Scottish house prices continue to rise

22-Nov-2006

Despite expectations that the Scottish property boom is over, first time buyers are still facing rising prices, experts suggest.

According to data released by Lloyds TSB Scotland, first time buyers are continuing to face difficulties, with annual localised increases that range between eight and 15 per cent.

Nationwide, property prices have increased by 11.6 per cent over the last 12 months, with the average property now costing £145,593.

"The rate of increase of house prices in Scotland has been faster than in the rest of the UK," said Donald MacRae, chief economist at Lloyds TSB Scotland.

"The Scottish housing price boom is lasting longer than expected but the recent increase in the cost of borrowing, with perhaps more to come in spring 2007, will ensure the Scottish house price boom gently subsides rather than busts," he added.

Although Aberdeen recorded the highest property price increase at 15 per cent, house prices are at their highest level in Edinburgh, with the average property now costing £187,546.

Lloyds TSB Scotland is the Scottish arm of Lloyds TSB, with 187 branches across the region.

Click here to see what properties are on the market in your area – whether you buy alone or with others.

For advice on first time buyer mortgages or to find out how much you can borrow and how much it would cost you, contact a good mortgage broker.

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