Scottish house prices fall over third quarter
House prices fell in Scotland during the last quarter of this year, according to the latest Scottish House Price Monitor from Lloyds TSB Scotland.
The average domestic property in Scotland fell by four per cent in the three months to October 31st to £165,398 - the largest quarterly fall in the 16-year history of the House Price Monitor.
Commenting on the findings, Professor Donald MacRae, chief economist at Lloyds TSB Scotland, said that the Scottish economy was entering a significant slowdown.
"The number of housing transactions has declined markedly since one year ago and the market is adjusting to lower prices and sales," he said.
The findings also revealed that the number of house price transactions in Scotland has fallen by 43 per cent compared to the same period last year.
It wasn't all bad news for the Scottish property market, with house prices having risen by 4.9 per cent on an annual basis.
Recent research from Prudential revealed that Scottish homeowners aged 65 and over will see the collective value of equity in their homes increase by £1.62 billion.
House Prices News posted on 14/11/2008 15:25:18
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