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15/05/2008

Scottish House Prices Rise

Scottish house prices have risen on average by 11.6% in a year according to the latest information from Lloyds TSB Scotland.

Despite a fall from the previous quarter the Scottish House Price Monitor showed that quarterly figures to the end of April rose by 2.3%, giving an average house price of £163,639.

According to The Edinburgh & Lothians Property Group member firm Neilsons, this shows the Scottish property market is largely immune from the peaks and troughs that affect the English home owners.

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The biggest annual increase was 26% in the north. The smallest increase was 3% in the south east.

There was an annual increase of 19% in Aberdeen. The central, Fife, Perth and Tayside areas showed a rise of 13%, while Edinburgh-prices went up by 12%.

Rises were lower in Glasgow, the south west and south east at 4% and 3% respectively.

Dundee was the only area to report a fall this quarter of 5.2%, but the bank said an annual rise of 18% demonstrated the "underlying strength" of the market.

Professor Donald MacRae, Chief Economist at Lloyds TSB Scotland, said: "Following last quarter's pause for breath after seven years of house price increases, the average Scottish house price is again on the rise.

"However, the rate of increase has slowed substantially to a much more sustainable rate."

(GK/JM)

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