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February 16, 2010    

Scottish house prices continue recovery

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by Gill Montia

In its latest Scottish House Price Monitor, Lloyds TSB tracks the continued recovery of the region’s housing market.

Most areas of Scotland were showing price increases over the three months to the end of January 2010, with the average cost of a home up 5.9% on the previous quarter, to £160,074.

Dundee and Edinburgh led the way with quarterly rises of 16.3% and 11.4% respectively.

However, the report warns that the market remains volatile.

For example, the value of Scotland’s detached homes fell in the previous two quarters but put on 12.6% during the period covered by the survey, possibly as a result of the end of the Stamp Duty holiday.

On an annual basis, Scottish house prices were down by 6.8% at the end of last month.

All areas have been affected by tumbling prices, varying from an annual minus 2.0% for Dundee to minus 12.1% for Glasgow.

In addition, the number of house purchase transactions remain at around half pre-recession levels.

Lloyds Banking Group chief economist, Professor Donald MacRae, sums up: “Although a house price recovery is evident in Scotland, it is based on much reduced levels of activity.”

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