The Press Association: Wealthy 'propping up' house market

The Press Association: Wealthy 'propping up' house market

House prices have increased for the third month in a row, with the market showing "commendable resilience" to continuing economic uncertainty, according to new figures.

The LSL Property Services/Acadametrics house price index for September showed prices rose by 0.8% in an "end-of-summer bounce".

The average house price increased from £146,418 in August to £147,546 in September.

But a year-on-year comparison showed the market was slowing: prices fell 1.5% from an average of £147,547 in September 2010.

Wealthy buyers are "propping up" the market while those on low incomes continue to struggle to get on the property ladder.

The "suppressed" level of activity among lower-value property could lead to a drop in prices at the end of the year.

Prices were highest in Edinburgh and Aberdeen where the average house costs a respective £218,094 and £183,430.

Dundee recorded the lowest average price of £116,188.

The data was compiled using figures from Registers of Scotland, showing how much each house sold for.

Gordon Fowlis, regional managing director at estate agents Your Move, said: "Historically more people .....