More sales, but Scottish house prices drop

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HOUSE prices have fallen 1.5 per cent in Scotland in a year, despite sales increasing.

The average price of a residential property in the final quarter of last year was £154,810, down almost £2,500 from the same period of 2011, Registers of Scotland (RoS) said.

The market appeared to be growing in the second quarter of last year when the average price rose to £159,310, but fewer sales in the last three months of 2012 brought prices down.

Property in some areas did get more expensive between October and December, with prices in Inverclyde rising more than a fifth to £127,410.

A total of 20,355 properties were sold across Scotland in 2012, up 2.7 per cent on 2011.

East Dunbartonshire is now the most expensive area, with an average £215,300 price, overtaking Edinburgh, where prices fell by an average 5.8 per cent to £212,607.