Nervous rise in average house prices

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PROPERTY prices look to be back on the rise.

According to the latest Scottish House Price Monitor from Lloyds TSB Scotland, in the three months ending July 2012, the average domestic property in Scotland rose by 7.3 per cent.

On an annual, underlying basis though, Scottish house prices have fallen by 1.5 per cent.

In Fife prices have risen by an average 0.7 per cent with the average house price now standing at £138,998.

The average Scottish house price is now £164,122 and Scottish house prices are 95 per cent of their peak of four years ago.

The latest house price movement has been generated from a market with a low but increasing number of transactions.

Compared to the previous quarter, the number of transactions in the monitor is up by 37 per cent and by 29 per cent when compared to the same quarter one year ago.

Although the number of transactions has increased in the monitor over the past year, prices continue to show volatility. For the market as a whole, Scottish house purchases during the second quarter of 2012 showed an increase of 9.2 per cent on the same quarter of last year.