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Landlords set to 'grab a bargain in Scotland'
2008-11-14
A multi-million pound clearance sale will take place in Scotland tomorrow as desperate homeowners look to sell-up at knock-down prizes.
Some £16 million-worth of homes will be sold by a Glasgow-based estate agent tomorrow (November 15th) and some will have up to 40 per cent knocked off their value, reports the Daily Record.
The sale comes after a 41 per cent slump in the number of property sales in country and leading developers, building firms and property investors are expected to attend to try and cash-in.
Up to £3.7 million - 22.5 per cent - will be wiped off the value of the properties on sale, with homes to be sold on a first-come, first-service basis.
Mairi Eckford, managing director in Scotland of estate agent Countrywide, said: "We believe this is the first event of its type in Scotland.
"This is a window of opportunity for first-time buyers, families, landlords and investors," she added.
Germany, the EU's biggest nation, announced that its economy was in recession this week. Other European states could follow, but the trend could prompt further interest rate cuts by the Bank of England in 2009 to try and revive property market activity in the UK - which might lead to cheaper buy to let mortgage rates appearing on the market.
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