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House price inflation in Scotland hits 12.5%

The Bank of Scotland’ s house price index for Q4 2006 reveals that the annual rate of house price inflation in Scotland is now 12.5%.

This is above the UK average house price inflation of 9.9%.

The index also showed that prices in Scotland rose by 3.0% in Q4 2006 which is below the UK quarterly rise of 4.2%.

Over the past five years house prices in Scotland have almost doubled, rising by 97%.

The average price of a house in Scotland is currently 126,639 which is 32% less than the UK average of 186,954.

Motherwell recorded a 25% in house prices, the largest increases in Scotland over the past year.

Lochgelly, where the average property would set you back 96,925, is the only town surveyed in both Scotland and the UK to have an average house price below 100,000.

Edinburgh remained the most expensive place to buy a house in Scotland, with prices up 12% over the year to an average of 202,941.

Greater London prices are now 2.3 times higher than those in Scotland, compared with three times in Q4 2002.

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