The Real Estate in Scotland becomes cheaper day by day.

According to the latest information of the statistics company LSL / Acadametrics the housing prices in Scotland fell by 4.2% to an average cost of 140 846 thousand pounds during the past 12 months. Tight mortgage lending criteria and savings of the public sector hurts the Scottish property market last year. Scots practically ceased to take out loans to buy housing, which was the root cause of the weakness of their real estate market. Creditors combined high demands to the deposits with strict credit assessments, which would have to keep people in rented housing. Moreover, the above-mentioned statistical research shows that per year house prices fell by more than four times in Scotland. This is the highest index in the region. The first reason for such a situation is the possibility for a significant reduction in the financial expenses for the public sector. Lending Scheme Scotland was much less effective than in England and Wales because of errors in its planning. It should be noted that the region has many local problems to solve. Despite the sharp decline in housing values nationwide in 2012, in one of four areas prices still rose. Thus, in Edinburgh they plummeted to 16,658 thousand pounds a year, but in Aberdeen rose by 2,831 thousand pounds. Specialists in real estate believe that 2013 will bring positive changes for the property market in Scotland. Low cost housing will encourage Scots to buy their first house or apartment. South of the Border mortgage rates have fallen to historical minimum, and there is a wide variety of mortgage loans, which allow to fullfill the market. Scots hope that the same situation will soon occur in their real estate market.