South east property prices soar

A gradual slowdown in the market has been reported

The south east of Scotland has seen the country's largest rise in house prices, according to the latest figures.

The statistics from the Registers of Scotland showed that the average house in the area was selling for £117,655 - an increase of 29% on last year.

The average house price in Scotland had risen by 19.3% to £108,238 during the three months to the end of June.

Edinburgh was the most expensive place to buy, with the average price rising to £144,685.

The figure represented an increase of 3.5% on the previous quarter and 18% on 2003.

AVERAGE HOUSE PRICE Edinburgh - £144,685 South east Scotland - £117,655 Glasgow - £104,292 Grampian - £99,042 Central Scotland - £98,261 Highlands and Islands - £94,038 South west Scotland - £91,219

Glasgow remains the largest market in Scotland, with sales of a little under £1.1bn during the quarter.

That figure was an increase of £230m (27%) on the previous year.

The average house price in the city rose by 20% to £104,292.

The total value of sales across Scotland for the quarter is £3.45bn, a rise of £350m from the previous quarter.

The total residential property market in this financial year could be about £14bn.