Average house prices dip slightly

House prices are still well ahead of last year

The average house price in Scotland fell by 2.2% in the last quarter, new figures have shown.

Data released by the Register of Scotland showed that the average price of residential property between January and March was £139,836.

The previous quarter of October to December 2006 recorded a figure of £143,055.

However, the figure also represented a 12.3% rise compared to the same period last year.

House prices were again highest in Lothian region, where the average price for properties registered was £178,139, a decrease of 1.5% compared to the last quarter and up 11.3% on the same quarter the previous year.

The highest year-on-year increase, at 28.1%, was in the Grampian area, where the average house now sells for £150,627.

The Glasgow area remained the largest market with sales of just over £1.4bn for the period, an increase of almost £145m or 11.3% over the same period last year.

The total value of sales across Scotland registered during the quarter was just over £4.5bn, which equated to an increase of more than £660m or 17% over the same quarter last year.

The figures included residential sales for cash, where there is no mortgage, which occur in more than 20% of transactions.