Latest News

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.

Although house prices remain lower than the same time last year and continued to fall in some areas, Lloyds TSB Scotland says that there are indications the market is beginning a turnaround.

By the end of August, average prices across the country were 6.2 per cent lower than at this point in 2008.  Overall, prices fell by 1.4 per cent  in the three months to the end of July, but that was substantially less than the 4.3 per cent fall in the previous three months. 

Professor Donald MacRae, chief economist, Lloyds TSB Scotland, said: "There are positive signs that not only has the bottom been reached but that a recovery is beginning to take root.  Consumer confidence has recovered with retail sales increasing at an annual rate of +6.6 per cent in June.  The housing market reached its lowest point in May recording the lowest number of sales transactions and saw its lowest average price in March.  The cost of borrowing has reduced for many mortgage holders while there is a small but perceptible increase in the level of mortgage availability particularly for first time buyers. The Scottish housing market is on the turn."