Recovery continues in Scottish housing market

Residential landlords in Scotland could be among those to have noticed an increase in the valuation of their properties, a new report has suggested.

Figures from the latest Scottish House Price Monitor, from banking group Lloyds TSB Scotland, have revealed that the average property in the country is now worth £160,074.

While the valuation represents a 6.8 per cent decline on last year's figure, it also shows a 5.9 per cent increase over the three months to January 2010.

Professor Donald MacRae, chief economist at Lloyds Banking Group Scotland, said the recent increase was evidence of recovery in the market and could be attributed in part to the "low cost" of mortgages.

"The level of mortgage availability including for first-time buyers has increased while the cost of borrowing remains low for many mortgage holders," he said.

"Although a house price recovery is evident in Scotland, it is based on much reduced levels of activity. Nevertheless, the Scottish housing market is now into recovery."

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