House price in Scotland has shown a drop with prices fell over 3.3% over the year, but it all came amidst a rose in the last quarter by 0.7%, said Lloyds TSB Scotland. It is felt that the sales was comparatively slow in the second month of the year with later a jump in the sale in March. If we look at the figures we can clearly find that, sale of houses were down by 19% which was far low than that of the previous quarter.
At large, it was Dundee and Aberdeen who showed a good recovery with decent rates, but Glasgow still remained down by 8%. All this showed that the price rate of the houses in Scotland has been volatile in the last quarter. Meanwhile, Prof. Donald MacRae, chief economist of Lloyds Banking Group Scotland said, “The level of mortgage availability including for first-time buyers has increased while the cost of borrowing remains low for many mortgage holders.
This trend in the fall of prices of the houses in Scotland has indicated a change in the mindset of the buyers and also raised a concern over the present trend. But it is seen that slowly the sale is picking up and it is felt that it will further improve with the months to come.