18 Feb

Scottish house price increases 'not a surprise'

Scottish house price increases 'not a surprise'

The rise in property prices in Scotland over the past few months is not surprising, according to one industry expert.

Dianne Paterson, property partner at Russell + Aitken, explained that the final months of 2009 saw an increase in activity levels in the housing market.

This has been boosted by returning consumer confidence coupled with a stronger mortgage market offering a greater number of cheap home finance deals, she stated.

In terms of looking ahead, Ms Paterson predicted that prices in the region will remain "fairly steady". However, she noted that a shortage of suitable properties is driving values higher.

"If this continues, demand will outweigh supply and prices may then increase," she concluded.

According to research released by Lloyds TSB Scotland on February 16th, Scottish house prices rose by 5.9 per cent over the final quarter of 2009, bringing the average property value in the country to £160,074.

Estate agents in Dundee experienced the biggest price increases, with values shooting up by 16.3 per cent over the three-month period.ADNFCR-1222-ID-19623214-ADNFCR

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