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Scottish prices ‘get second wind’

House prices in Scotland rose 2.3% in the past quarter to April, and 11.6% annually, to reach an average price of £163,639 says the latest Lloyds TSB Scotland report.

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Prices in Aberdeen and Edinburgh rose over the quarter while in Dundee they fell slightly. However, Glasgow prices, which were slowing last year, are showing aresurgence and rural areas outside the main cities are all showing growth, particularly in the north of the country, which posted an annual increase of 25.9%. Prices in the south west and south east also picked up following a weak end to last year, adds the report.

‘Following seven years of price increases, Scottish house prices are on the move again,’ it states. ‘However the rate of increase has slowed substantially to a much more sustainable rate. This market is demonstrating its traditional robustness in the face of price falls across the rest of the UK.

‘With claimant unemployment at a more than 33-year low and consumer confidence still showing through and continuing levels of economic growth the prospects for the Scottish housing market are for prices to plateau or gently increase over the next six months. The Scottish housing market, having paused for breath, is enjoying its second wind,’ it concludes.

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