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Scottish property prices 'on the rise'

18th November 2011

House prices in the Scottish city of Inverness have risen significantly in recent years, new figures reveal.

According to a study by the Bank of Scotland, property prices in Inverness have risen more than any other city in the UK over the past ten years, reports Property Community.

The research reveals that the average price of a house in Inverness has increased from £68,141 in 2001 to £169,257 in 2011. This represents an increase of 148 per cent or £101,116 and could result in an increase demand for freehold insurance from property buyers.

Figures from the Bank of Scotland also reveal that the average price for a house in six cities across Scotland rose by 102 per cent or £80,170 over the last ten years, increasing by £78,913 in August 2001 to £159,083 during the same month in 2011. This represents an average rise of £154 per week.

Speaking to Property Wire, Richard Sexton, director of e.surv chartered surveyors, commented: "Historically more people move home over the summer and that pushes up prices.

"This year, that trend has lasted longer than normal, with the market making up for lost time after a turgid spring, and more buyers looking to take advantage of cheap mortgage rates introduced over the summer."

Edinburgh is currently the most expensive city in Scotland to live in and the 12th most expensive in the whole of the UK, with an average house price of £206,303. Meanwhile, Dundee is the least expensive Scottish city to live in, with average property prices costing £123,711.

Peter Williams, housing market specialist and chairman of Acadametrics, predicts that the housing market in Scotland will stand at minus 1.5 per cent at the end of the year.

Stephanie Sowerby, marketing director at FreshStart Living, recently urged property speculators looking for healthy investments to narrow their search down to major UK cities that have good universities, as these areas are bound to have big populations of students looking for accommodation.

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