14 Nov

Scottish house values 'easing in price'

Scottish house values 'easing in price'

House prices in Scotland are easing gently rather than falling, it has been stated.

Such a comment was made by Lloyds TSB Scotland chief economist Donald MacRae in response to new figures showing a fall in Scottish house prices in the three months ending October 2008.

Mr MacRae said: "Although the number of mortgage products has declined, the cost of borrowing has reduced for many mortgage holders with the latest fall in interest rates in early November."

He added that rather than plummeting, the market had shown a "sensible adjustment".

The figures indicated that there are regional variations across Scotland, with prices in Glasgow and the south-east (excluding Edinburgh) still rising.

Figures from the Realtors of Scotland produced yesterday indicated that prices in the country during September were 0.1 per cent higher than they were 12 months before, following a 2.9 per cent recovery in prices from the second quarter.

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