8 Apr

Scottish housing market 'recovering'

Scottish housing market 'recovering'

Scotland's housing market is well placed for recovery, it has been stated.

Dianne Paterson, property partner at legal firm Russel and Aitken, said there are numerous positive signs in evidence, commenting that there is "no doubt" the market is showing "gradual signs of recovery".

She added: "Property prices have risen and the volume of sales have increased over the last few months in many areas."

Ms Paterson ascribed this trend to a number of factors, including growing confidence, less negative media coverage and an increase in finance, including a rise in the supply of 85 per cent loan-to-value mortgage deals.

A recent Nationwide report suggested that Scotland's house prices are the most resilient in Britain.

The survey for the first quarter of 2009 revealed that the country saw a 12.6 per cent fall over the previous 12 months, compared with the overall UK figure of 16.5 per cent.

It also found that 33 per cent of Scots believe prices will continue to fall in the next six months, the smallest proportion in Britain.

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