A lack of mortgage finance north of the border is restricting Scottish homeowners’ movements, it has been claimed.
According to Falkirk-based legal firm Russel + Aitken, many Scots are keen to move into a different house, but find their grand plans “thwarted” by mortgage lenders’ strict criteria.
Data from the Registers of Scotland shows that the total volume of property sales in the country between April and June this year fell by 10.8 per cent in comparison to the same three-month period in 2010.
Russel + Aitken residential property partner Dianne Paterson explained that there is “continued enthusiasm” from would-be movers.
She noted that many want to access the housing market for the first time, but are unable to, while a large number of homeowners are currently “anxious to get moving”, but find that they cannot.
“Both groups are dependent on each other and both are being thwarted in their attempts to do so due to the lack of affordable mortgages and the reluctance of mortgage lenders to release funding,” she said.
