The average house price for Scotland over the fourth quarter, October to December, of 2008 showed a decrease of 3% when compared with the same period in 2007.

The average price of a residential property in Scotland for this quarter was £153,623. This is a decrease of 4.1% on the previous quarter of 2008. These figures were issued by the Registers of Scotland. The volume of sales transactions showed a decrease of 53.6% compared to the same quarter last year and a decrease of 23.2% on the previous quarter.

The East Dunbartonshire local authority area recorded the highest average residential price at £206,354 a decrease of 2.1% since the last quarter and up 1.7% compared to the same quarter last year.

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The highest year-on-year increase, at 8.5%, was in the Orkney Islands local authority area, where the average house price is now £121,722, up 11% from the last quarter.

Dundee City local authority area again recorded the highest year-on-year decrease, at 13.1%, with the average residential price currently standing at £116,329. The average price for Dundee City decreased by 5.6% over the last quarter.

The City of Edinburgh local authority area remains the largest market with sales of just over £382 million for the quarter, a decrease of 57.3% over the same quarter last year and a decrease of 35.6% over the previous quarter.

The total value of sales across Scotland registered during the quarter was just under £3 billion, a decrease of 26.3% over the previous quarter and a decrease of 55% over the same quarter last year.

(CD/JM)