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| Version 0 | Version 1 |
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| House prices 'begin to recover' | House prices 'begin to recover' |
| (about 7 hours later) | |
| The average price of a house in Scotland rose slightly in the past three months, a new report suggests. | The average price of a house in Scotland rose slightly in the past three months, a new report suggests. |
| Economists said the report provided further hope that the housing market was beginning to recover. | Economists said the report provided further hope that the housing market was beginning to recover. |
| The Scottish House Price Monitor report from Lloyds TSB said the average house price had gone up by 0.7% to £153,605. | The Scottish House Price Monitor report from Lloyds TSB said the average house price had gone up by 0.7% to £153,605. |
| There were 33% more homes sold in October than in May, when the market was at its lowest point. House prices have fallen by 7.5% in the past year. | There were 33% more homes sold in October than in May, when the market was at its lowest point. House prices have fallen by 7.5% in the past year. |
| Professor Donald MacRae, chief economist of Lloyds Banking Group Scotland, said he believed consumer confidence had recovered from the lows of a year ago, and was now back in positive territory despite still being below the levels before the credit crunch. | Professor Donald MacRae, chief economist of Lloyds Banking Group Scotland, said he believed consumer confidence had recovered from the lows of a year ago, and was now back in positive territory despite still being below the levels before the credit crunch. |
| The Scottish housing market is beginning to recover Professor Donald MacRaeLloyds TSB | |
| He said: "The cost of borrowing has reduced for many mortgage holders while there is now a perceptible increase in the level of mortgage availability including first time buyers. | He said: "The cost of borrowing has reduced for many mortgage holders while there is now a perceptible increase in the level of mortgage availability including first time buyers. |
| "The Scottish housing market is beginning to recover." | "The Scottish housing market is beginning to recover." |
| The increase of 0.7% in the latest quarter follows a price fall of 1.4% in the previous quarter and a fall of 4.3% in the quarter before that. | The increase of 0.7% in the latest quarter follows a price fall of 1.4% in the previous quarter and a fall of 4.3% in the quarter before that. |
| There were marked differences in price changes across the country, with rises in some areas and falls in others. | There were marked differences in price changes across the country, with rises in some areas and falls in others. |
| Aberdeen saw the biggest increase, with prices going up 13.4% in the previous quarter. | Aberdeen saw the biggest increase, with prices going up 13.4% in the previous quarter. |
| Larger swings | Larger swings |
| However Edinburgh and Glasgow have not fared so well, with 11.8% and 9.8% price decreases respectively over the past three months. | However Edinburgh and Glasgow have not fared so well, with 11.8% and 9.8% price decreases respectively over the past three months. |
| The report said that price movements in the latest quarter were particularly volatile with larger swings than normally experienced over the past 10 years. | The report said that price movements in the latest quarter were particularly volatile with larger swings than normally experienced over the past 10 years. |
| On an annual basis, prices have decreased in all areas of Scotland, ranging from a 0.7% drop in the South East (excluding Edinburgh) to a 9.8% slump in Dundee. | On an annual basis, prices have decreased in all areas of Scotland, ranging from a 0.7% drop in the South East (excluding Edinburgh) to a 9.8% slump in Dundee. |
| In the last quarter semi-detached houses fared best, with prices increasing, but prices of flats, terraced houses and detached houses fell. | In the last quarter semi-detached houses fared best, with prices increasing, but prices of flats, terraced houses and detached houses fell. |
| The report stated: "The worst of the housing market downturn is now past with some areas of Scotland showing price increases." | The report stated: "The worst of the housing market downturn is now past with some areas of Scotland showing price increases." |