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Upbeat housing market statistics for Inverness contrast sharply with more downbeat nationwide figures released last week.

According to David Ferguson, partner at J&E Shepherd’s Inverness office, local sales evidence for the month of September reveals that 63% of houses sold in and around Inverness were sold at, or in excess of, their asking price.

The finding contrasts sharply with figures released recently from Nationwide Building Society which said that average house prices in Scotland fell by 5% between July and September, compared to a 4.6% decline across the UK.

Mr Ferguson said, “Given that the vast majority of media comment on the housing market has been overwhelmingly negative, our finding that almost two thirds of houses in Inverness are selling at, or higher than, their asking price came as a very welcome surprise.

“One local builder reports five sales reservations in the last week, which would suggest that it is far from a complete standstill in the new homes market in the north.

“Whilst Scottish house prices are holding up relatively well, particularly in comparison with some areas in the south, I think that some misleading statistics and gloomy media reports mean that we are in danger of talking ourselves into a crisis ahead of the introduction of the Home Report.

“The housing market is fuelled by confidence and can be severely affected by an inappropriate broad-brush approach to reporting statistical information which means that now is the time for a more considered and balanced approach to reporting property statistics.”

According to Mr Ferguson, the fact that that 63% of houses sold in Inverness last month were sold at, or in excess of, their asking price is a positive sign, given the current economic climate.

ENDS

For further information please contact David Ferguson on tel 01463 712239

Issued on behalf of J&E Shepherd by Liquorice Media tel 0141 564 8058

Date 7th October 08