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Scottish property market 'has stabilised'
16/11/10
Edited by Bob Witham.Scotland's residential property market has "stabilised" following the recession and a drop in prices during the second quarter of the year, a new report has concluded.
The study by Lloyds TSB Scotland found that in the three months to the end of October, values rose by 4.6 per cent on an annual basis.
They were also 3.7 per cent higher compared with the figure for May to July.
According to the bank, a home north of the border cost an average of £165,284 at the end of last month.
It noted that the increase in prices has been generated from a market with low transactions.
Overall, property deals were around 50 per cent down on the level seen prior to the economic downturn.
Lloyds TSB Scotland chief economist Donald MacRae commented: "There are no signs of a precipitate fall in house prices. Likewise, there is little prospect of significant house price gains in the immediate future."
The figures come after the Department for Communities and Local Government said property values had risen by 1.4 per cent in Scotland in the 12 months to September.
