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The Scottish House Price Monitor has found that the slight rise in average prices recorded in July has now fallen back and there are fears that prices will once again start to stagnate.
Property price falls
In the first half of 2009, the average price of a property in Scotland had risen to £159,217 amid encouraging signs that the recovery had begun. The market slowed between May and July this year when prices fell by 2.9 per cent, compared with the previous three months.
Contrasting figures from the Registers of Scotland (ROS) released earlier this month showed that the average selling price of a property north of the border was £6,000 less, at £153,248.
Experts agreed
Professor Donald MacRae, chief economist at Lloyds Banking Group Scotland, said: “The rise in Scottish house prices identified at the end of 2009 and spring of this year has stopped and has partially reversed.
“However, activity has picked up from the low levels of the winter months. It is clear that recovery from recession in the Scottish housing market has paused.”
Transactions up
Despite stagnation in house prices, figures from Lloyds TSB Scotland suggest that the housing market continues to improve. The bank’s research showed that there had been a 20 per cent increase rise in the number of property purchases between May and July compared to the same period in 2009.
Marie Eckford, managing director of estate agents Countrywide North, said, “The market has picked up considerably in terms of volumes and one thing we have noticed is that we are returning to a seasonal market.
“A seasonal market is completely normal and I think it is probably a good sign.”
