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Slowdown in house price decline | |
(about 23 hours later) | |
Scottish house prices have continued to fall but the rate of decline has slowed, according to research by Lloyds TSB. | Scottish house prices have continued to fall but the rate of decline has slowed, according to research by Lloyds TSB. |
The bank's Scottish House Price Monitor showed the average domestic property dropped in value by 2.3% in the three months to 31 January. | The bank's Scottish House Price Monitor showed the average domestic property dropped in value by 2.3% in the three months to 31 January. |
The previous figures published in November showed a 4% fall - the largest in the 16-year history of the monitor. | The previous figures published in November showed a 4% fall - the largest in the 16-year history of the monitor. |
On an annual basis house prices have risen by 1.6%. | On an annual basis house prices have risen by 1.6%. |
Lloyds TSB said the average mix adjusted Scottish house price was now £158,820. | Lloyds TSB said the average mix adjusted Scottish house price was now £158,820. |
The number of house sales was down by almost a half on the levels recorded for the same period last year, with a 48% fall. | The number of house sales was down by almost a half on the levels recorded for the same period last year, with a 48% fall. |
Property values in the east saw slight rises in the last quarter but this came after greater falls in the three previous months. class="bodl" href="#table">See the figures in full | |
In the west prices, which had been continuing to rise albeit slowly, have now fallen. | In the west prices, which had been continuing to rise albeit slowly, have now fallen. |
A spokesman for the bank said: "The picture across the country is very mixed with areas reporting the greatest quarterly fall still recording an annual increase." | A spokesman for the bank said: "The picture across the country is very mixed with areas reporting the greatest quarterly fall still recording an annual increase." |
Professor Donald MacRae, chief economist, Lloyds TSB Scotland, added: "The Scottish housing market has responded to the economic slowdown with a reduction in transactions and in some cases price falls. | Professor Donald MacRae, chief economist, Lloyds TSB Scotland, added: "The Scottish housing market has responded to the economic slowdown with a reduction in transactions and in some cases price falls. |
"The cost of borrowing has reduced for many mortgage holders with the latest fall in interest rates in early February. | "The cost of borrowing has reduced for many mortgage holders with the latest fall in interest rates in early February. |
"The Scottish housing market is adjusting to changing circumstances with reduced sales and in some cases lower prices rather than a precipitous collapse." | "The Scottish housing market is adjusting to changing circumstances with reduced sales and in some cases lower prices rather than a precipitous collapse." |
Scottish house prices AREA Underlying annual rise Quarterly change Glasgow +3.4% -7.3% South East (excluding Edinburgh) +3.0% +3.2% North (excluding Aberdeen) +6.1% +3.7% South West (excluding Glasgow) +3.4% -7.3% Central/Fife/Perth/Tayside (excl Dundee) +0.5% -11.8% Edinburgh 0.0% +7.3% Aberdeen -5.2% +4.1% Dundee -8.4% +8.0% Source: Lloyds TSB | Scottish house prices AREA Underlying annual rise Quarterly change Glasgow +3.4% -7.3% South East (excluding Edinburgh) +3.0% +3.2% North (excluding Aberdeen) +6.1% +3.7% South West (excluding Glasgow) +3.4% -7.3% Central/Fife/Perth/Tayside (excl Dundee) +0.5% -11.8% Edinburgh 0.0% +7.3% Aberdeen -5.2% +4.1% Dundee -8.4% +8.0% Source: Lloyds TSB |
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