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Last Updated: Tuesday, 12 April, 2005, 23:09 GMT 00:09 UK
House price rise leads rest of UK
Woodside Gardens sign
Findings show that Bellshill is still a property hotspot
House prices in Scotland rose faster than anywhere else in the UK at the start of the year, according to the latest Bank of Scotland index.

Research shows house prices increased by more than 6% between January and March. Over the past year, prices have gone up by almost 23%.

The surge in the market early this year has pushed the average Scottish house price past 100,000 for the first time.

Scotland is the last part of the UK to reach the six-figure landmark.

Even with a recent slowdown, house prices in London are still almost two-and-a-half times higher than in Scotland.

Over the rest of 2005 we do anticipate a slowdown in the pace of house price growth
Tim Crawford
Bank of Scotland

The housing market has been strongest in commuter towns close to Glasgow in the past year.

The biggest jump in house costs was in Bellshill where prices rose by 46%.

Irvine (45%), Coatbridge (42%) and Motherwell (38%) also performed well over the year.

Lochgelly in Fife remains the most affordable town in Scotland despite a 16% increase in the first quarter of 2005.

The average house price there is just 66,052.

On a local authority basis, Angus saw the fastest rise in prices in Scotland over the past year with a 33% increase, followed by Highlands at 32%.

Demand easing

The highest average price was in East Renfrewshire at 188,649, while Dundee City had the lowest average at 89,690.

Dundee saw house prices climb by 18% over the quarter.

Group Economist for the Bank of Scotland Tim Crawford commented: "The average price of a house in Scotland has pushed through 100,000 and now stands at 105,397, up 22.9% up on the year.

"Scotland has been one of the best house price performers in the UK and the pace of Scottish house price growth is stronger than a year ago.

"However, over the rest of 2005 we do anticipate a slowdown in the pace of house price growth as affordability constraints see demand ease."




SEE ALSO:
Bellshill tops house price table
29 Dec 04 |  Scotland
Average house price tops 100,000
19 Nov 04 |  Scotland
Home ownership on the increase
19 Nov 04 |  Scotland
South east property prices soar
27 Aug 04 |  Scotland
House prices continue to climb
19 Aug 04 |  Scotland
House market may be slowing down
17 Aug 04 |  Scotland


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