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November 19, 2007    

Scottish house prices continue strong growth

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by Gill Montia

House prices are still rising steadily in Scotland, despite a predicted end to the property boom in the region.

According to new data from Lloyds TSB Scotland, the average house price rose 3.6% in the three months to October 2007.

The increase means that in the past 12 months, house prices in Scotland have risen by 14.5%, bringing the average price of a home to £168,559.

House prices in Edinburgh are the highest in the region, at an average £220,066, having increased 18% over the 12 months to October. However in the last quarter, prices in the city fell slightly.

Aberdeen has seen the largest growth in property prices, at 34% over 12 months. The average house price stands at £207,315.

Outside the city price increases also remain high, with the north of Scotland recording 22%.

Glasgow is showing signs of the expected market slowdown, with a quarterly rise in prices of 0.9%, giving an annual rise of 6% and an average house price of £164,997.

Outside the main cities, annual rises of between 10% and 22% are evident.

According to Professor Donald MacRae, chief economist of Lloyds TSB Scotland: “The Scottish housing market continues to show robust annual increases in excess of inflation. However, the slight decline in the quarter in Edinburgh prices may yet be replicated around Scotland when interest rate rises and increases in the cost of borrowing take full effect”.

Nationwide is predicting that the growth in the Scottish housing market will be the strongest in the UK in 2008, at 4%.

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