Scottish housing market recovery declared

The housing market in Scotland is now starting to recover, Lloyds TSB Scotland has claimed.

Quarterly figures up to the end of October this year showed the seasonally-adjusted average price to be 0.7 per cent up on the end of July, rising from £152,561 to £153,605.

However, those looking to buy property in Scotland will still find affordability to be greater than a year ago, with prices 7.5 per cent lower than 12 months before.

Chief economist for the Lloyds Banking Group Scotland Professor Donald MacRae said the start of a revival was clear from the data.

He remarked: “The cost of borrowing has reduced for many mortgage holders, while there is now a perceptible increase in the level of mortgage availability, including loans for first-time buyers.”

The group’s national statistics for the UK as a whole – which are compiled by Halifax – revealed that the average home rose in value by 2.9 per cent over the quarter to October.

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