View more on these topics

House price in Scotland rise by 1.1%

Lloyds TSB Scotland has released the results of it’s house price monitor which shows that prices across the country are still rising.

In the three months to July 31, 2006, the quarterly price index for the
average domestic property in Scotland rose by 1.1% to give an
average mix adjusted Scottish house price of 141,338.

Average prices have now risen for 66 consecutive months. The largest annual rises are recorded in Dundee and Aberdeen at 17%, prices in Aberdeen remain quite volatile in comparison with Glasgow and Edinburgh which both record quarterly and annual rises.

Outside the main cities, annual rises of between 11 and 15% are
reported, with the South East showing the highest quarterly growth of 5.9%.

Edinburgh shows the highest average house price at 186,648. In terms of property types, the average all-Scotland price for a detached house stands at 213,093; semi-detached at 142,552; terraced at 117,876 and flat at 112,238.

Professor Donald MacRae, chief economist at Lloyds TSB Scotland, says: The
main driver of the housing market in Scotland remains changes in the
population.

The total number of households in Scotland is projected to grow
by 11% up to the year 2024.

The number of households with one person is expected to exceed those with two or more adults during 2016.

The number of households with two or more adults with children is projected to show a continuous decline until 2024 in contrast to the increase in households with one person.

The Scottish economy is growing at or above trend level giving forecast
growth in 2006 of around 2.0%.

“The Scottish house price boom is subsiding, but gently.

Recommended

First-time buyers at risk when unemployment knocks

Nearly half of first-time buyers would be able to meet their mortgage repayments for only six months if they lost their regular income tomorrow, reveals research by Post Office Financial Services.With the average house deposit now at 11,710,2 many first-time buyers are left overstretched financially. A third then face the additional shock of household running […]

GE partners get improved deals

GE Money Home Lending is to offer its key partners improved products on its First National semi-exclusive range, including a 500 reduction on completion fees. As part of the deal, partners will benefit from lower initial rates plus improved reversionary rates and early repayment charges. The lender is also offering 500 off completion fees which […]

Network takeovers are bad for ARs

When I started to write this column I had no intention of criticising the appointed representative model two weeks in a row but I must remain topical and I notice that one network is in the process of negotiating the takeover of four smaller ones.

You can’t afford to ignore sub-prime

The sub-prime sector is now recognised as a legitimate and thriving part of the mortgage market. And social trends such as rising consumer credit and more divorces mean that the potential for this market is enormous.

Newsletter

News and expert analysis straight to your inbox

Sign up