Scottish slowdown

Aug. 1, 2008
Housebuilders need to accept the state of the market and get on with trying to sell homes says David Sutherland, the chairman and chief executive of Tulloch Group. Tulloch is one of the largest small to medium sized housebuilders (SME) in Scotland, which has been gripped by the same problems with the housing market as many other parts of Britain. Mortgages are so scarce that the Scottish Executive intervened and set up a home owners’ support fund but house prices are still falling and undermining confidence. Land Registry figures for Scotland show house prices in the year to March 2008 down 5.1% on a year ago.<br><br>With more falls expected, projects are being mothballed, such as a 943-flat scheme by developer Auburn for Tradeston on the south bank of the River Clyde in Glasgow. Gripped by fear, even larger SME homebuilders will not discuss the market. Dawn, Ogilvie, Robertson and Walker Group all declined Housebuilder’s request to talk but Sutherland says there are bright spots in the Scottish market. <br><br>Challenging <br><br>“The market is challenging but we are still selling,” he says. “It took us by surprise and we certainly didn’t see such a frenzied attack on the UK economy but when …

Continue reading

To continue reading this article please login or register.

Login

Forgot your password?

Register for free

Quick and free registration

Register