17 Feb

Scottish property values up, research finds

Scottish property values up, research finds

Research published by Lloyds TSB has found that the majority of areas in Scotland experienced house price rises in the final quarter of 2009.

According to the Scottish House Price Monitor from the institution, average domestic property values increased by 5.9 per cent when compared with the previous three months.

This takes the average price of a house in the country to £160,074.

However, Professor Donald MacRae, chief economist at Lloyds Banking Group Scotland, approached the figures with caution.

"Although a house price recovery is evident in Scotland, it is based on much reduced levels of activity," he stated.

Professor MacRae finished on an optimistic note, adding: "The Scottish housing market is in recovery."

He explained that the low cost of borrowing for many homeowners coupled with the improved availability of mortgages, particularly for first-time buyers, has aided the market.

Data released on February 16th by Communities and Local Government found that the average property values in the UK were 0.8 per cent higher in December than those recorded a month previously.ADNFCR-1222-ID-19619979-ADNFCR

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