Scottish house prices same as four years ago

Friday, 27 May 2011 12:00 PM

The latest quarterly Scottish House Price Monitor from Lloyds TSB has revealed that Scottish house prices are now almost identical to their level four years ago.

While annual house prices increased in Scotland by 2.4 per cent in the last year, a sharp fall of 3.6 per cent in the three months ending April 2011 reversed earlier gains.

According to the Lloyds TSB House Price Monitor, this large price movement has been generated by a low amount of sales in the market.

The number of house purchases recorded in this quarter's Monitor was 6 per cent down on the last quarter and 18 per cent below the same quarter of last year.

Donald MacRae, chief economist, Lloyds TSB Scotland, said: "The Scottish housing market has adjusted to the recession with a halving of sales and a period of volatile price movement over the last three and a quarter years.”

“The slow recovery from recession is being expressed in the housing market, principally through low levels of sales and a return to the prices of four years ago."

'Substantial decline in market since 2007

Number of home sales ‘plummets by 47% in three years’

Property sales in England and Wales have fallen dramatically since 2007 with a widening North-South divide, according to new figures from Lloyds TSB. The number of sales almost halved from 1.2 million in 2007 to 649,957 in 2010.

The Lloyds report shows a stable Scottish market

Scottish prices hold firm despite low activity

The Scottish housing market has weathered a difficult 2010 to deliver annual price growth of 4.7 per cent, according to the latest House Price Monitor report from Lloyds TSB Scotland, which shows a modest drop off over the past three months.

Scottish house prices have been static for some time. Image:Thinkstock

Scottish house prices static - but sales up

Home buyers in Scotland are taking advantage of lower prices and buying more property say ESPC, a Scottish property company.

Scotland is gripped not just by house price depression, but also rain.

Rain keeps Scottish house prices depressed

Scottish house prices experienced their steepest monthly fall since 2009 in August, as exceptionally wet weather took its toll on the market.

Scottish prices have fared well this year

Scottish market stabilises after recovery

The Scottish housing market is holdings its value well despite wider fluctuations over the summer, as the Lloyds TSB Scottish House Price Monitor shows 3.7 per cent growth over the three months to October.

Fewer options for second-time buyers

First-time buyers 'can't move up the property ladder'

Deterioration in home affordability over the past few years has made it harder for first-time buyers to move up the property ladder. That's the conclusion of the first ever Lloyds TSB Homemovers Review.

Homes in rural Scotland double in value

Prices double in rural Scotland

Average house prices in rural Scotland have more than doubled over the last 10 years, an annual review has found. According to the Bank of Scotland report, buyers looking for a picturesque setting now face paying almost £80,000 more than in 2001.

Market town house prices have soared in 10 years

Market town house prices ‘double in a decade’

The cost of a typical home in an English market town has more than doubled in the past 10 years, research from Lloyds TSB reveals. Average house prices are up by 103 per cent from £114,718 in 2001 to £233,416 in 2011 – a rise of £989 every month.

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Two-tier housing market for Wales

Wales' house prices are held up by the high-end market.

The Welsh housing market has split into two groups creating a high-end market where prices are going well and a poor performing bottom end of the market. According to LSL/Acadametrics’ Wales house price index overall prices are up by 2.4 per cent on last year.

Interest Rates sit tight again

Interest rates remain 0.5 per cent.

The Bank of England has again given homeowners a reason to celebrate choosing to leave interest rates at 0.5 per cent. The respite for home owners was no surprise with the bank of England holding rates for the past three years.