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‘Cautious optimism’ over Scottish housing market

House prices in Scotland experienced a fall during the month of August, according to the latest LSL Scottish House Price Index, however commentators warned against ringing the alarm bells just yet.

Richard Sexton, director of e.surv chartered surveyors, part of LSL, explained: “There were ‘freak’ factors in play over the summer which affected August prices: various summer events and the torrent of rainfall.

“The market hasn’t suddenly become a lot weaker. First time buyer numbers are up 9% so far on last year, demand is still strong, and high loan-to-value mortgages are more widely available. August should prove to be just a blot on the copy book of recovery.

“Things were more varied on a regional basis. Prices in Edinburgh continue to rollick along, thanks mainly to the greater number of wealthier buyers who live in the capital. In less affluent areas, fewer buyers have been able to meet mortgage finance requirements, which has reduced sales levels and dragged down prices as a result.”