‘I was a bit of a shock’: Housing for sale

Homes for sale are being sold at a steep discount on their current price, with many people struggling to make ends meet.

BBC Radio Scotland’s Home Affairs Editor Paul Kelly reports.

RENTALS:  The price of a home in Scotland has fallen by almost 50 per cent since last summer.

The average house price in Scotland fell by nearly 30 per cent from September last year to September this year.

But in London, the average price is up by £1,400. THE SALE:  In Edinburgh, the median house price fell by almost £500.

FIND A HOME:  Prices in the UK are up by nearly 6 per cent this year compared with the same time last year.

The cost of a property in the capital is now £5,500.

In Glasgow, the national average house cost is £1.8m.

DUPES:  Across the UK, the population is now down by 1.5 million, but the population of the south east of England is rising by 3.3 million.

In London, that means the number of people living in the boroughs of Tower Hamlets and Lambeth is rising. SPONSORS:  Many people are looking for ways to make a little extra money.

A study by the National Centre for Public Policy Research found that those who earn between £20,000 and £30,000 a year were the most likely to be renting.

A spokesperson for the Centre said the trend in renting was also a reflection of an economic downturn, with fewer people working.

WHAT TO DO IF YOU WANT TO KNOW MORE:  If you have any questions about buying or selling a home, contact the local council, the estate agent or the property manager.

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