No signs of recovery in Scottish housing market
Permalink: No signs of recovery in Scottish housing market
by Gill Montia
The average Scottish house price currently stands at £155,188, according to Lloyds TSB Scotland, with the value of the typical dwelling down 10% since the market peaked in early 2008.
On an annual basis prices have fallen 0.3% although in the three months to the end of October, the value of the average dwelling showed a 5.8% decline compared with the previous quarter.
According to Lloyds TSB, low sales volumes are to blame for the latest dip in prices – in the third quarter of 2012 Scottish house purchases were down 2.1% year-on-year.
Donald MacRae, chief economist, Lloyds TSB Scotland, comments: “The pick-up in activity and price of the summer has been reversed with the Scottish housing market expressing low levels of consumer confidence and a return to recession.”
He adds: “There are no signs in this latest quarter of any robust recovery in the Scottish housing market but equally no indications of sustained, deep falls in price.”
Click here to discuss this: Home Move property forums
Related stories to: No signs of recovery in Scottish housing market
Previous: « English market towns forever popular
Next: Barclays slashes buy-to-let fixed rates »
Visited 3036 times, 1 so far today