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House sales 'rising despite pause'

24th August 2010 | back to article listings BACK    print this article PRINT

The number of house purchases in Scotland has increased even though there is a "pause" in market recovery, a survey found.

According to the Lloyds TSB Scotland house price monitor, house sales rose a fifth over May, June and July compared to the same period in 2009.

It also recorded similar growth during the quarter compared to the first three months of this year.

However, the average Scottish house price fell by 2.9% during the quarter to stand at £159,217.

Aberdeen recorded the sharpest annual rise in house prices with 11% growth, while Dundee saw a 7.7% rise.

The average prices in Glasgow fell by 6.7%. Edinburgh, which saw a 2.2% year-on-year dip in house prices, recorded growth by 8.7% over the latest quarter.

Donald McRae, chief economist with the banking group, said: "The rise in Scottish house prices identified at the end of 2009 and spring of this year has stopped and has partially reversed. However, activity has picked up from the low levels of the winter months."

Copyright © Press Association 2010

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