Survey Finds Mortgages Least Expensive in Scotland

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27th August 2012 15:40 - Housing

A survey report has revealed the most affordable mortgage regions in Britain, with the Top 10 local authority districts all being located in Scotland.

East Ayrshire is the least expensive council area in the UK, with typical mortgage payments accounting for 15% of average local earnings.

This was followed by West Dunbartonshire, North Ayrshire, Renfrewshire, North Lanarkshire, South Ayrshire, Falkirk, Inverclyde, Clackmannanshire and the city of Dundee.

In contrast, Aberdeenshire was found to be the least affordable area in Scotland, with mortgage payments accounting for 25.7% of average earnings.

The Bank of Scotland study also showed that the average mortgage payments in Scotland are almost half of what they were five years ago, with the proportion of income spent on mortgages having fallen to a 10-year low.

At the end of 2007, the average mortgage payment for Scottish residents was at a peak of 38% of their disposable income.

In addition, the study saw typical mortgage payments for first-time buyers and home movers accounting for 20% of people’s  disposable earnings in Scotland at present, compared to an average of 26% throughout the rest of the UK.

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