Tuesday, February 26, 2008
Scotland’s runaway property boom is over, with house prices falling for the first time in seven years.
The average price of a house in Scotland has fallen by £411 a week - or nearly £60 a day - in the last three months, according to a report by Lloyds TSB. But despite the quarterly fall, all areas of the country are still showing healthy annual price increases of up to 30 per cent, with Aberdeen remaining Scotland's top property hot spot.The latest Lloyds TSB Scotland Scottish House Price Monitor said there is no cause for panic despite the boom in prices coming to an end. The bank said that property prices in Scotland will "plateau" with the country avoiding a damaging boom-bust scenario.