17
Nov
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.
