

Fionnuala Earley, Nationwide`s chief economist, explained: "On most measures of housing affordability Scotland compares quite favourably with other UK regions, and this is likely to be the main reason why the correction in prices has been less drastic than elsewhere."

Additionally, mortgages are more easily available and house prices did not climb as high recently as in previous housing booms, said the report.

The price of oil has also created "pockets of strength" in oil-producing regions such as Aberdeenshire and Moray, where a price increase of seven per cent was recorded this quarter, bringing the average house value to £165,600.

According to the report, Edinburgh City remains the most expensive place to live in Scotland, with the average property price standing at £252,051 – an increase of one per cent this quarter.

In the UK overall, prices in London continue to be the highest with an average price of £285,568.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according