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Mortgage holders see house prices rise north of the border

Date: Tue, 02 Nov 04 Analysis

Scotland is set to buck the downturn in UK house prices, according to a new report.

Statistics from the Edinburgh Solicitors' Property Centre (ESPC) suggest that average property prices for the third quarter have increased by 11.25 per cent compared to last year.

In what could be a good sign for the rest of Scotland and the UK, the results highlighted that the property market is not about to go into freefall and experts have criticised scaremongers who have been suggesting there could be another crash.

"Those looking for evidence of a collapsing market should look elsewhere," said ESPC chairman Robin Stimpson.

Although he admitted that house price rises are "softening" as the pace subsides, he added that the underlying conditions "remain positive".

However, the report also showed that there was a drop of seven per cent in the number of houses sold during the three months to September 30th.

If the trends seen in Edinburgh are replicated across the British housing market, it seems likely that any talk of a price crash will soon be dispelled.

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