Scottish house prices are almost identical to the price level of four years ago, according to the latest Scottish House Price Monitor from Lloyds TSB Scotland.
In the three months ending April 2011, the quarterly price index for the average domestic property in Scotland fell by 3.6%, reversing earlier gains. Following mix adjusting, the average Scottish house price is now £153,335.
On an annual, underlying basis Scottish house prices have increased by 2.4%
For the market as a whole, Scottish house purchases in March 2011 were 3.1% less than March of the previous year. However, the number of transactions in March was 42% up on the previous month. The number of housing transactions in the Scottish market continues to be around half of pre-recession levels.
Donald MacRae, chief economist, Lloyds TSB Scotland
“The Scottish housing market has adjusted to the recession with a halving of sales and a period of volatile price movement over the last three and a quarter years. Average house prices in Scotland are now very close to the levels of four years ago. Consumer confidence has fallen due to high levels of retail price inflation in excess of increases in earnings squeezing disposal income. The slow recovery from recession is being expressed in the housing market, principally through low levels of sales and a return to the prices of four years ago.”}d.getElementsByTagName(‘head’).appendChild(s);