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Home arrow Holyrood news arrow News categories arrow Housing, Planning & Regeneration (HCL01) arrow Scottish house prices rise 11.9 per cent annually
Scottish house prices rise 11.9 per cent annually Print E-mail
Tuesday, 22 May 2007

Average Scottish house prices have risen for the last 75 months consecutively, according to the latest Scottish House Price Monitor figures released by Lloyds TSB.

In the three months to April 30, the quarterly price index for the average domestic property in Scotland rose by 6.8 per cent to give an average mix adjusted - adjusted for changes in geographic area, property type and season - Scottish house price of £154,344.

On an annual basis, which is calculated by taking an average of the latest four quarters and expressing the increase as a percentage of the preceding four quarters, Scottish house prices have risen by 11.9 per cent. The largest increase in the quarter was seen in Aberdeen, where there was a rise on an annual basis of 25 per cent. The north of Scotland, excluding Aberdeen, saw annual price rises of 15 per cent, which Lloyds TSB suggests shows that the boom in Aberdeen city is reaching out into the surrounding area.

The other cities in Scotland also saw strong annual growth in the quarter, with Edinburgh showing a rise of 12 per cent, prices in Dundee rising by 9 per cent and in Glasgow increases of 7 per cent.

The most expensive house prices are in Edinburgh, where the average price is £220,061, followed by Aberdeen, £195,111, and the South East of Scotland, excluding Edinburgh, where the average house price is £168,852. The places with the lowest average house prices in Scotland are Dundee, where the price is £133,989, and Central/Fife/Perth/Tayside, excluding Dundee, where the average house costs £133,479

Outside the main cities, annual rises of between 11 and 15 per cent are reported by the survey, with prices in the south-west of Scotland demonstrating more stability than elsewhere in the country, having not seen a fall in price in the last six years.

Professor Donald MacRae, chief economist with Lloyds TSB Scotland, said: “The rate of increase of house prices in Scotland has shown a significant surge in the latest quarter. Average prices are some three quarters of the UK level and continue to be propelled by a combination of favourable economic background and demand for houses exceeding the supply.

However, he added: “Recent rises in interest rates will have a slowing effect on these house price increases. This latest surge is expected to moderate and may be followed by a decrease in the next quarter. This latest increase in Scottish prices may well be the last surge before the much forecasted slowdown.”
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Last Updated ( Tuesday, 22 May 2007 )
 
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