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Scottish housing market stabilises

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  • 18/02/2011
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Scottish housing market stabilises
The Scottish housing market stabilised over the last 12 months after three years of volatility, with annual house prices increasing 4.7%, according to Lloyds TSB Scotland.

Lloyds’ figures revealed that average residential property prices fell only modestly, by 0.3%, for the three months to January 2011.

The average house price in Scotland is now £162,119.

While Scottish house purchases as a whole were down 16.5% in December 2010 compared to the same period of 2009, Lloyds TSB said that the downward trend appears to have stabilised.

The number of transactions in the last four months of 2010 remained largely stable, it said, at around half of pre-recession levels.

The total number of transactions for 2010 was also up 7% on 2009.

Donald MacRae, chief economist at Lloyds TSB Scotland, said: “The first quarter of 2010 saw unchanged growth, but quarter two recorded robust growth of 1.3%, followed by trend growth of 0.5% in the third quarter.”

MacRae added that the Scottish housing market has adjusted to the recession with a halving of sales and a period of volatile price movement over the last three years.

“Average house prices in Scotland now are very close to the levels of 12 months ago. The pattern of quarterly falls followed by quarterly increases to give virtually static house prices over the year looks likely to be repeated during 2011.”

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