17 Feb

Scottish house price fall 'has slowed'

Scottish house price fall 'has slowed'

The fall in house prices across Scotland is slowing down, new figures have indicated.

A study by Lloyds TSB Scotland has found that in the three months to January 31st 2009 the drop in values was 2.3 per cent, down from four per cent over the previous three-month period.

In addition to this, some areas of the country have seen prices rise, including the cities of Edinburgh, Aberdeen and Dundee.

Reflecting on the figures, which mean the average house price is still 1.6 per cent higher than a year ago, chief economists at Lloyds TSB Scotland Professor Donald MacRae commented: "The Scottish housing market is adjusting to changing circumstances with reduced sales and in some cases lower prices rather than a precipitous collapse."

Yesterday the National Association of Estate Agents said figures from Rightmove showing a rise in asking prices this month may be an indication that the market decline is bottoming out in some areas.

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