This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/scotland/8361183.stm
The article has changed 4 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| House prices 'begin to recover' | House prices 'begin to recover' |
| (20 minutes later) | |
| Scottish house prices have shown a slight increase in the most recent index published. | Scottish house prices have shown a slight increase in the most recent index published. |
| Lloyds TSB Scotland said its quarterly monitor had registered a rise of 0.7% in house prices in the three months to the end of October. | Lloyds TSB Scotland said its quarterly monitor had registered a rise of 0.7% in house prices in the three months to the end of October. |
| Its chief economist said the market is "beginning to recover". | Its chief economist said the market is "beginning to recover". |
| However, the year to the end of last month saw the average price fall by 7.5%. And the number of transactions was down by nearly a third. | However, the year to the end of last month saw the average price fall by 7.5%. And the number of transactions was down by nearly a third. |
| That is when compared to activity in the Scottish homes market in the same quarter last year. | That is when compared to activity in the Scottish homes market in the same quarter last year. |
| The market reached its slowest point in May this year, while house prices reached their lowest point in March. They have risen in four of the seven months since then. | The market reached its slowest point in May this year, while house prices reached their lowest point in March. They have risen in four of the seven months since then. |
| The average price in the most recent quarter has risen from £152,561 to £153,605. | The average price in the most recent quarter has risen from £152,561 to £153,605. |
| 'Positive territory' | |
| The annual price fall has affected all areas of Scotland, ranging from 0.7% in the south-east (excluding Edinburgh) to a drop of 9.8% in Dundee. | The annual price fall has affected all areas of Scotland, ranging from 0.7% in the south-east (excluding Edinburgh) to a drop of 9.8% in Dundee. |
| Figures for the most recent quarter have shown unusually high levels of volatility. Edinburgh prices fell sharply in one quarter - by 11.8% between the start of August and October, yet by only 6% over the past year. | Figures for the most recent quarter have shown unusually high levels of volatility. Edinburgh prices fell sharply in one quarter - by 11.8% between the start of August and October, yet by only 6% over the past year. |
| The north of Scotland, excluding Aberdeen, saw prices falling 7.2% in the year, while rising by 6.9% in the most recent quarter. | The north of Scotland, excluding Aberdeen, saw prices falling 7.2% in the year, while rising by 6.9% in the most recent quarter. |
| Aberdeen was down 8.1% in the year, but up by 13.1% in the three months to the end of October. | Aberdeen was down 8.1% in the year, but up by 13.1% in the three months to the end of October. |
| Glasgow home prices were down 8.1% in the year, and 9.8% lower in the most recent quarter. | Glasgow home prices were down 8.1% in the year, and 9.8% lower in the most recent quarter. |
| Consumer confidence has recovered from the lows of one year ago and is now back in positive territory, but is still below the levels of pre-credit crunch Professor Donald MacRaeLloyds TSB | Consumer confidence has recovered from the lows of one year ago and is now back in positive territory, but is still below the levels of pre-credit crunch Professor Donald MacRaeLloyds TSB |
| The remainder of the south-west region, apart from Glasgow, was down 9.7% in the year, and up by 0.4% in the most recent quarter. | |
| For central Scotland, Fife and Tayside (excluding Dundee), Lloyds TSB found prices 8.2% down in the year, and 1.4% up on the quarter. | For central Scotland, Fife and Tayside (excluding Dundee), Lloyds TSB found prices 8.2% down in the year, and 1.4% up on the quarter. |
| Although Dundee saw a sharp drop in the most recent annual figure, at 9.8% down, its quarterly drop was 1.3%. | Although Dundee saw a sharp drop in the most recent annual figure, at 9.8% down, its quarterly drop was 1.3%. |
| The south-east, excluding Edinburgh, saw prices drop in the year to October by 0.7% ,while its rise in the quarter was 2.7%. | The south-east, excluding Edinburgh, saw prices drop in the year to October by 0.7% ,while its rise in the quarter was 2.7%. |
| The price of flats has been falling more heavily than other types of home, down for six consecutive quarters. The latest quarter showed a fall of 1.3%, and 8.4% on the year to October, to an average £119,900. | The price of flats has been falling more heavily than other types of home, down for six consecutive quarters. The latest quarter showed a fall of 1.3%, and 8.4% on the year to October, to an average £119,900. |
| Terraced house values fell by 8.6% on the quarter and 5.4% on the year, to cost, on average, only £700 more than flats. Semi-detached houses saw an increase for the first time in 15 months, up by a significant 12.5%, while showing an underlying annual fall of 7.3%. The average price, according to Lloyds TSB, was nearly £163,000. | Terraced house values fell by 8.6% on the quarter and 5.4% on the year, to cost, on average, only £700 more than flats. Semi-detached houses saw an increase for the first time in 15 months, up by a significant 12.5%, while showing an underlying annual fall of 7.3%. The average price, according to Lloyds TSB, was nearly £163,000. |
| Detached house prices were down 2.4% in the most recent quarter, but the annual price fall is reckoned to be 8%, to an average £232,000. | Detached house prices were down 2.4% in the most recent quarter, but the annual price fall is reckoned to be 8%, to an average £232,000. |
| Professor Donald MacRae, chief economist, Lloyds Banking Group Scotland, said: "Consumer confidence has recovered from the lows of one year ago and is now back in positive territory, but is still below the levels of pre-credit crunch. | Professor Donald MacRae, chief economist, Lloyds Banking Group Scotland, said: "Consumer confidence has recovered from the lows of one year ago and is now back in positive territory, but is still below the levels of pre-credit crunch. |
| "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 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." |