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The housing market in scotland is weakening like the rest of the uk, but we still appear to be bucking the trend of sharp falls in house prices in comparison with the rest of the UK.
Lender Nationwide reported that the average cost of buying a home in Scotland was £149,541 in the second quarter of 2008, 0.6% more than the same period last year, making scotland the only place in the uk showing annual growth, in comparison with a 3.4% drop accross the rest of the UK.
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As could be expected the average re-mortgage rate for a two year fixed rate deal has broken the 7% barrier, and today stands at 7.02%.
A sharp contrast to a year or two ago when rates would have been 4.25% to about 5.25%
An example of how this hits the pocket is below:
Borrowing £150,000 over 25 years at 4.25% would have cost £821.43 per month on a capital and interest repayment mortage.
Now borrowing £150,000 over 25 years at 7.02% will cost £1074.56 per month on a capital and interest repayment mortage.
Worrying times for anyone coming to the end of their current mortgage deal. However, it seems not all is lost as there could be some light at the end of the tunnel for borrowers. Today, swap rates have decreased from its 6.52% high last week, by 0.16% to 6.36%. We hope that this recent downturn is not short lived and trust that lenders will play a fair game by reflecting this decrease in the rates that they will have on offer in the next few weeks.
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