House prices show steep fall in Argyll and Bute

House prices in Argyll and Bute showed the steepest drop of any local authority area in Scotland in the three months to the end of September, according to new statistics.

The quarterly survey by the Registers of Scotland showed that the average residential property price in Argyll and Bute during the three months from July to September was £143,590 - down from £164,513 on the same period in 2011, representing a fall of 12.7 per cent.

The average price of a residential property in Scotland decreased by 2.3 per cent over the period, with the next steepest decline after Argyll and Bute coming in North Ayrshire, where prices fell by 10.5 per cent.

However, the volume of residential property sales in Argyll and Bute actually increased slightly over the period - from 390 in July-September 2011 to 391 in the same period this year.

The total volume of sales across Scotland fell by 2.1 per cent on the same quarter in 2011, while the total value of property sales across Scotland fell by 4.3 per cent to just under £3.17 billion.