House prices 'unchanged in January'

Consumers looking to buy a house in Scotland may be relived to know that property prices remained constant in January, according to the latest house price index from Halifax.

The average house price stands at £197,224, which reflects a 4.5 per cent increase on January 2007.

Martin Ellis, chief economist at the financial services provider, comments: "We expect sound economic fundamentals and lower interest rates to support house prices. Nationally, we predict that house prices will be flat in 2008."

He added that the firm expects the Bank of England’s monetary policy committee to cut interest rates on at least two occasions over the course of 2008, news which may be welcomed by those who looking to buy a house and take out a mortgage.

In related news, data from the Bank of Scotland recently identified East Renfrewshire as the most expensive region of Scotland to purchase a property in.