Annual mortgage costs have fallen in Scotland over the last four years, it has been noted.
Dianne Paterson, property partner at Russel and Aitken – a legal firm established in Falkirk in 1818 – explained this dip is a reflection of a tumble in mortgage rates and a reduction in property prices .
Ms Paterson observed the typical cost of a city home north of the border is currently at its lowest since 2004, which can be accounted for by the considerable drop in residential prices in recent times.
She was speaking in response to new findings from Bank of Scotland, which showed the expense of owning and maintaining a dwelling has escalated to its greatest sum for more than ten years.
It was demonstrated that the usual cost of running an abode in the country stood at £8,523 in January this year – the highest total since 2002, when records of this type began.
Ms Paterson added the housing market has been sluggish in Scotland of late, stating: “It has been hampered by a shortage of buyers and accordingly for those in a position to purchase, there are undoubtedly bargains to be had.”
