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Scottish property market 'on road to recovery'
The price of property in Scotland is continuing to rise, according to new figures from Lloyds TSB.
According to the body's latest Scottish House Price Monitor, the average domestic property in Scotland was valued at £160,074 during the three months to the end of January.
The rise of 5.9 per cent marks the second consecutive quarterly increase in the market, with most areas of Scotland showing price rises across the three-month period.
Professor Donald MacRae, chief economist of Lloyds Banking Group Scotland, said mortgage availability has also increased in the country.
He added: "Although a house price recovery is evident in Scotland, it is based on much reduced levels of activity. Nevertheless, the Scottish housing market is now into recovery."
Recent figures published by the Council of Mortgage Lenders highlighted that gross lending in the UK fell by 32 per cent in January when compared to the previous month.