Property prices in Scotland 'down'

Posted: 19 May 2009 11:30:00 GMT

Scottish property prices have dropped 2.1 per cent over the course of the year, according to Lloyds TSB.

The value of an average property north of the border - in the three months to April 30th -was £148,990, the bank has revealed.

Lloyds also stated that the figure constitutes a fall of 4.3 per cent on the previous three-month period.

Meanwhile, the research also showed house purchase transactions were down 35 per cent on the levels recorded during the same period last year, while flat-buying decreased 39 per cent and semi-detached sales dropped 28 per cent.

Professor Donald MacRae, chief economist at Lloyds TSB Scotland, said: "The Scottish housing market continues to adjust to changing circumstances with reduced sales, lower prices, but no precipitous collapse."

Property consultancy Ducalian recently advised first-time buyers in the UK to make their initial move onto the housing ladder as soon as possible - and Lloyds revealed this week that mortgage availability for Scottish first-timers has slowly increased.


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