Pause in housing recovery

Scottish housing market update


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It seems that there is a pause in the Scottish housing market recovery from the recession according to a new report.

A recent report by the Scottish House Price Monitor from Lloyds TSB Scotland suggests that the average price of a home fell 2.9% in the three months to 31 July 2010 to stand at £159,217.

Will the Scottish housing market recover?

The good news however, is that overall, annual underlying figures show the Scottish housing market recovery and house prices have increased by 0.8% with the number of Scottish house purchases rising by 20% on the previous quarter and by 20% on the same period in 2009. However, the survey said although the number of housing transactions in the Scottish market had increased in recent months, the figure was still around half pre-recession levels.

Scottish housing market recovery excellent in Aberdeen

Aberdeen meanwhile, seems to be ‘bucking the trend' with underlying figures suggesting that house prices in Aberdeen rose by 11% between July 2009 and July 2010, with Dundee not far behind on 7.7%. Housing prices in Glasgow however, fell by 6.7%.

The Rotter comments

Les Meikle, aka The Rotter and managing director of Wise Property Care commented: "It is great news for all business and individuals associated with the Scottish housing market however, with a lot of reports seeming to contradict each other, it is hard to tell whether or not the suggestions from the Lloyds TSB Scotland report are actually true. Only time will tell"

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