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Mortgages decrease by 40 per cent in Scotland


A new report has outlined that the Scottish housing market has dropped by 40 per cent for new mortgages in 2008.

The council of Mortgage Lenders that compiled the report have said that there were over 1000 fewer first time buyers than in 2007. There was also a decrease in house sales from 8000 to 5000 during the same period.

Another report showed that the number of houses for rent doubled in the past month as properties that couldn’t be sold where put on rent.

The chairman of the Council of Mortgage Lenders in Scotland, Crawford McCaughie stated that the fall in mortgages in Scotland was lower than the UK where mortgages decreased by 50 per cent.

The rise in Scotland’s share of the mortgage market has increased slightly from 10 per cent in 2007 to 12 per cent in 2008.

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