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Scots housing market ‘best in UK'
The fall in property
prices in Scotland has been
less dramatic than in the UK
as a whole, according to the latest figures...
The Nationwide Building Society reported that the UK's annual house values fell by
15.9 per cent in 2008.
However, in Scotland
prices went down by 8.1 per cent over the year.
The Nationwide's Chief
Economist, Fionnuala Earley, said, "Scotland
remains the best performing part of the UK."
In its final quarter survey of 2008, the building society said that UK
prices fell by 2.5 per cent in December taking the average cost of a house down
to £153,048 - £29,000 less than a year ago.
The building society says that as prices have now fallen for 14 months in a
row they are 18 per cent lower than their peak in October 2007.
However, Scotland
was the only region to see an increase of 0.1 per cent during the fourth
quarter.
The report said that Scotland was the most optimistic part of the UK with
regard to expectations for future house price movements and had been so
"consistently throughout 2008".
The report added, "While current, relatively positive expectations are
not a guarantee that prices will follow the same path, they do signal a greater
degree of confidence in the Scottish market than in other parts of the UK.
"To the extent that we know the importance of confidence in housing
market performance, this bodes well for Scotland."
All sub-regions within the country have experienced annual house price falls
and of the three main cities in Scotland,
Aberdeen saw the largest annual fall at 11 per
cent, closely followed by Glasgow
at 10 per cent.
Edinburgh
performed best with price falls of six per cent in the year. The largest fall
was experienced in Renfrewshire and Inverclyde where prices fell by 15 per cent
over the last year.
Source: BBC News
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