Page last updated at 08:13 GMT, Thursday, 15 May 2008 09:13 UK

Scottish house prices rise again

House for sale in Aberdeen
Prices in Aberdeen and the north led the rise

Scottish house prices have risen again, according to the latest information from Lloyds TSB Scotland.

The Scottish House Price Monitor showed that quarterly figures to the end of April rose by 2.3%, giving an average house price of 163,639.

Despite a fall in the previous quarter, Scottish house prices have risen by 11.6% in a year.

Aberdeen reported an annual increase of 19% while the north excluding Aberdeen showed an increase of 26%.

Professor Donald MacRae, chief economist at Lloyds TSB Scotland, said: "Following last quarter's pause for breath after seven years of house price increases, the average Scottish house price is again on the rise.

"However, the rate of increase has slowed substantially to a much more sustainable rate."

Annual increase
North - 26%
Aberdeen - 19%
Dundee - 18%
Central/Fife/Perth/Tayside - 13%
Edinburgh - 12%
South west - 8%
Glasgow - 4%
South east - 3%

Dundee was the only area to report a fall this quarter of 5.2%, but the bank said an annual rise of 18% demonstrated the "underlying strength" of the market.

The central, Fife, Perth and Tayside areas showed an annual rise of 13%, while Edinburgh-prices went up by 12%.

In Glasgow, the south west and south east annual rises were lower, ranging from 1.4% to 9.4%.

The monitor said the Scottish housing market had showed a more positive picture than elsewhere in the UK. with prices not falling but the rate of rise slowing.

The Edinburgh & Lothians Property Group (ELPG,) which brings together property solicitors, welcomed the figures.

Steve Spence, senior partner at ELPG member-firm Neilsons, said they underline the message that Scotland has a distinct property market that is largely immune from the peaks and troughs that affect English homeowners.

"While the market may take a breather when other factors come into play, we in Scotland are much better placed to emerge unscathed and even see prices continue to grow," he said.

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