Confidence 'will return' to Scottish property market
23rd Aug 2011
The Scottish property market will continue to recover as confidence returns to the sector in the months ahead, one expert has predicted.
That is the opinion of Dianne Paterson, residential property partner at legal firm Russel + Aitken, who said the country's housing market is experiencing the same highs and lows as the UK at the moment, but stability will eventually return.
She explained that buyers and sellers are trying to find "work-arounds" to the issues with which they are faced in the hope that they can kick-start the market once more.
Her comments follow the publication of a report by Lloyds TSB, which stated that, in the three months to July 2011, the quarterly price index for the average domestic property in Scotland fell by 3.7 per cent.
After mix adjusting, the average Scottish house price is now £152,565, with the country's home values now almost identical to the price level of four and a half years ago.
Ms Paterson explained that some assistance is being given by the Scottish government to people to get on to the housing ladder such as the Low Cost Initiative for the first-time buyer and shared equity schemes.
"These, coupled with the endless enthusiasm of buyers and sellers to move onwards and upwards, despite the setbacks, will undoubtedly bring confidence to the markets once more," she predicted.
© Zoopla Property Group Limited