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<p>Scotland's economy has performed well within the UK and the Scottish housing market
is recovering alongside the rest of the UK's housing market. As in previous recoveries
house prices have risen but still remain below their pre-crisis peak in real terms
in Scotland. As a result of increased confidence in the housing market, property transactions
in Scotland were 21 per cent higher in 2013 than the lows seen in 2011. With the creation
of the Financial Policy Committee, we now have the tools to guard against risks in
the housing market.</p>
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