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Scottish house prices soar

23/10/2007

The average house price in Scotland rose by a higher-than-average 14.2 per cent year-on-year in the last three months, forcing those attempting to get onto the property ladder to re-evaluate their finances.

However, despite the rapid rise in prices - much higher than the UK average of 10.7 per cent - the average house price is still 29 per cent lower in Scotland than the national average, figures from the Bank of Scotland suggest.

Houses in Scotland are worth an average of £141,158, compared to the £198,898 for the rest of the UK. The rising prices of houses could force many people looking to move into debt as they attempt to manage their finances. In Inverurie, in Aberdeenshire, prices rose by 35 per cent in the 12 months to September.

Martin Ellis, chief group economist for Bank of Scotland, said: "The Aberdeen area has seen some impressive house price growth in recent years. In 2001 the average price of a home in the city was £84,845.

"This has risen by more than 137 per cent in the intervening period. There has also been a large amount of high quality, new build properties onto the market in Aberdeenshire in recent years."

Building society Nationwide has claimed that house prices nationally are likely to level off during 2008.

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