Mortgage News
Scottish housing market continues to recover
The Scottish housing market is recovering as most areas showed encouraging quarterly house price increases, according to Lloyds TSB Scotland.
The latest Scottish house price monitor revealed that in the three months to 31 January, the average house price rose by 5.9% on the previous quarter. The average price reached £160,074 following seasonal and mix adjusting pricing.
Almost all areas experienced a quarterly rise in prices, with the highest increases recorded in Dundee with 16.3% and Edinburgh with 11.4%.
However, all areas continue to report an annual fall in prices. Prices in Dundee fell by 2% while prices in Glasgow fell by 12%. On an annual basis, Scottish house prices have now fallen by an average of 6.8%.
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.
He added: “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.”
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