Scottish house prices on the rise for second month in a row

HOUSE prices have risen for a second successive month, returning them to the level they were at five years ago, according to a new report.

The average cost of a house in Scotland stood at just more than £146,300 in April, up almost £500 on the previous month’s figure.

Experts said the housing market appeared to be coping well in the face of “treacherous” economic conditions and suggested it may have turned a corner after a difficult winter.

They said there was cause for some optimism, but sounded a cautionary note about the possible impact of the eurozone crisis on mortgage lending. However, despite prices increasing nationally, 18 of Scotland’s 32 local authorities have seen house values fall over the last year.

The findings were contained in the latest LSL/Acad Scotland house price index. It shows that the price of a house in Scotland hit £146,309 in April, up 0.3 per cent on March’s total of £145,818.

The study further revealed that the number of transactions carried out in January to April this year was up 12 per cent on the same four months last year, although the figure was still well down on early 2007 levels.

Richard Sexton, director of e.surv chartered surveyors, part of LSL, said: “The housing market is coping admirably with the treacherous economic conditions swirling around it.

“Prices have risen for the second month in a row, suggesting the market may have turned a corner following a difficult winter period.”