Scottish property upsurge cools
Scottish property upsurge cools
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In his own words: It's all or nothing, but that's what we've been expecting all along. |  |
Tuesday, 16, May 2006 01:15
Scotland's property market is continuing to rise, but the latest figures from Lloyds TSB reveal that significant gains may be a thing of the past.
The quarterly Lloyds TSB Scotland House Price Monitor found that the average domestic property rose by four per cent compared to the previous three months, with the national average house price now at £133,968.
However, despite 21 consecutive quarterly price rises, the bank believes that Scotland's property boom is over.
Analysts pointed to house prices in Dundee, which recorded an annual rise of 30.3 per cent, but a quarterly increase of just 1.5 per cent.
While house prices in Glasgow and Edinburgh were among the most stable in the nation, with the average property value in the capital now at £182,452, other cities such as Aberdeen were considerably more unpredictable, with a previous quarterly dip followed by a rise of 9.4 per cent.
Outside the most heavily-populated cities, annual rises of between 12 and 18 per cent were recorded, leaving the average detached house in Scotland valued at £205,303, the average semi-detached £131,084, terraced £105,555 and the average flat priced at £107,789.
Professor Donald MacRae, chief economist at Lloyds TSB Scotland, revealed that economic gains across Scotland were being replicated in its housing market.
He said: "Affordability of house purchase in Scotland has improved since the last quarter, while consumer confidence has increased. Economic growth in Scotland equalled that of the UK at the end of last year, while business surveys pointed to improved prospects for 2006 of growth nearer to two per cent.
Moving to allay fears of an imminent property slump, Professor MacRae added: "The Scottish house price boom may have subsided, but robust price growth continues."
The UK housing market survey published today by the Royal Institution of Chartered Surveyors revealed a sixth consecutive rise in house prices across the UK, with London and Scotland singled out as the healthiest housing markets.
