Property in Scotland has fallen

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by Kay Murchie

The average house price in Scotland has fallen by 2.2% in the first quarter of 2007 – nearly £3,000, according to statistics published by the DCLG (Department of Communities and Local Government)

This means that the average price of a property in Scotland is still falling behind the UK average of £210,000 – at £139,836. The previous quarter (October – December 2006) suggested that the average was £143,055.

The figure signifies a rise of 12.3% over the same quarter last year. The highest figure is again in the Lothian area, where the average price for properties is £178,139, a fall of 1.5% compared to the last quarter and up 11.3 per cent on the same quarter the previous year.

At 28.1%, the highest year-on-year increase is in the Grampian region. The average house now sells for just over £150,000. With sales of over £1.4 billion for the period, Glasgow remains the largest market.

It’s not apparent that the fall in Scotland relates to a trend that may follow in other parts of the UK. It is prudent to be watchful of the market to get the most from your investments.