Ayrshire, Scotland, 23 October 2007--LEADING Ayrshire estate agents Donald Ross have reacted quickly to calm fears that we might be facing a crash in house prices in the UK.

Last week the International Monetary Fund reported that the property boom of the past ten years has left the British housing market in danger of following the slump in American house prices.

In a bleak warning, the IMF found that homes in Britain were overpriced by up to 40 per cent — far more than the overpricing in the US before the current property slump began there. The finding might fuel fears over housing market prospects after growing evidence recently that prices have already begun to fall in some parts of Britain.

However, Donald Ross Estate Agents managing director Steven Miller denied that a house price crash was likely to happen here in the UK.

Moreover he said: “It is our view that the Ayrshire housing market in particular is extremely robust, therefore we do not expect the talk of a price crash to greatly effect the local market.

“However the longer term picture may differ from previous years, in that there could well be lower house price inflation in the coming months and years.”

The annual rate of house price inflation in Scotland is now 14.2%, above the UK average of 10.7%, according to the latest Quarterly Scottish House Price Index from Bank of Scotland. Prices in Scotland rose by 0.7% in the third quarter of 2007.

The average price of a house in Scotland is currently £141,158. This is 29% less than the UK average of £198,898.

Greater London prices are now just 2.3 times higher than those in Scotland, compared with 3.0 times five years ago.

The average house price in South Ayrshire is now £170,668 compared to £159,147 a year ago, an increase of 7%. In North Ayrshire the average price is now £139,772 compared to £119,860 in 2006, an increase of 17%. And in East Ayrshire the average house has risen 11% from £123,709 last year to £136,723 now.

Bank of Scotland chief group economist Martin Ellis commented: “House prices in Scotland are still the most affordable in the UK, despite an annual rise of 14.2%. This increase is well above the UK average of 10.7%. The average price of a house in Scotland is currently £141,158 - which is 29% less than the UK average of £198,898.

“Because of this large increase in prices over the past year, the gap between prices in Scotland and London has narrowed to 2.3 times, down from 3 times in the third quarter of 2002.”

THE ELITE AYRSHIRE BUSINESS CIRCLE

Donald Ross Estate Agents are members of the Elite Ayrshire Business Circle.

The Elite Ayrshire Business Circle is a newly formed association of some of the top companies in Ayrshire.

Its purpose is to publicise its members, and to celebrate and promote the rich diversity of industry, commerce and business services available within the county boundaries of Ayrshire.

Members include the Clydesdale Bank, Ayr Racecourse and the Western House Hotel, and member company activities include building and construction, architectural practice, estate agency and land management, chartered accountancy, insurance broking, legal services, golf club management, marketing services and brand creation, web design and public relations consultancy.

The Elite Ayrshire Business Circle runs its own online news magazine, which can be found at http://www.ayrshirebusinessnews.com
  
As well as regularly updated illustrated articles about member companies, Ayrshire Business News also features rolling news, business and sports headlines, and its own online department store.

For further information about The Elite Ayrshire Business Circle and to apply for membership, e-mail This e-mail address is being protected from spam bots, you need JavaScript enabled to view it  

Founder members of the Elite Ayrshire Business Circle:

Clydesdale Bank http://www.cbonline.co.uk   
Ayr Racecourse http://www.ayr-racecourse.co.uk   
Western House Hotel http://www.westernhousehotel.co.uk  
CKD Galbraith Property Consultants http://www.ckdgalbraith.co.uk   
Frazer Coogans Solicitors http://www.frazercoogans.co.uk   
MacKay Corporate Insurance Brokers http://www.mackaycorporate-brokers.com   
Donald Ross Estate Agents: http://www.donaldross.co.uk   
William Skinner & Son Building Contractors http://www.willamskinner.co.uk   
Sinclair Scott Chartered Accountants http://www.sinclairscott.com   
Paligap Creative Agency http://www.paligap.com   
ARP Lorimer & Associates Architects http://www.arpl.co.uk  
Brunston Castle Golf Club http://www.brunstoncastle.co.uk   
Accident & Injury Claims Centre http://www.accidentclaims.com
Visimetrics http://www.visimetrics.com
Fouters Restaurant http://www.fouters.co.uk 
Barrie Grant Business Coach http://www.actioncoach.com/barriegrant 
Fame Publicity Services http://www.famepublicity.co.uk  

Issued by: Fame Publicity Services
Telephone: 01292 281498
Mobile: 07833 667322
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Web: http://www.famepublicity.co.uk
         http://www.AyrshireBusinessNews.com
Blog: http://www.AyrshireScotlandBusinessNews.blogspot.com

Enquiries:

Donald Ross Estate Agents
11 Beresford Terrace
Ayr KA7 2ER

Contact:

Steven Miller, Jacqueline Miller, directors

Tel: 01292 288222
Fax: 01292 280083
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Web: www.donaldross.co.uk