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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.”


Government presses ahead on MIG

The government says it is on track to launch its mortgage indemnity guarantee scheme in March despite claims that the proposed start date is unrealistic. Last week Nigel Stockton, financial services director at Countrywide, said lenders are still awaiting the finer details of the scheme and therefore the first mortgages under the initiative are unlikely […]


Retail banking plan may depress lending

An announcement that was forgotten in the excitement of the Mortgage Market Review was the chancellor’s commitment to ring-fence retail banking operations from investment banking assets.

mark clare

Builders gear up to reveal robust results for the second half of 2011

House builders are expected to announce strong results for the second half of 2011, defying the economic gloom with profit rises of as much as 50%. In trading statements published last week ahead of half-year result announcements, Barratt Developments, Galliford Try and Persimmon reported that completions and profits were up and take-up of the government’s […]


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