"Positive signs" of a Scottish house price recovery

14-Aug-2009

There are "positive signs" that the Scottish housing market is starting to recover, according to an expert.

It might be good news for first-time buyers north of the border who are saving up for a deposit. The average price of a residential property in the country fell from £154,727 to £152,561 in the three months to July 31st this year, Lloyds TSB found.

This represents a fall of 1.4 per cent, which is less than the 4.2 per cent decrease in the previous quarter.

Chief economist for the bank's Scottish division, Professor Donald MacRae, said these are indicators that the bottom of the market has been reached and the only way from here is up.

He added: "Consumer confidence has recovered ... the worst of the housing market downturn has been experienced by falling transactions and an easing of prices but no precipitous collapse. The Scottish housing market is on the turn."

Those on the search for a competitive first mortgage might want to take advantage of some of the offers currently available and act before prices change any further.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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