Scottish house prices hit 2007 levels
Tuesday, 23 August 2011 4:30 PM
Scottish house prices have continued to fall and are now matching levels seen four and a half years ago, according to figures out today.
According to the latest Scottish House Price Monitor from Lloyds TSB Scotland, in the three months ending July 2011, the quarterly price index for the average domestic property in Scotland fell by 3.7 per cent.
The average Scottish house is now priced at £152,565, said the survey. However, Lloyds TSB Scotland claims there is a slight recovery from the winter low as on an annual, underlying basis Scottish house prices have increased by 0.4 per cent.
The latest house price movement has been generated from a market with a low number of sales once more, Lloyds TSB Scotland said, but showing a sizeable increase in activity from the winter months.
The number of house purchases recorded in this quarter's Monitor is 27 per cent up on the previous quarter.
The number of purchases made in Scotland in the first half of 2011 were 12 per cent less than in the same period of 2010. The number of transactions in June 2011 was 17 per cent down on the previous year.
There has been a recovery in the number of housing market transactions from the depressed levels of January and February but to less than half pre-recession figures.
Donald MacRae, chief economist, Lloyds TSB Scotland, said: "The Scottish housing market has adjusted to the recession with a halving of sales and a period of volatile price movement over the last three and a half years.
"Average house prices in Scotland are now only marginally up on the levels of four and a half years ago.”
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