Scots house prices fall 1 per cent -Nationwide

Wales joined Scotland with a drop in prices, while every other area of the UK experienced growth, according to the Nationwide’s house price index.

The study also revealed that the average Scottish house price over the past 12 months fell to £140,512, compared with a UK average of £194,258.

Meanwhile, a separate report into first-time home buyers carried out by the Halifax found Scotland was the cheapest spot for first-time buyers, boasting eight of the ten most affordable areas in the UK.

Inverclyde was the most affordable area in the UK for first-time buyers to purchase property, with an average property price of £90,376, followed closely by East Ayrshire.

This is in comparison with the £178,370 UK average and the £342,313 average in Greater London.

The most expensive area in Scotland was Aberdeen, which boasted an average house price of £275,525 in quarter two of this year.

Craig Mckinlay, mortgages director at Halifax, said: “There are now signs of a pick-up in mortgage activity as the economy continues to recover and mortgage interest rates remain at very low levels. These factors could boost the number of first-time buyers during the second half of the year.”

According to the Nationwide report, Uk-wide property prices rose by 1 per cent over the three months to the end of June.