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The Scottish housing market is proving "remarkably robust" in the face of a UK-wide slowdown and the global credit crunch, a new study has revealed.
During 2007, the property market in Scotland outperformed all other UK regions by recording an annual growth rate of 13 per cent in an otherwise tough year for the industry, research by Knight Frank found.
Furthermore, Scottish house prices are predicted to grow by one per cent during 2008, compared with a national average of a decline in prices by three per cent.
A 19.9 per cent increase in the amount of homes built throughout Scotland during 2007 is said to be one of the reasons behind the sector`s success.
Liam Bailey, head of residential research at Knight Frank, said: "Scotland`s housing market is proving remarkably robust in the face of the turbulent market conditions affecting the wider UK market."
