Scottish house prices 'not falling so fast'

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Scottish house prices 'not falling so fast'

Tue 17th Feb 2009

Lloyds TSB Scotland has conducted a survey of house prices in the country which shows that although they are falling, the rate at which they are doing so has slowed somewhat.

The study showed that the average house in Scotland is now worth £158,820, which is 2.3 per cent lower than three moths ago. However this is less than the fall in the previous quarter.

Lloyds TSB Scotland also found that overall, house prices in 2008 were still 1.6 per cent up on their 2007 levels by the end of the [last] year.

Professor Donald MacRae, chief economist for Lloyds TSB Scotland, said: "The cost of borrowing has reduced for many mortgage holders with the latest fall in interest rates in early February.

"The Scottish housing market is adjusting to changing circumstances with reduced sales and in some cases lower prices rather than a precipitous collapse."

Recently, the government has introduced a series of measures aimed at persuading mortgage lenders to increase their lending, including setting aside cash to underwrite some of the risks incurred.

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