RSS FeedsUK to come off worse than Scotland in the housing slump
03/07/2008
According to Britain’s largest mortgage lender, the UK is likely to feel the worst of the housing slump in comparison to Scotland.
HBOS the Halifax and Bank of Scotland formation believe that the Scottish market does not behave the same as England and is not affected by its peaks and trough cycles. With recent news to hit the market of the possible future fall of UK house transactions as a result of the credit crunch and the tougher situations the banks are now faced with.
Chief Economist for Halifax said "While we think (the transaction decline] will be quite significant in Scotland, we do not see it as being as dramatic or spectacular as in the rest of the UK.” Martin Ellis also added “Scotland has been the best-performing region of the UK this year in this regard and we think it will continue to outperform.”
Many others also believe that Scotland is not as volatile as the rest of Great Britain and if there property market is more stable then equally so should its resistance to the housing slump.