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Housing market "pauses for breath" |
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Friday, 15 February 2008 |
The Scottish house price boom has officially come to an end, with the first quarterly fall in the all Scotland average house price for seven years.
According to the latest Scottish House Price Monitor from Lloyds TSB
Scotland, in the three months to 31 January 2008, the quarterly price
index for the average domestic property in Scotland fell by 1.6 per
cent to give an average price of £163,211.
Dundee and Edinburgh were the only two cities to record a slight
increase in the quarter, with the South West excluding Glasgow the one
area outside the main cities to report a small rise.
However, on an annual basis, Scottish house prices have risen by 14 per
cent, with local increases ranging from +5 per cent in Glasgow to +30
per cent in Aberdeen.
Lloyds TSB Scotland chief economist Professor Donald MacRae said:
"Though this is the first quarterly fall in the all 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.
"As the total population in Scotland increases with less people per
household, people living longer and marital break-ups, the number of
households in Scotland is projected to increase over the next 20 years.
Aspirations for home ownership show 86 per cent of people would prefer
to own their own house. There is enough demand for housing to put owner
occupation beyond the current level of 67 per cent.
"The prospects for the Scottish housing market are for a plateauing of
prices during 2008 following the significant gains in the last five
years. The Scottish housing market is pausing for breath."
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