Scots house prices holding up despite recent drop

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House prices in Scotland have dropped by 3.7% in the three months to the end of July but still up on levels of four-and-a-half years ago.

The recent drop is in contrast to trends since the winter which saw the number of house sales increase.   Encouragingly, the number of house purchases recorded in the last quarter’s monitor rose by 27% on the previous quarter.

Over the last year house prices have increased by 0.4%, according to the Scottish House Price Monitor from Lloyds TSB Scotland.  In the three months to the end of July the cost of an average home in fact dropped by 3.7% to £152,565.