Scottish house prices down 4% in just 3 months
The evidence against selling up and moving house is stacking up after Lloyds TSB Scotland released its latest Scottish House Price Monitor figures.
It seems Scottish homeowners looking to move to a larger property would be better to modify their existing home with a glazed extension or loft conversion to give them extra space as the figures show that the average house price has fallen by four per cent in the three months leading up to October 31st.
This means that the average house price in Scotland is now just £165,398 and that homeowners are likely to lose money by selling up now.
Lloyds TSB Scotland chief economist professor Donald MacRae explained that the Scottish economy and housing market have taken a bashing recently.
"The Scottish economy is entering a significant slowdown with rising claimant unemployment and falling consumer confidence," he said.
"The number of housing transactions has declined markedly since one year ago and the market is adjusting to lower prices and sales."
A stylish lean-to conservatory can be a great way of adding extra living space to the home whilst making it more appealing to potential buyers when the market eventually returns to normal.