Scottish house prices down 0.8% year-on-year in November

Scottish house prices fell by 0.2% in November to reach an average of £147,202, representing a year-on-year decline of 0.8%.

The latest Scotland House Price Index from LSL/Acadametrics reveals that flats fared worse than houses, experiencing a price fall of 2.2%.

Richard Sexton, director of e.surv chartered surveyors, says: “Although prices are pretty much flat in 2011, they’ve shown tremendous resilience given the bleak economic backdrop. The upshot of flat prices is that high inflation is slowly making property more affordable.”

He says the market will continue to be tough for first-time buyers in Scotland this year, however, with numbers expected to decline sharply once the Stamp Duty holiday ends in March.

Sexton adds: “It will also be interesting to see if the anticipated Referendum on Independence has any effect on prices in 2012.”