The Week Unzipped: Property market 'recovering' as Scottish house prices rise by 6%

Dundee reported the biggest price increase at 16.3 per cent while Edinburgh experienced an 11.4 per cent rise.

However, both Glasgow and the Central/Fife/Perth/Tayside area saw drops of 1.6 per cent and 7.6 per cent respectively.

Despite these signs of continued recovery, prices have fallen by 6.8 per cent overall in the past year.

Glasgow reported the biggest annual fall of 12.1 per cent. The number of sales has halved since the start of the recession.

Professor Donald MacRae, chief economist at Lloyds Banking Group Scotland, said: "Although a house price recovery is evident in Scotland, it is based on much-reduced levels of activity. Nevertheless, the Scottish housing market is now into recovery."

Scots opt for Isas

SCOTLAND has taken to Isa saving faster than any other region in the UK since they were introduced ten years ago, according to figures from Halifax.

More than a third of Scottish households take advantage of the tax-free entitlement.

The number of Scots subscribing to an Isa has increased by 57 per cent since they were introduced in 1999/00.

This is the biggest change in the UK and well above the national average of 43 per cent.

The research also found that Isas have grown in popularity among women. The number of female savers increased by 52 per cent, compared with just 35 per cent among men. The number of Isa savers under the age of 25 rose by 88 per cent.

Stockbroker fined

THE Financial Services Authority has fined a Glasgow-based stockbroking firm 101,500 for its misleading sales pitches.

The company, Direct Sharedeal Limited, did not make clear to customers the risks of investing in penny shares. DSL specialises in spread-betting and share dealing. It appointed First Colonial Investments to carry out penny share sales but failed to ensure the company was providing accurate and sufficient advice to investors.

DSL was fined for failing to monitor FCI's customer treatment. As well as the penalty, DSL will contact FCI's clients to provide redress if appropriate and can no longer take on new appointed representatives.

Margaret Cole, FSA director of enforcement, said: "This fine should serve as a warning to firms with similar business models."

Endowments fall

LEGAL & General announced 4.13 million in bonuses for its with-profits customers in 2009, but payments from endowments continue to fall year on year.

A 25-year mortgage endowment at 50 a month maturing on 1 March, 2010, will deliver an investment value 108 above the target amount. However, at 34,378 it will mature at less than the 36,414 paid out by the same policy a year ago.

Mortgage launch

PLATFORM, the mortgage arm of the Co-operative Bank, has launched a two-year fixed mortgage at 3.44 per cent.

The provider has doubled the number of intermediary partners that can access the product, allowing more brokers to recommend the mortgage. The deal offers a free valuation and legal fees for remortgagers and charges a 855 fee.

Loan rates cut

THE Post Office has reduced rates on its fixed and tracker mortgages and introduced a new range of 75 per cent loan-to-value mortgages.

This is the second mortgage rate cut in the last month. The reduced rates start at 3.45 per cent for a two-year fix with a 40 per cent deposit.

The new range, for borrowers with a 25 per cent deposit, includes a tracker at 3.19 per cent and two, three and five-year fixes from 3.89 per cent.