Market Review

Demand for 600 affordable houses over next 5 years
House prices are forecasted to broadly remain unchanged over the coming year.
A rise in the rents being charged in the rental sector.
Buy-to-let market will slow considerably.
There will be no retreat in house prices in Scotland.
Base rates may fall in the first part of 2008.
Activity levels rather than price fall are likely to slow the market.
Foreign worker demand for property is ensuring prices in some areas remain high.
Inverurie saw price increases of 35% over the last 12 months.
The South of England will bear the brunt of any fall in local house prices.
Scotland house price inflation at 14.5% compared to the UK average of 10.7%. House prices in Scotland rose by 0.7% in the third quarter of 2007.
Average house prices rose by 14% in Inverness.
Terraced housing showed the highest price growth over the last 10 years at 206%.
Moray’s population is estimated to increase to 89,000 by 2011.
Moray has a diverse economy including tourism, hospitality and retail sectors.
Average earnings are £17,992.
The RAF bases play a major part in the local economy.
3,381 residents are considered to be living in unsuitable housing.
1,551 people/families need to move
71-79% of house buying activity is generated within Moray.
House prices are highest around Elgin, Forres and Lossiemouth.
Housing demand is highest near the RAF bases.
1,649 RAF households are either owner occupiers or private renters locally.
There are 22,700 owner occupied properties in Moray.
Council house rental is on average £1,667 pa
There is a need for 161 houses per annum in the Moray area.

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