The Scottish housing market is 'thriving' compared with that of London because the global economic turmoil appears to have left the local economy relatively unscathed, a study suggests. Financial Times

The RICS said yesterday that the Scottish property market was growing, with its member surveyors reporting a widening gap in performance between Scotland and other parts of the UK, including the capital.

'The economy is holding up well and the Scottish property sector is benefiting as a result,' said Graeme Hartley, director of RICS Scotland. He added that the housing market north of the border was not subject to the volatility seen in London and the south east.

'People here have always taken a more sensible view on the value of property, and we haven’t had the same peaks and troughs,' said Hartley.

The RICS survey shows London has suffered a marked deterioration in confidence, however.