UK Money News
18th February 2008
Scottish house prices drop 1.6%
A drop in Scottish house prices during the last three months could signal the end of seven years of unchecked growth, it has been predicted.
According to figures from Lloyds TSB's House Price Monitor, during the three months to January 31st Scottish property prices dropped 1.6 per cent.
This brought the average price of a Scottish home to £163,211.
The drop comes after a seven-year period in which month-on-month price increases have been recorded and is indicative that growth is set to stabilise this year, according to Don MacRae, chief economist at Lloyds TSB.
He commented: "The market is showing sensible adjustment after years of price gains above the rate of inflation.
"The prospects for the Scottish housing market are for a plateauing of prices during 2008 following the significant gains in the last five years.
"The Scottish housing market is pausing for breath."
The latest quarterly figures brought annual house price growth in Scotland to 14.2 per cent.
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