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House prices boom in Scottish highlands

House prices in the North of Scotland have risen the fastest.

Lloyds TSB has issued a report that shows that Aberdeen is leading the market. Prices there have risen by 34% in the past 12 months.

A home in Aberdeen now costs on average £207,315.The average price for property in Scotland is £168,559.

Edinburgh, where the average cost of a home is £220,066 is the most expensive place to live in Scotland, although prices have fallen by 5.6% over the last three months.

The North of Scotland, not including Aberdeen, has seen prices rise by 22% since October 2006 and 9.6% over the last 3 months. Overall Scotland has seen an increase of 14.5% in the last year and 3.6% during the past 3 months.

Unfortunately the price increases have not been repeated in the South of Scotland, where there are signs of a slow down in prices.
Glasgow had the lowest price rise with an increase of only 6% in the past year and 0.9% in the past quarter.
Dundee saw a price rise of 17% in the past year and 2.7% in the past 3 months. There was an increase of 13% in South East Scotland during the past year with a 3.7% increase in the past quarter. Prices in the South West rose by 10% in the last year and 5% in the past 3 months. Central Fife, Perth and Tayside saw a 13% increase with a 7% quarterly increase.
These figures were published by the Lloyds TSB Scotland House Monitor.
Professor Donald MacRae, Chief Economist for Lloyds TSB said that there could be a gradual slowdown in the Scottish Housing Market but there is no evidence of a crash. He saidí The Scottish housing market continues to show robust annual increases in excess of inflation. However the slight decline in the quarter in Edinburgh may yet be repeated around Scotland when interest rate rises and increase in the cost of borrowing take full effect. There should be a gentle slowing of prices as opposed to an abrupt fallí.

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