Reports released show that Scotland's property prices are declining quickly. The average price of property here has grown over the last seven years. This will mark the first time in seven years that property prices have fallen.
According to reports, the quarter running from November 2007 through the end of January 2008 showed a significant drop in prices. The cost fell by £163,211. This is a 1.6 per cent drop in property prices here.
Scotland has seen a good level of improvement in the property market over the last several years. During that time, property prices have steadily risen as demand for housing has continued to increase. According to some experts, the fall this past quarter is a sign of the market coming to an end in terms of the past property boom. Prices should now be levelling out.
While much of the country saw a drop in property prices, the largest drop was seen in Glasgow which dropped by 4.9 per cent. Aberdeen was the second highest drop at 4.1 per cent. Other larger areas were not affected, including Edinburgh and Dundee. Property values here rose by 1.5 per cent and 0.9 per cent respectively.
At the same time as these larger cities saw a drop, many smaller cities have seen some growth. The demand for property is spreading away from the larger cities.
