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North Lanarkshire is an affordable option for hopeful homebuyers, research shows

Written by Scott Campbell.
 
 
 
 
 
Published at 12:33 GMT on Thursday, July 25th, 2013.

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Picture: Research was undertaken by CACI.
 
HOPEFUL young couple homebuyers and individuals determined to step onto the property ladder have been warned to stay away from Edinburgh, with new figures outlining the shortfall prospective homebuyers’ face in different parts of the country.

According to the Herald, figures published by location analysts CACI show young couple and individuals hoping to purchase a home face a staggering shortfall of £86,400 in the amount which they need to borrow and the amount made available to them through a standard mortgage.

Those Scots hoping to purchase a home in the East Renfrewshire region face a gap of £63,500 between what they need and can get, with the figure rising to £59,200 for those in the East Dunbartonshire area.

The statistics are part of an investigation location analyst firm CACI, who, “…offer an unrivalled range of marketing solutions and information systems to local and central government and to businesses from most industry sectors,” according to the company’s website.

The firm’s statistics show, though, that those hoping to purchase a home in other areas of Scotland may find it easier, and more affordable, with the data showing that in areas such as the Western Isles, Shetlands and North Lanarkshire, homebuyers can expect to borrow more than they need.
 
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CACI’s research shows that people hoping to buy a home in the Western Isles can expect to borrow £21,400 more than they need, with the comparable figure being £17,600 in the Shetlands and £16,900 here in North Lanarkshire.

Those hoping to move to a Scottish city, however, will find that Glasgow and Dundee are both good options, compared to Edinburgh, with hopeful homebuyers able to borrow £1,400 and £2,300, respectively, than they need.

Patrick Tate, Associate Director of Location Strategy at CACI, said that Scotland’s position was far less worse than that of some English regions, with those hoping to move into London able to expect a £308,600 gap between what they need to borrow and what the average available mortgage is.

Mr Tate added: "The figures still make the potential of home ownership a far-off dream for many particularly in Edinburgh.

"Prospective buyers will need to look to the more affordable areas of Glasgow, Dundee and Falkirk."
 
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