KEYS TO KNOW
in Perth has only risen by 11 per cent in the last five years compared to the average of all other Scottish cities, which increased by 23 per cent.
This also means that Perth is the only city in Scotland where homes are more affordable than they were five years ago, improving from 5.5 times the average yearly salary to 5.44.
Perth also had the biggest improvement in home affordability over the last 12 months, 5.80 to 5.44.
The average house price in Perth is now £181,329.
Ricky Diggins, director at Bank of Scotland said: “It will come as no surprise to anyone looking to buy a home in Scotland that affordability is not improving by much but compared to the rest of the UK, the dream of living in one of our cities is more achievable.”
This is particularly important to first-time buyers who may not have equity built up and so may have to rely heavily on savings or borrowing deposits from family.
Louise Ferguson, a freelance relocation agent, says that new graduates keen to buy their first home could do worse than look to Perth, Stirling and Inverness to start their careers.
She says: “In comparison to Edinburgh in particular, but also Glasgow and Aberdeen, cities such as Perth offer a real opportunity to get on the property ladder not long after starting your working life.
“Flats in the city are seen as affordable, while family homes can be achieved by a double income family with a budget of under £200,000 – which would not be enough to secure a larger property in any of the larger cities.”
She says Perth has other advantages: “It is a lovely city in which to work and live, with a cosmopolitan city feel, but is small enough to be friendly and relatively low on crime.
“The reputation of the city schools is good, which is a big consideration for young families.”
A search through property listings for the city throws up some reasonably priced homes which would be the envy of any first-time buyer currently struggling to buy in the capital.
No 3 Hamilton Gardens priced at £180,000, is a bright and spacious first-floor two-bedroomed apartment within walking distance of the centre of Perth.
Making up part of a conversion of a beautiful period home, the flat has large windows with secondary glazing, its own private balcony with fantastic views, private allocated parking, additional visitor parking and a secure entry system.
An added bonus is the shared use of the extensive mature communal garden grounds.
In the newbuild market, Urban Union is developing 102 new homes 0 Perth is seen as an affordable city, according to the Bank of Scotland figures. 0 A two-bedroomed apartment is available in Hamilton Gardens. 2 The three-bedroomed Muirton Living townhouses. 3 Hamilton Gardens, is priced at £182,000, contact Premier Properties on 01738 301806. For details on Muirton Living properties, priced from £105,000, go to www.urbanunionltd.co.uk in the first phase of its residential development, Muirton Living close to Perth city centre.
This collection of one, two, three and four-bedroom homes and apartments are designed with modern family life in mind.
The project is in conjunction with Perth & Kinross Council, designed to create a vibrant living area in which people not only desire to live but are proud to be part of the community.
For those with children, the location, in Lapwing Drive, is in the catchment area of five schools, both at primary and secondary level.
One-bedroomed apartments are available from a first-time buyer friendly price of £105,000 and feature open-plan living spaces with a lounge, kitchen and dining area, fitted wardrobes in the bedrooms and a quality bathroom.
Three-bedroomed semi-detached houses are currently available at £182,000.
The Scottish Government’s Help to Buy scheme is available on the properties priced below £200,000.
The scheme offers buyers a 15 per cent interest-free equity loan, meaning a home could be secured with just a five per cent deposit and an 80 per cent mortgage, making these properties even more achievable.