According to Nationwide, Scotland continues to be the most resilient market in the whole country and has now been the best performing part of the UK for five consecutive quarters.
People in Scotland also continue to have the most optimistic outlook with fewer consumers than in any other part of the UK expecting prices to fall in the next six months.
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The latest quarterly report from GSPC also provides more evidence that house prices in Scotland are less volatile than elsewhere, showing that the pace at which house prices in Glasgow and west central Scotland are falling has slowed, raising the possibility that the worst of the falls in price are beginning to pass.
Jonathan Fair, Chief Executive of Homes for Scotland, the organisation which represents companies building 95% of the country’s new homes built for sale, said: "Today's reports and other pieces of research published recently substantiate the noticeable level of increase in footfall to members’ sites that we are now seeing. Converting this interest into sales remains challenging, especially in the context of mortgage availability. However, it is clear that consumer confidence appears to be improving as people contemplate the bottom of the market."
Fair said moves such as the recently implemented expansion of the Scottish Government's Open Market Shared Equity scheme will also help the market's recovery.
(GK/JM)
