The property market in Scotland is performing better than London's, according to figures from the Royal Institution of Chartered Surveyors (Rics).

Data from Rics suggests that chartered surveyors in the English capital are "overwhelmingly" witnessing a drop in the property market, while north of the border house prices are by and large continuing to flourish.

A total of 19 per cent of its members reported a house price drop in Scotland, in comparison to 54 per cent in London.

Graeme Hartley, director of Rics Scotland, comments: "Scotland has been bucking the UK trend of falling house prices in much of 2007 and now it is outperforming London in construction and commercial property too."

He adds that investors have confidence in the country and that the figures suggest that the Scottish property market is surviving the credit crunch.

According to the latest house price index from Halifax, the current cost of a home in the UK stands at £197,244.