Lloyds TSB: Scottish housing market improving

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Lloyds TSB: Scottish housing market improving

Tue 16th Feb 2010

Scottish house prices are starting to increase as the market begins to move again, according to the Scottish House Price Monitor from Lloyds TSB Scotland.

In the three months to January 31st, the price of property in Scotland rose by 5.9 per cent on the previous quarter, bringing the average house price up to £160,074.

Overall, house prices have fallen in the past 12 months, with the falls ranging from -two per cent in Dundee to -12.1 per cent in Glasgow.

Professor Donald MacRae, chief economist atLloyds Banking Group Scotland, stated that the signs are indicating that the Scottish property market is now in recovery.

"The level of mortgage availability including for first-time buyers has increased, while the cost of borrowing remains low for many mortgage holders," he added.

At the beginning of the year, the bank had predicted that the Scottish economy would begin a weak return to growth in the first quarter of this year.

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