"Grounds for optimism" for private wealth in Scotland

Individuals with private wealth in Scotland may feel their economic prospects are improving, as one expert notes positive signs are appearing in financial transactions in the country.

Dianne Paterson, residential property partner of legal firm Russel and Aitken, claims "there are grounds for optimism" when it comes to private wealth in the country, as the property market is beginning to pick up momentum and prices are responding to good demand.

She suggests more confident lending by banks might further help those seeking to invest in Scotland, arguing a complete return to pre-recession turnover will not be achieved until loan providers relax their criteria.

Registers of Scotland reported last week house prices in the nation ballooned by 5.3 per cent in the 12 months leading up to July 2010.

And the volume of sales in the second quarter of this year jumped by 29.6 per cent to 19,004 properties, an annual increase of 17.1 per cent.  ADNFCR-2318-ID-800018938-ADNFCR