Scottish housing market shows signs of 'slowdown'

19-Feb-2007

In news which may be of interest to first time buyers, Scotland's housing market is showing signs of slowing down, new data suggests.

According to data released by the Lloyds TSB Scotland House Price Monitor, although house prices in Scotland are continuing to rise, growth at the top end of the housing market is showing signs of slowing down, which may encourage first time buyers who are concerned over rising house prices.

"The rate of increase of house prices in Scotland continues at a robust pace propelled by a favourable economic background and demand for houses exceeding the supply," said Professor Donald MacRae, chief economist at Lloyds TSB Scotland.

"However, there is clear evidence of a slowdown in price increases at the higher end of the market," he added.

At an annualised rate, the prices of detached properties rose by 8.4 per cent, while semi-detached property prices grew by 10.2 per cent.

Terraced properties recorded growth of 16.5 per cent.

Across the UK, house prices are predicted to increase by between five and six per cent during 2007, according to Miles Shipside, commercial director of Rightmove, in an interview with Bloomberg.

To find out about the different ways of financing a first home, see our section ‘Affording Your First Home’.

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