Mortgage News
Scottish vacant homes at six-year high
The number of vacant properties in Scotland rose for the second consecutive year in 2009 to its highest level since 2003, according to the Bank of Scotland.
Research by the lender revealed that there were 106,239 vacant homes in Scotland in September 2009, up 2.7% on the same period of 2008 and the highest number seen since 2003’s figure of 106,312.
Vacant homes accounted for 4.3% of all properties in the Scotland.
The Bank of Scotland highlighted that high levels of vacant homes correlate with the local economy, with greater numbers in places with lower house prices and earnings.
In the ten local authorities with the largest proportion of vacant homes, house prices are 3% lower than the national average at £139,715, while nine out of the ten locations had earnings that were around 9% lower than the average for Scotland.
Suren Thiru, housing economist for Bank of Scotland, said: “It is clearly concerning that the number of vacant homes has increased for the second successive year following several years of decline. This is a trend that needs to be reversed, particularly within the context of Scotland’s longer term housing needs. Areas with high levels of vacant properties are often areas with lower than average earnings and property values.”
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