Homebuying in Scotland falls to a five-year low

The number of people moving home in Scotland has fallen to a five-year low, figures show.

There were 14,662 homes bought in Scotland with a mortgage during the first half of 2019, the lowest level since 2014, the Bank of Scotland’s homemover review found.

Higher deposits and a lack of available homes have contributed to declining house sales, the bank said.

The average property price in Scotland is currently £221,515, compared with a UK average of £329,648.

The average purchase price paid in Scotland has risen 17% over the past five years, up from £188,852 in 2014.

Scottish homebuyers put down an average deposit of £70,332 towards their property, up 21% in the last five years.

London remains the most expensive area, with properties costing £650,510 – almost double the UK average – while the least expensive is Northern Ireland with an average price of £189,905.

Graham Blair, Bank of Scotland mortgages director, said: “The slow rate of homemovers is a reflection of increased deposits, higher stamp duty charges, as well as potential interest rate rises.

“There is also low availability of the perfect next home, such as an extra bedroom and outdoor space for those looking to move up the housing ladder, which all together are having an impact on the overall number of people moving house.

“Despite a dip in the number of people moving in 2019, house prices have still increased and may also be contributing to the slowdown.”