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Scottish house prices `dropped at end of 2007`

18/02/2008

House prices in Scotland fell slightly over the last three months of 2007 after a year of rapid growth in the country, new figures have revealed.

While prices in Aberdeen rose by 30 per cent during the year as a whole, the last quarter saw the values of homes drop by 4.1 per cent, helping out those with debt problems, statistics from Lloyds TSB Scotland suggested.

The north of Scotland, excluding Aberdeen, saw falls of 2.1 per cent in the last quarter, with the south-west - excluding Edinburgh - saw prices drop by 5.4 per cent during that time.

Professor Donald MacRae, chief economist at Lloyds TSB Scotland, said: "Though this is the first quarterly fall in the all Scotland average house price for seven years, all cities and areas outside cities continue to show an annual underlying price increase.

"The market is showing sensible adjustment after years of price gains above the rate of inflation."

However, research by property company Rightmove found house prices rose by 3.2 per cent in January.

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