Scottish house price inflation drops in December

Scotland joined Northern Ireland and England as regions where house price inflation decreased in December 2007, it emerged today.

Those wanting to buy a house in Scotland may be encouraged by the new data from Communities and Local Government, which found that house price inflation fell north of the border from 14.1 per cent in November to 10.8 per cent the following month.

The mix-adjusted average house price in Scotland was found to be £163,206, compared to £227,765 in England, £219,698 in Northern Ireland and £167,739 in Wales.

Scotland’s average house price was below the mean amounts for both first-time buyers and former owner occupiers across the UK, which were £166,734 and £245,522 respectively.

In related news that may also be of interest to those looking to buy a house in Scotland, a new report from Connells stated that mortgage approvals in January of this year rose by three per cent to 75,300.

According to the company, this is the first time the amount has increased since May 2007.