14 Aug

Expert: House price drop insignificant compared to other asset classes

Expert: House price drop insignificant compared to other asset classes

The past year's property price crash "isn't that significant" when compared to the performance of other asset classes, according to a property agency.

Simon Rettie, managing director at Scottish firm Rettie & Co, said that the residential property market has been "hit hard" by the economic downturn, but that it is now "stabilising".

New statistics from the Registers of Scotland revealed that house prices in the country have fallen by 6.5 per cent in the last year to an average of £145,553.

"In terms of the volatility and the drops in values, if we have dropped by ten to 20 per cent that is a drop but, [if you] compare it to other asset classes, it isn't that significant," said Mr Rettie.

He added that the depreciation in house prices appeared to be slowing due to an increase in consumer confidence.

These comments come after a report by Nationwide which showed that UK house prices have fallen by 11.7 per cent in the past year.

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