Friday, February 24, 2024
Lloyds TSB Scotland House Price Monitor
The Scottish house price boom is continuing to subside, according to the latest Lloyds TSB Scotland House Price Monitor. In the three months to 31 January 2006, the quarterly price index for the average domestic property in Scotland rose by 2.4 per cent to give an average mix adjusted Scottish house price of £132,433. Average prices have now risen for 20 consecutive quarters. However, these figures conceal a wide variation across the country.
Aberdeen and Dundee both record slight quarterly falls, yet continue to show the greatest annual rise. The fall reflects significant rises in previous quarters rather than anything of more concern. The greatest quarterly rise is reported in Glasgow which also shows a strong rise in the full year.
Edinburgh house prices are the most stable of Scotland's four main cities having entered the house boom ahead of the rest of the country. Outwith the cities, all areas report a modest rise in the quarter and a robust rise over the last twelve months.
Turning to property types, semi-detached properties recorded the highest annual rise at 19.8 percent, followed by terraced houses at 17.8%, flats at 17.6 per cent and detached houses at 13.2 per cent.
Professor Donald MacRae, chief economist, Lloyds TSB Scotland, said: "The Scottish housing market continues to display price increases greater than the rest of the UK. This is partly the result of price catch up and partly due to higher affordability in Scotland.
"The economic slowdown affecting the UK has not been experienced to the same degree in Scotland. Consumer confidence remains relatively high, while claimant unemployment is low, with overall economic growth prospects at between 1.75 and 2.0 per cent for 2006."
Aberdeen and Dundee both record slight quarterly falls, yet continue to show the greatest annual rise. The fall reflects significant rises in previous quarters rather than anything of more concern. The greatest quarterly rise is reported in Glasgow which also shows a strong rise in the full year.
Edinburgh house prices are the most stable of Scotland's four main cities having entered the house boom ahead of the rest of the country. Outwith the cities, all areas report a modest rise in the quarter and a robust rise over the last twelve months.
Turning to property types, semi-detached properties recorded the highest annual rise at 19.8 percent, followed by terraced houses at 17.8%, flats at 17.6 per cent and detached houses at 13.2 per cent.
Professor Donald MacRae, chief economist, Lloyds TSB Scotland, said: "The Scottish housing market continues to display price increases greater than the rest of the UK. This is partly the result of price catch up and partly due to higher affordability in Scotland.
"The economic slowdown affecting the UK has not been experienced to the same degree in Scotland. Consumer confidence remains relatively high, while claimant unemployment is low, with overall economic growth prospects at between 1.75 and 2.0 per cent for 2006."
<< Latest news main page