House prices rise in Scottish coastal towns

http://www.bbc.co.uk/news/uk-scotland-scotland-business-32870270

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House prices in three Scottish seaside towns have doubled in 10 years, according to the Bank of Scotland.

The bank's researchers found that a number of coastal towns had seen "substantial" increases since 2005.

Of 59 coastal towns surveyed, 15 recorded price increases of at least 50% in that time.

Fraserburgh in Aberdeenshire experienced the biggest rise with a 109% jump from an average price of £63,540 in 2005 to £132,920 last year.

Lerwick in Shetland, and Peterhead, also in Aberdeenshire, recorded increases of 102%.

Unique lifestyle

Average prices in Lerwick rose from £77,500 to more than £156,000, while Peterhead jumped from £69,000 to £139,000.

Partly due to the substantial rises in the top performing towns, the average house price in Scotland's seaside communities rose by 38% between 2005 and 2014 - exceeding the 31% increase for Britain as a whole.

Nine of the 10 most expensive seaside towns are on the east coast and the 10 least expensive seaside towns are in western Scotland.

Nitesh Patel, housing economist at the Bank of Scotland, said: "Seaside towns are highly popular places to live in Scotland as they offer a unique lifestyle with a typically high quality of life and a healthy environment.

"A number of seaside towns have recorded substantial house price increases over the past decade, predominately on the east coast. The boom in the Scottish oil sector during the period also provided a boost to house prices, particularly in several towns along the Aberdeenshire coastline."