Scottish property market boom comes to an end
Published: 15-Feb-2008
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The increase in Scottish house prices has started to cool off, it has been claimed.
Following the findings of the latest Scottish House Price Monitor from Lloyds TSB Scotland, Professor Donald MacRae, chief economist at the bank, indicated that the market was showing "sensible adjustment".
House prices in Scotland were found to have decreased by 1.6 per cent between November and January, leading to an average mix adjusted property value of £163,211.
However, prices have risen by 14 per cent during the whole of last year and the last quarter saw values rise slightly in Dundee and Edinburgh.
Mr MacRae commented: "Though this is the first quarterly fall in the Scotland average house price for seven years, all cities and areas outside cities continue to show an annual underlying price increase.
"The market is showing sensible adjustment after years of price gains above the rate of inflation."
He predicted that Scottish house prices would "plateau" during 2008.
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