Scottish house prices in recovery mode

Official figures from the authorities north of the border confirmed that Scottish house prices increased by 1.3% in the final quarter of 2009. This rise, compared with the corresponding period in 2008, equates to the first annual rise in 18 months and could be a turning point for the Scottish property market.

There was also an increase in the number of properties sold in Scotland which would appear to give some underlying strength to what is hoped to be the first stage of a more long-term recovery. It is no secret that the Scottish economy is seen by many as the weaker of the UK economy components with many people believing it will take much longer to recover than the likes of England. However, while the SNP has received some criticism over various policies, recent investment into the housing market would appear to be paying dividends.

It is hoped that the recovery in the Scottish property market will continue into 2010 after which we should start to see a recovery in the overall Scottish economy. This news comes just days after the SNP managed to push through the 2010/11 budget which has seen significant funds put aside for investment into the housing market and other vital areas of the Scottish economy.