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New home starts fell by over a quarter in 2008-09 and completions were down by 18 per cent despite more construction by local authorities and housing associations.
Confidence that house prices are recovering some of their lost ground grew last week when two influential reports showed prices rising strongly in July.
Mortgage lending jumped 26 per cent in July according to the Council of Mortgage Lenders (CML).
The number of repossessions fell in the last three months according to the Council of Mortgage Lenders (CML).
House prices in Glasgow rose by almost six per cent in the last three months according to the latest House Price Monitor from Lloyds TSB Scotland. The rebound means that prices in the city have fallen by just 0.5 per cent in the last 12 months.
Mortgage lending in June was 23 per cent higher than in May according to the Council of Mortgage Lenders (CML) amid signs that the tightening in lending criteria since the onset of the credit crunch has come to an end.
The Scottish housing market has turned a corner – that at least seems to be the conclusion of the latest housing market report from the RICS (Royal Institution of Chartered Surveyors).
House prices could end the year higher than they started according to the RICS.
The number of homes sold in Scotland in the three months to the end of June was down by almost half compared to the same time last year according to the Registers of Scotland. But prices rose in the second quarter by 3.7 per cent.
House prices really did rise in July – that seems to be the consensus as both the Nationwide and the Halifax issued reviews of the market showing prices up last month by 1.3 per cent and 1.1 per cent respectively.
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