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Friday, 4 October, 2002, 09:23 GMT 10:23 UK
Home prices creep up
For Sale sign
House prices in Scotland rose slightly
House prices continue to rise in Scotland but at a far slower rate than the rest of the UK, according to figures released from the Halifax.

Property prices rose by 7.3% over the past year, the UK's biggest mortgage lender said.

The average price in Scotland rose slightly in the third quarter of this year to 68,648 from 66,629 between April and June.

Across the UK, prices prices are rising at an annual rate of 24.2%.

The Halifax said low interest rates and falling unemployment were continuing to fuel demand for housing, which is pushing prices up.

The Halifax's group economist Martin Ellis said the market was being driven by low interest rates, falling unemployment and a shortage of properties for sale.

Statistics for Scotland show:

  • Property prices in the third quarter of 2002 showed an annual increase of 7.3%

  • The average price of a property rose to 68,648 compared to 66,629 in the second quarter of 2002

  • The average price for a first time buyer is 55,387 and 82,785 for a former owner-occupier.

Prices in Scotland have risen by 140% from the beginning of 1983, when the average price was 27,800.


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04 Oct 02 | Business
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