Scottish housing market still going strong
Dec 01, 2006
House price rises are still seeing steady increases in Scotland, according to new research from Lloyds TSB.
The company's latest house price monitor found that the average Scottish house value went up by 2.6 per cent in the three months to October. This increase brought the average property price up to £145,593, with an annual rate of inflation of 11.6 per cent.
October was the 69th month in which house prices have gone up, according to Lloyds TSB's study.
Aberdeen saw the most marked increase at 15 per cent, while Edinburgh and Glasgow reported falls. Professor Donald Mac Rae, chief economist at Lloyds TSB Scotland, said that rate of increase of house prices in Scotland had been faster than in the rest of the UK. Relatively low interest rates and a favourable economic background continued to propel the housing market in Scotland upwards, he said.
He added that the Scottish house price boom was lasting longer than expected but the recent increase in the cost of borrowing, with perhaps more to come in spring 2007, would ensure the Scottish house price boom gently subsides rather than busts.
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