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Scots house price rate beating UK Scots house price rise 'above UK'
(about 4 hours later)
House prices in Scotland are rising at nearly twice the UK national rate, according to new research.House prices in Scotland are rising at nearly twice the UK national rate, according to new research.
The Bank of Scotland's quarterly house price index found that prices were rising by an average of 14% a year.The Bank of Scotland's quarterly house price index found that prices were rising by an average of 14% a year.
The survey also suggested that the average house price north of the border was almost £123,000.The survey also suggested that the average house price north of the border was almost £123,000.
However, it also found that the typical home in Scotland cost less than half the price of an average home in Greater London.However, it also found that the typical home in Scotland cost less than half the price of an average home in Greater London.
The bank's index confirmed that Edinburgh continued to have the highest prices in Scotland.The bank's index confirmed that Edinburgh continued to have the highest prices in Scotland.
It also suggested that some of the biggest rises were to be found in Oban and Kilmarnock.It also suggested that some of the biggest rises were to be found in Oban and Kilmarnock.
The only town in Scotland where the average price of a home was less than £100,000 was Lochgelly in Fife.The only town in Scotland where the average price of a home was less than £100,000 was Lochgelly in Fife.
Average house prices Aberdeen £159,679Dundee £133,805Edinburgh £193,815Glasgow £143,390Inverness £152,244Stirling £150,347
In July, the Bank of Scotland's last quarterly index suggested that Scotland had the most affordable housing in the UK.In July, the Bank of Scotland's last quarterly index suggested that Scotland had the most affordable housing in the UK.
It found that despite a 17.3% increase in house prices over the past year, the cost of properties in Scotland was less than the British average.It found that despite a 17.3% increase in house prices over the past year, the cost of properties in Scotland was less than the British average.
Tim Crawford, the bank's chief economist, said: "Scotland continues to deliver house price growth above the UK average.
"Only Northern Ireland has seen average prices climb faster over the last 12 months."
Mr Crawford said that while Scotland remained the most affordable place in the UK, the price gap with England had narrowed continually since September 2003.