The Scottish property website s1homes.com has reported house prices in Scotland rose substantially between January and June 2015. The Glasgow-based property portal website is the sister website of s1jobs.com, the leading Scottish jobs website offering thousands of positions including retail jobs in Glasgow.
As a direct impact of a lack of properties entering the housing market, house prices in Scotland rose by 3.5% between April and June and are expected to rise by over 5% by the end of the year Trust Deed Scotland® can reveal.
The biggest increase in house prices concerned semi-detached properties, with their value showing a 5.5% increase.
Excluding flats, all other types of residential property in Scotland displayed a decrease in the volume of house sales.
Detached properties are the only type of property not to increase in average house price, had a drop in sales of 4.2% compared to 2014.
Out of all cities in Scotland, Glasgow had the largest rise in the percentage of sales, with an increase of 17.6%.
Aberdeen however, had the largest decrease in sales, with an 18% decline since 2014. The decline in sales in Aberdeen has coincided with the loss of jobs in the oil and gas sector affecting the area.
Sarah Speirs, director of RICS in Scotland, who work closely with the Scottish Government on matters relating to property and construction predicted a rise in rent and commented,
‘The Scottish government increases investment in initiatives such as Help to Buy, which further stimulates demand while failing to address the critical issue of housing supply, more needs to be done to increase and expand housing supply.’
In an attempt to address housing issues and focus on the affordability of Scottish house prices, the Scottish government has announced it will spend £195 million of the next three years on a shared equity scheme designed to help people buy new-build houses.
The cutbacks in companies are affecting how much people can spend on buying a home and their decisions to sell their properties. People are reluctant to move home in case there is a change to their financial circumstances.
This fear is fuelled by mass redundancies across many sectors.
Most recently, Scotland was rocked by the confirmation that two steelworks are to be closed due to the pressure put on them by competition outside of Europe. This move may ultimately spell the end of Scottish steel production for the long term.
How to get debt help in Scotland
If you find yourself in financial difficulty, entering into a Trust Deed or the Debt Arrangement Scheme (DAS) could be two possible formal Scottish debt solutions that may help you to make more manageable payments to the people to who you owe money and even allow you to write off a percentage of your unaffordable debt.
More homeowners across Scotland than ever before are finding that DAS is a suitable solution for them, where they have too much equity in their property to qualify for a Trust Deed, however being a homeowner and having equity in your property may not necessarily exclude you from being able to apply for a Trust Deed.
The most important consideration for you is to ensure that you seek help from an experienced advisor as soon as you can, in order to ensure that you receive the most relevant advice for you, based on your own situation, lifestyle and needs.
Call us on 0141 221 0999 to get more information from our experienced debt advice team on how a Trust Deed could help you. Your call will be handled in confidence, without obligation and completely non-judgemental.