Property buyers in Scotland could be able to snap up a relative bargain after another drop in prices.

Figures from Lloyds TSB Scotland revealed that during the three months to October 31st, property values fell by four per cent.

However, prices were found to have gone up on a year-by-year basis by 4.9 per cent, although this rate of growth is down on previous years.

This means that the average price of a property in Scotland is now £165,398.

Professor Donald MacRae, chief economist at Lloyds TSB Scotland, commented: "The number of housing transactions has declined markedly since one year ago and the market is adjusting to lower prices and sales."

He added that signs are that the market is experiencing a "sensible"adjustment rather than a total collapse.

This comes after The Money Centre revealed that landlords in the UK believe falling house prices could work in their favour.

Research by the group found that one in five rental investors plan to snap up a bargain property over the next few months.
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