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Thursday, 15 August, 2002, 05:38 GMT 06:38 UK
House prices still on the rise
For sale sign
Glasgow reported a price rise of more than 20%
House prices in Scotland are rising at their fastest rate for six years, according to new figures.

The statistics from Lloyds TSB Scotland show an increase of nearly 9% over the past year - putting the average price of a house at just under 74,000.

Earlier this year, the bank said the average house price had climbed above 70,000 for the first time.

Estate agents
House prices are continuing to increase
Lloyds TSB Scotland's latest report says that house prices are being driven up by low interest rates and strong demand.

Demographic changes, such as the increase in one parent families and the fact that people are living longer, will continue to put pressure on the property market.

Prices have risen fastest in Glasgow - which has seen an increase of almost 21% over the last year.

They have risen by 14% in Edinburgh and 12% in Aberdeen.

The number of first-time buyers has fallen since this time last year.

However, houses are said to be significantly more affordable than they were 12 years ago.

Average price

In February, the Lloyds TSB Scotland House Price Monitor reported that house prices in Scotland's main cities were all rising above the national average.

However, economists said then that the rate of increase was unlikely to be sustained during the rest of the year.

Its figures showed that the average price of a house in Scotland had risen by 6.4% over the previous year to 70,220.

The average price of a house in the previous quarter surveyed, between August and October last year, was 68,640.


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04 Jul 02 | Scotland
01 Jul 02 | Scotland
15 Feb 02 | Scotland
27 Dec 01 | Scotland
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