A new report reveals a 3.6% rise in average selling price since 2011, meaning property values are now almost the same as 2010 – 12% below their 2007 peak.

It also claims there is no sign of a recovery in the low number of house sales, which is at around half what is was during the 2007 peak.

The average selling price in the area is now £128,500, up from £124,000 a year ago. The 2007 figure was £145,000.

Selling times – which researchers say are a key indicator of market conditions – are broadly the same as in autumn last year. The average selling time now is 119 days, compared to 116 days a year ago.

Transaction numbers remain subdued and there is no sign of an imminent recovery, the report reveals.

Glasgow Solicitors Property Centre chief executive Mark Hordern said: "It's a good time to sell now because fewer houses are coming on the market. If you price your property sensibly and present it well you will sell it and stand a good chance of buying a new home at a good price.

"On the other hand, fewer people are able to get a mortgage so there is less competition."

stef.lach@ heraldandtimes.co.uk