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Saturday, 16 November, 2002, 12:56 GMT
Scots house prices booming
Estate agent
It is the highest annual increase for seven years.
House prices in Scotland are booming with double-figure growth across the country, according to new figures.

Scotland has so far avoided the house-price inflation which has crippled first-time buyers in much of England.

But this latest research from Lloyds TSB Scotland indicates year-on-year growth of 10.5%, the highest annual increase for seven years.

The figure for the year to October in Edinburgh was a massive 24.6% rise.

Building site
The number of household is set to rise by 12%

Recent rises in England have raised fears that the market could be headed for a fall.

But Professor Donald MacRae, the chief economist at Lloyds TSB Scotland, believes Scotland has avoided an unsustainable boom.

He said: "Although the level of annual increase is high, Scottish house prices are still rising more slowly than in the south east of the UK.

"They are maintaining their relationship with earnings, indicating that the Scottish housing market overall continues to avoid an unsustainable boom."

According to the study the average house price in Scotland is now 78,593.

Of the three main cities, Edinburgh has the highest average price at 132,471, while Glasgow at 81,493 has just overtaken Aberdeen at 81,225.

The average price rises by area were:

  • Edinburgh 24.6%

  • Aberdeen 21.3%

  • Glasgow 19.6%

  • Central/Fife/Perth/Tayside (excluding Dundee) 10.5%

  • North (excluding Aberdeen) 10.2%

  • Dundee 9.9%

  • South East (excluding Edinburgh) 7.3%

  • South West (excluding Glasgow) 5.7%

As the average household size continues to fall, the total number of households in Scotland is projected to rise by 12% by 2014.

West Lothian (24%) and East Lothian (22%) are the areas likely to see the greatest rise in total households.


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09 Oct 02 | Scotland
04 Oct 02 | Scotland
15 Aug 02 | Scotland
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