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Housing market remains resiliant

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August 13 2008

Against the grain of expectation house prices are continuing to rise in Scotland, albeit at a greatly reduced rate and against a slump in sales volume.

The Scottish House Price Monitor showed that quarterly figures rose by 1.6% to the end of July and by 9.3% on an annual basis across the country.

Performance varied across the regions with prices still rising within Glasgow and Edinburgh but showing quarterly falls in Aberdeen and Dundee.  Prices in the Central, Fife, Perth and Tayside regions posted no change over the most recent quarter.

Professor Donald MacRae, chief economist at Lloyds TSB Scotland, said: "The price boom of the last five years may well have passed into history but so far the effect of its demise is to slow the number of transactions rather than cause a drop in prices. "

"The Scottish housing market is demonstrating its traditional resilience in the face of an economic downturn."

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