Lloyds TSB: Scottish housing market shows signs of slowdown
www.moneynews.co.uk > Housing market > Lloyds TSB: Scottish housing market shows signs of slowdown
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Money News |
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Lloyds TSB: Scottish housing market shows signs of slowdown
Fri 15th Feb 2008
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The drop follows seven years of continuous price rises and takes the average mix adjusted Scottish house price to £163,211.
Although there has now been a dip in property prices in the region, on an annual basis they have risen by 14 per cent.
Dundee and Edinburgh were the only two cities to record a slight increase in the quarter, but strong prices rises in the north (excluding Aberdeen) in the previous two quarters mean that a small price drop has not impacted significantly on the "very robust" annual rises there.
Professor Donald MacRae, chief economist at Lloyds TSB Scotland, described the fall in house prices as a "sensible adjustment after years of price gains above the rate of inflation".
He added that the Scottish housing market is simply "pausing for breath".
Professor MacRae predicted that with a growing population and increasing marital breakups there would be enough demand for housing in the region to "put owner occupation beyond the current level of 67 per cent".
Lloyds TSB Scotland announced earlier this week that it is to establish a corporate banking team in Aberdeen.
Related News : Housing market |
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Related News : LloydsTSB |
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