Scottish house prices pick up over summer

Estate agent's window Despite an increase in the number of transactions prices were still found to be volatile

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Scottish house prices have shown a rise over the summer but the overall trend is down from this time last year, according to a survey.

The latest Scottish House Price Monitor from Lloyds TSB Scotland indicated a 7.3% rise in property prices in the three months to July.

However, the annual underlying figures fell by 1.5%.

The average Scottish house price is now £164,122, which represents 95% of their peak of four years ago.

The number of transactions showed an increase over the past year but the bank said prices continued to be volatile.

Donald MacRae, chief economist at Lloyds TSB Scotland, said: "Although consumer confidence has become less negative during the first six months of the year, it still remains low with retail price inflation in excess of average increase in earnings continuing to squeeze disposable income.

"The rate of increase in consumer spending remains modest."

He added: "While all property types are showing a quarterly price gain, the average price of flats has increased the least.

"The Scottish housing market is showing a pick-up in both activity and price."

Slight annual increases were noted in Dundee, Glasgow, Central, Fife, Perth and Tayside, with slight falls in the south east and south west.

Aberdeen had the largest fall of 9.9%, while Edinburgh fell 7.1% and the north, excluding Aberdeen, saw price rises of 3.2%.

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