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November 19, 2012

No signs of recovery in Scottish housing market

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by Gill Montia

No signs of recovery in Scottish housing market

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.”


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