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Scottish property stats given cautious welcome

Monday, 9 August 2010 6:00 PM

The Scottish property market appears to be improving, with authorities reporting rising house prices and an increased volume of sales.

Earlier this month, the Registers of Scotland revealed that prices have gone up by 3.6 per cent in the second quarter of the year to an average of £153,248.

Meanwhile, sales volumes rose by 29.6 per cent to 19,004, an annual increase of 17.1 per cent.

Dianne Paterson, residential property partner at legal Russell + Aitken, gave a cautious welcome to the statistics but noted that in most areas of Scotland, sales are still down on pre-recession levels.

"A shortage in the supply of family homes has also meant that healthier prices in this sector have been achieved; however, this has been balanced by the continuation of a subdued market at the lower end," she added.

Ms Paterson went on to say that mortgage providers need to relax their lending criteria before the market can revert to its peak levels.

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