Scotland 'to sit tight' amid credit crunch uncertainty

The credit crunch will cause many people in Scotland to "do the safe thing - which is nothing", in the property market while the credit crunch unfolds, property firm Rettie & Co has said.

Reflecting on the Bank of Scotland statistics that outright home ownership in Scotland has risen by 27 per cent since 2001, managing director Simon Rettie predicted this would neither rise nor fall in the near future as people decided to "take stock" amid the fast-changing market situation.

While such caution may avoid any pitfalls involved in buying a house in an uncertain climate, those keen to get on the housing ladder may wish not to wait.

Would-be homeonenrs to whom this applies may consider the alternative option of self-build.

The desire of most Scots to get on the housing ladder has been emphasised by other Bank of Scotland figures which show that the number of homeowners rose from 31 per cent of the adult population in 1971 to 66 per cent in 2006.