Page last updated at 09:40 GMT, Tuesday, 30 March 2010 10:40 UK

House prices 'static' in Scotland

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The growth in Scotland's house prices remains below the UK average

Average house prices in Scotland remained static in the first three months of this year, according to the Nationwide.

The building society said the average cost of a home was £138,352, which was unchanged from the previous quarter but up 5.6% from the same period last year.

Perthshire and Stirling saw the strongest annual price rises.

The cost of a home in the UK as a whole rose by nearly 9% over the year and 1.6% in the first quarter.

The Nationwide's chief economist, Martin Gahbauer said: "Although Scotland appeared to be underperforming the UK average, Scottish house prices did not fall so far as they did in the rest of the UK during the deepest stages of the downturn, so there's been less of a bounce back as well."

He added: "I think in general the Scottish market did not become as over valued as the rest of the UK and there is a broader picture of stability in Scotland."

London remained the strongest performing region in the UK with prices up 2.5% in the final quarter and 15.7% over the year.

The average cost of a house in the London area is £280,791.

Prices across the UK rose by 0.7% in the month, taking the cost of the average UK home to £164,519.

In Scotland, Nationwide said the market in Glasgow was weak, Edinburgh in line with the broader Scottish average and Aberdeenshire was stronger.

Martin Gahbauer said: " In Aberdeen you can see a pretty close correlation between the property market performance and the oil price.

"So it was was quite weak when the oil price crashed in early 2009 and has rebounded since. "



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