Fall in Scottish property prices

According to figures released on Friday by Registers of Scotland, the current price is now £139,836, compared to £143,055 in the previous quarter.

However, the latest figure also represents an increase of 12.3 per cent over the same quarter in 2006.

The highest figure is again in the Lothian region where the average price for properties registered is £178,139. This is a decrease of 1.5 per cent compared to the last quarter, although up 11.3 per cent on the same quarter in 2006.

The highest year-on-year increase of 28.1 per cent is in the Grampian area, where the average house now sells for £150,627.

The Glasgow area remains the largest market with sales of just over £1.4 billion for the period, which is an increase of nearly £145 million or 11.3 per cent over the same period last year.

The total value of sales across Scotland registered during the quarter is just over £4.5 billion equating to an increase of over £660 million or 17 per cent over the same quarter last year.

These figures include residential sales for cash, where there is no mortgage, which occurs in more than 20 per cent of transactions.