Scottish Property Market In Recovery

Whilst Englands's property market has endured a sustained battering, the Scottish market is showing the early signs of recovery.

A recent Scottish house price paper, revealed that in the three months to 31/01/10, house price roses on average by 5.9% on the previous quarter. Following seasonal and mix adjusting pricing, the average house price reached £160,074 .

Nearly all areas experienced a quarterly increase in prices, with the highest increases recorded in Dundee with 16.3% and Edinburgh with 11.4%.

However, Scotland as a whole continued to report an annual fall in prices. Prices in prices in Glasgow fell by 12%, whilst Dundee fell by 2%. Overall, on an annual basis, Scottish property prices have now fallen by an average of 6.8%.

Despite the mixed figures, Professor Donald MacRae, chief economist at Lloyds Banking Group Scotland, said "business surveys point to an exit from recession in early 2010, despite five consecutive quarterly falls in output in the Scottish economy. The level of mortgage availability including for first-time buyers has increased while the cost of borrowing remains low for many mortgage holders. The Scottish housing market is now into recovery."


Let's hope this improvement continues!