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Scotland house price boom 'subsiding'

25 February 2006
The Scottish house price boom is subsiding, according to new research.

In the quarter preceding January 2006, the prices for the average domestic property went up by 2.4 per cent, bringing the average mix adjusted house price to £132.433.

This rise marks the 20th consecutive quarterly increase, according to the house price monitor from Lloyds TSB Scotland.

But these figures report a wide variation across the different areas of the country, with Aberdeen and Dundee both reporting minor falls. However, these regions showed the greatest annual rise.

Edinburgh's house prices are the most stable among the country's four major cities.

Lloyds TSB Scotland chief economist Professor Donald McRaue said: "The Scottish housing market continues to display price increases greater than the rest of the UK. This is partly the result of price catch-up and partly due to higher affordability in Scotland.

"The economic slowdown affecting the UK has not been experienced to the same degree in Scotland. Consumer confidence remains relatively high, while claimant unemployment is low, with overall economic growth prospects at between 1.75 and two per cent for 2006."

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