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Scottish £2bn loss for homes market

The Scottish housing market recorded a 51.2 per cent year-on-year fall in home sales, wiping off a total value of over £2 billion from the sector, a study has revealed.

According to figures from Registers of Scotland, the value of total sales stood at about £2.3 billion between April and June, down from £4.8 billion over the same period in 2008.

Although a slight revival has been indicated, with a 3.7 per cent average increase in April-June compared to January-March, the average house price in Scotland in the past three months was still down 6.5 per cent from £155,705 to £145,553 in a year.

Even the number of houses sold saw a 47.8 per cent drop, the survey added.

However, places like Clackmannanshire, Orkney, Shetland and South Ayrshire registered an increase in average property prices over the same period.

Edinburgh continued to have the largest market share with a sales record of over £320 million, keeping the highest average house price, at £198,928.

Others in top five council areas for average prices in the second quarter of 2009, included East Renfrewshire with £187,119, Aberdeenshire with £184,567, East Dunbartonshire with £183,374 and Stirling with £175,813.