Gap in market

Published on 26/03/2012 00:00

WITH reference to Jeff Salway’s article (“Living costs hit Scots’ chances of getting on property ladder”, 24 March), I’m very suspicious of the claim that one in four first-time Scottish buyers has purchased properties over £125,000, thus benefiting from the first-time buyer stamp duty exemption, which has now come to an end.

My firm’s experience of acting for hundreds of first-time buyers over the past year suggests that they can afford and purchase houses in the £60,000 to £120,000 price range, and the variety of property available throughout Scotland more than satisfies their requirements.

While all the various initiatives supported by the Scottish Government to help buyers of new homes are to be welcomed, there is a yawning gap in the lack of support for buyers of established affordable properties. By using the current willingness of sellers to sell well below market value, the Scottish Government could support many more thousands of first-time buyers with minimum risk indemnities on properties up to £120,000.

Such an approach would have a transformational effect on the whole housing market, driving further purchases and sales up the housing ladder and allowing the myriad of housing-related services to blossom.

Graeme McCormick

Conveyancing Direct

Morrison Street

Glasgow