Scottish House Prices

The first bank in the United Kingdom, Lloyds TSB, announced October 31 at their Scottish home Price Monitor shows the average property in Scotland has declined in value by 4% during the quarter August-October 2008.

The bank said this is the biggest drop since their surveillance system was introduced 16 years ago.

However, overall prices rose 4.9% this year, which is down about 9.3% increase last year. The average price for a Scottish home is now £ 165.398.

It is interesting to market is becoming more differentiated from Glasgow reported a quarterly increase, while in Aberdeen, Dundee and Edinburgh are all show this fall quarter.

The rise of Glasgow has been released for sale of properties in health cheap. The areas around major cities show modest rises while others have all experienced a quarterly decrease.

Looking at the types of housing, prices of detached houses fell 5.6% and semi-detached prices fell 3.5% in the quarter, while apartments are continuing to show the best performance with a fall only 1.1% and the holding of an annual increase of 4.7%.

The number of homes sold dropped 43% over the same period a year ago.

With the decline in the base rate in November from 1.5% and 1% more in December, it is hoped that the market showed signs of improvement soon.
The government is putting pressure on mortgage lenders to pass on rate cuts in full in its attempts to revive the market.
Reducing the basic rate is exactly what the market needs with the slowdown of the Scottish economy and rising unemployment claimant.

If you are interested in making your first home, you can use the services of a mortgage broker,
one that you search the whole market, namely what is proposed and what are your options in terms
to obtain a mortgage if you're after a Dundee mortgage or a mortgage for a house in Durness.

Although there are fewer products now available on the market and large deposits are raised by mortgage lenders it is useful to search the market to ensure you get the best deal for you.