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Some Scottish house prices still rising

20/11/2008

Amidst economic gloom and high levels of personal debt, house prices in some areas of Scotland still rose in the last quarter – and many more areas now boast higher average prices than they did a year ago.

House prices in Glasgow and the South East of Scotland (excluding Edinburgh) rose by 6.4% and 2.2% respectively in the last three months.

And although prices in five other areas have fallen in the last quarter, they`re still higher than they were 12 months ago – between 1.9% and 10.4% higher.

As the BBC reports, Professor Donald MacRae, chief economist at Lloyds TSB Scotland, said: "Although the number of mortgage products has declined, the cost of borrowing has reduced for many mortgage holders with the latest fall in interest rates in early November.

"So far, the Scottish housing market is showing sensible adjustment rather than a precipitous collapse."

"In recent years," said a spokesperson for Debt Advisers Direct, "many people have come to count on rising property values, withdrawing equity for anything from home improvement to debt consolidation.

"It`s good to see that prices are holding up reasonably well in some areas of Scotland – but even so, no-one knows what will happen next with house prices. People with debt problems should think very carefully before taking out a secured debt consolidation loan (or debt consolidation mortgage), and discuss all the alternative debt solutions with a professional debt adviser."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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