Stuart Balfour is a third year undergraduate economics student at the University of Strathclyde and is participating in a summer internship in the Fraser of Allander Institute supported by the Carnegie Trust. This blog summarises some of Stuart’s research into trends in Scottish housing over the last two decades, using data from the Family Resource Survey (FRS) – a detailed annual survey of UK households published by the Department of Work and Pensions.
Renters in Scotland have seen housing costs increase by around 21% over the last decade in real terms. Meanwhile, housing costs for households owning with a mortgage have fallen sharply in just a decade, although this is primarily attributable to a spike in 2007/08 (Chart 1). Overall, homeowners with mortgages have seen their real costs decrease to levels seen twenty years ago.