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Scottish property market continues to slide
14/11/2008 @ 19:07
Scottish property investors would be forgiven for turning their back on their homeland and looking at luxury Caribbean property instead after Lloyds TSB Scotland revealed some rather unpleasant figures surrounding the property market in the country.
The bank's Scottish House Price Monitor has shown that, as of October 31st, the average house price in the country had fallen to just £165,398.
This constitutes a massive four per cent drop in the third quarter of 2008 and does not bode well for those who have been investing in property in the country.
Lloyds TSB Scotland chief economist professor Donald MacRae explained that the Scottish economy and housing market have been in better shape.
"The Scottish economy is entering a significant slowdown with rising claimant unemployment and falling consumer confidence," he said.
"The number of housing transactions has declined markedly since one year ago and the market is adjusting to lower prices and sales."
It could be a while before UK property starts to gain in value so many Brits may look to warmer shores and developing markets for places to lay their nest-eggs.
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