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North house prices rise fastest North house prices rise fastest
(about 23 hours later)
The north of Scotland has seen house prices rise faster than anywhere else in the country in the past year, new figures have shown. The north of Scotland has seen house prices rise faster than anywhere else in the country in the past year, according to new figures.
The report by Lloyds TSB showed Aberdeen is leading the market, with prices rocketing by 34% in the past 12 months and 4% in the past quarter. The report by Lloyds TSB showed Aberdeen leading the market, with prices rising by 34% in the past 12 months and 4% in the past quarter.
A home in the Granite City now costs £207,315 on average, well above the Scottish average of £168,559.A home in the Granite City now costs £207,315 on average, well above the Scottish average of £168,559.
But property values in Edinburgh have fallen over the past three months. However, property values in Edinburgh have fallen over the past three months.
Experts said they feared the 5.6% dip in Edinburgh over the last quarter could be a sign of things to come across the rest of the country.Experts said they feared the 5.6% dip in Edinburgh over the last quarter could be a sign of things to come across the rest of the country.
Gradual slowdownGradual slowdown
Elsewhere in the north, excluding Aberdeen, prices have soared by 22% since October 2006 and 9.6% in the last quarter. Elsewhere in the north, excluding Aberdeen, prices have risen by 22% since October 2006 and 9.6% in the last quarter.
The gains put the north ahead of Scotland as a whole, which has seen average house prices rise by 14.5% in the last year and 3.6% in the last quarter.The gains put the north ahead of Scotland as a whole, which has seen average house prices rise by 14.5% in the last year and 3.6% in the last quarter.
But the increases have not been replicated in the south, where there are signs of a gradual slowdown, particularly in the major cities. However, the increases have not been replicated in the south, where there are signs of a gradual slowdown, particularly in the major cities.
In Glasgow, price increases were the lowest in the country, rising just 6% in the last year and 0.9% in the last quarter.In Glasgow, price increases were the lowest in the country, rising just 6% in the last year and 0.9% in the last quarter.
Edinburgh remained the most expensive place in Scotland to buy a home at £220,066 on average.Edinburgh remained the most expensive place in Scotland to buy a home at £220,066 on average.
We've seen indications of a slight drop in Edinburgh this quarter but that happens and the next quarter it could go up again due to the fluctuations of the market Lloyds TSB Spokesman We've seen indications of a slight drop in Edinburgh this quarter but that happens and the next quarter it could go up again due to the fluctuations of the market Lloyds TSB spokesman
But although prices rose by 18% over the past year, they fell by 5.6% in the last three months. Although prices rose by 18% over the past year, they fell by 5.6% in the last three months.
A spokesman for Lloyds TSB said price changes in the capital could indicate what might happen elsewhere in the market.A spokesman for Lloyds TSB said price changes in the capital could indicate what might happen elsewhere in the market.
He said: "We've seen indications of a slight drop in Edinburgh this quarter but that happens and the next quarter it could go up again due to the fluctuations of the market.He said: "We've seen indications of a slight drop in Edinburgh this quarter but that happens and the next quarter it could go up again due to the fluctuations of the market.
"We would not read that as an indication that things are about to slow down."We would not read that as an indication that things are about to slow down.
"But we would always expect Edinburgh and Glasgow to be the first to show any signs of falling because they were first in the market and in some respects the rest of the country is playing catch up.""But we would always expect Edinburgh and Glasgow to be the first to show any signs of falling because they were first in the market and in some respects the rest of the country is playing catch up."
In Dundee, prices rose by 17% in the last year and 2.7% in the last quarter.In Dundee, prices rose by 17% in the last year and 2.7% in the last quarter.
Other regions saw also steady growth, with prices in south west Scotland increasing by 10% in the last year and 5% in the last quarter. Other regions also saw steady growth, with prices in south west Scotland increasing by 10% in the last year and 5% in the last quarter.
South east Scotland saw an increase of 13% in the past year and 3.7% in the last quarter.South east Scotland saw an increase of 13% in the past year and 3.7% in the last quarter.
'Slight decline''Slight decline'
Central, Fife, Perth and Tayside also saw a 13% increase and a 0.7% quarterly rise.Central, Fife, Perth and Tayside also saw a 13% increase and a 0.7% quarterly rise.
Professor Donald MacRae, chief economist at Lloyds TSB Scotland, said a gradual slowdown may take place in the Scottish housing market.Professor Donald MacRae, chief economist at Lloyds TSB Scotland, said a gradual slowdown may take place in the Scottish housing market.
He said: "There is no evidence of any crash in Scottish house prices. Rather, the Scottish housing market continues to show robust annual increases in excess of inflation.He said: "There is no evidence of any crash in Scottish house prices. Rather, the Scottish housing market continues to show robust annual increases in excess of inflation.
"However, the slight decline in the quarter in Edinburgh prices may yet be replicated around Scotland when interest rate rises and increases in the cost of borrowing take full effect."However, the slight decline in the quarter in Edinburgh prices may yet be replicated around Scotland when interest rate rises and increases in the cost of borrowing take full effect.
"The increase in Scottish house prices needs to slow. However, this will happen as a gentle slowing in price as opposed to an abrupt fall.""The increase in Scottish house prices needs to slow. However, this will happen as a gentle slowing in price as opposed to an abrupt fall."
Prices for flats, semi-detached, terraced and detached properties have all risen by 14-16% in the past 12 months.Prices for flats, semi-detached, terraced and detached properties have all risen by 14-16% in the past 12 months.
The figures were published by the Lloyds TSB Scotland House Price Monitor.The figures were published by the Lloyds TSB Scotland House Price Monitor.