Prospect of a house price crash branded 'ridiculous'

THE prospect of a house price crash in Scotland has been dismissed as "completely ridiculous" by a leading estate agent.

Speculation that Britain's house prices are heading for a slump has been rife for months following years of unprecedented growth.

But Bill Cullens, chairman of Clyde, last night claimed the conditions for a crash do not exist in Scotland thanks to the country's buoyant economy.

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He said: "The idea of a price crash north of the Border is completely ridiculous and there seems to have developed a culture of panic among some industry observers that a catastrophe is just around the corner.

"Nothing could be further from the truth. The conditions which led to a slowdown of the Scottish market in the 1990s simply do not exist today."

The cost of homes in Scotland has risen substantially in recent years with the average house now costing 141,158.

A spokesman for the Bank of Scotland said: "Scotland has never had this boom/bust cycle that you have seen elsewhere. Although there are hot-spots such as Edinburgh, Scotland remains one of the most affordable places to buy a home in the UK."