2005-01-16

Money & Stats: Scottish House Prices 2004

Scotland remains the only place in the UK where the average price of a home is under 100_000_GBP, according to a new survey. 'The Bank of Scotland' study found that a house "north of the border" now costs 99_056_GBP, compared with 161_940_GBP in the rest of Britain. The bank's economists believe the Scottish property market is starting to flag because of lack of affordability. House prices in Scotland have risen by 72 per cent over the past 10 years. The report found the annual rate of house price inflation in Scotland in the fourth quarter of 2004 was 17.4 per cent -- slightly above the UK average of 15.1 per cent . While property prices fell in Scotland by 0.8 per cent in the final quarter of 2004, the decrease followed growth of 4.1 per cent in the third quarter. 'Market is cooling' Mr.Tim Crawford, group economist for 'The Bank of Scotland', said:
'Scotland has certainly seen impressive house price growth over the last year, however there are signs that the market is cooling: 'The decrease in house prices during the fourth quarter was the weakest performance for more than five years. 'It is apparent that the 5 interest rate increases between 2003-11 and 2004-08 are beginning to take effect and together with affordability issues for first-time buyers in particular, is contributing to slower house price inflation'.
In the past 10 years house prices in Scotland have gone up from 57_437_GBP in 1994 to 99_056_GBP at the end of 2004. The bank's study found Scotland had closed the gap on the south -- London prices are now 2.44 times higher, compared with 2.98 at the end of 2002. Fastest rise House prices have risen by 54 per cent over the past three years, ranking Scotland at #9 out of the 12 UK areas. The Highlands saw the fastest rise in house prices in Scotland over the past year, with a 37 per cent increase, followed by the Borders at 30 per cent . Edinburgh remains the jewel in the crown of Scottish housing -- average prices at the end of 2004 were 177_028_GBP, forcing up prices in towns all over the Lothians. Glasgow recorded a strong rise of 19 per cent and the average cost there now stands at 127_281_GBP, prompting further concerns about 'affordability'.
Edinburgh177_028_GBP
Non-Scottishaverage161_940_GBP
Glasgow127_281_GBP
Perth 144_933_GBP
Inverness131_622_GBP
Aberdeen112_538_GBP
Dundee102_351_GBP
Scottish average_99_056_GBP
'Scotland's homes cheapest in UK', BBC NEWS, 2005/01/15 09:27:06 GMT Links: Bellshill tops house price table, BBC News, 2004-12-29 Home ownership on the increase, BBC News, 2004-22-19 South east property prices soar, BBC News, 2004-08-27 House prices continue to climb, BBC News, 2004-08-19 House market may be slowing down, BBC News, 2004-08-17

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