Scottish house prices are almost identical to the price level of four and a half years ago, according to the latest Scottish House Price Monitor from Lloyds TSB Scotland.
On an annual, underlying basis Scottish house prices have increased by 0.4%.
In the three months ending July 2011, the quarterly price index for the average domestic property in Scotland fell by 3.7%. Following mix adjusting, the average Scottish house price is now £152,565.
Lloyds TSB Scotland says the latest house price movement has been generated from a market with a low number of sales once more, but showing a sizeable increase in activity from the winter months. The number of house purchases recorded in this quarter’s Monitor is 27% up on the last quarter.
For the market as a whole, Scottish house purchases in the first half of 2011 were 12% less than in the same period of 2010. The number of transactions in June 2011 was 17% down on the previous year. There has been a recovery in the number of housing market transactions from the depressed levels of January and February but to less than half pre-recession figures.
Donald MacRae, chief economist, Lloyds TSB Scotland, said: “The Scottish economy exited recession at the end of 2009 with a rise in output of 0.1%. After four quarters of rising output
