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Lloyds: Scottish house prices up

23 February 2006
Scottish house prices continued to rise in the quarter to the end of January 2006, new figures reveal.

Property prices across the country increased by 2.4 per cent over the three-month period, marking the 20th consecutive quarter of growth, according to Lloyds TSB.

The latest house price monitor for Scotland reveals that the average price of a home now stands at £132,433, with prices still varying greatly across the country.

Property prices in Aberdeen and Dundee fell slightly over the quarter, though both still retained the highest annual price increases in Scotland, at 24 per cent and 34 per cent respectively.

House prices in the north of Scotland, excluding Aberdeen, were up by 2.7 per cent over the quarter and 16 per cent over the year, taking the average price of a home in the region to £125,847.

Glasgow witnessed a 9.3 per cent increase in house prices over the three months to January 31st, while those in Edinburgh remained relatively stable, rising by just one per cent.

Lloyds TSB chief economist, Professor Donald McRae, said: "The Scottish housing market continues to display price increases greater than the rest of the UK.

"This is partly the result of price catch up and partly due to higher affordability in Scotland. The economic slowdown affecting the UK has not been experienced to the same degree in Scotland."

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