17 Nov

Scottish housing market shows signs of recovery

Scottish housing market shows signs of recovery

Certain areas of Scotland are showing price increases according to data in the latest Scottish House Price Monitor released by Lloyds TSB Scotland.

It found that the quarterly price index for the average residential property in Scotland rose by 0.7 per cent in the third quarter of 2009 compared with the previous three months.

The index showed that the average house price in the region had risen to £153,605 in the three months to October 31st from £152,561 in the previous quarter.

House values across Scotland have fallen by 7.5 per cent on an annual basis, although signs of a tentative recovery are encouraging, Lloyds said.

Professor Donald MacRae, chief economist at Lloyds Banking Group Scotland, said: "The cost of borrowing has reduced for many mortgage holders while there is now a perceptible increase in the level [of] mortgage availability, including first-time buyers. The Scottish housing market is beginning to recover."

In September, the Council of Mortgage Lenders commented that the underlying levels of mortgage lending noted by the Bank of England's lending data were indicative of the wider trend across the market and implied a "significant pick up" in the property sector.

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