Housing affordability continues to improve for Scotland’s key workers
Latest research from Bank of Scotland shows housing affordability has improved considerably for key public sector workers since house prices peaked in September 2007. However, there is still some way to go before the levels of affordability seen in 2002 are reached.
Nitesh Patel, housing economist at Bank of Scotland, commented:
"Housing affordability for key public sectors workers has improved significantly across Scotland since house prices peaked in 2007. Close to seven in ten towns are now affordable compared with just sixteen per cent in 2007. There are still considerable affordability issues for key workers in Aberdeenshire and Edinburgh.
"A combination of house price declines and growth in earnings has contributed to this improvement in affordability. However, house prices nationally have changed little in the past year, which together with pressure on public sector earnings, has resulted in only a modest improvement in home affordability for key workers in the past 12 months.”