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Scottish house prices slump 2.9%

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14/11/2012
House prices in Scotland took their biggest fall in nearly three years in September, according to data from the LSL Scottish House Price Index.

Prices in Scotland were down an average of 2.9% compared to the same period last year, with the average house price in Scotland now standing at £143,406.

Housing transactions were also down 17% compared to August, LSL said that this fall was down to a ‘jetlag’ effect caused by people watching sporting action over the summer rather than moving house.

West Dunbartonshire suffered the biggest fall in house prices year-on-year, plummeting 16.9% from £117,608 to £97,768. The Inverclyde area had the biggest rise in prices, moving up 5.5% to £118,367.

The City of Edinburgh remained the most expensive place to buy a property in Scotland with house prices at £216,792.

Richard Sexton, director of e.surv chartered surveyors, commented: “House prices lost some of their altitude in September, but this wasn’t a simple case of the market losing thrust.

“The Scottish housing market was still jetlagged following the distraction of the Olympics, with the absence of buyers hitting the streets in August feeding through into a reduced number of sales in September.

“As fewer buyers competed for homes, reduced competition sent prices gliding down. One-off factors aside, it’s clear that the housing market is still facing severe structural challenges.

“While the affordability of house prices have improved for the average Scottish buyer, the limited availability of mortgage finance is still a significant drag on activity, and the number of new buyers entering the market is still historically low.

“But there are reasons for optimism. The economy is growing once again, while inflation is slowing, which should help buyers’ spending power take off.”

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