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.