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Scotland Sees Biggest House Price Rise in 2006

Not only did 2006 see one of the largest rises in house prices in Scotland but also saw prices rise by more than the rest of the UK.

According to new figures released, typical home in Scotland increased in value by 12.5%. However, the Halifax House Price index showed that during the final quarter of last year house price inflation fell behind the rest of the UK.

The final three months of 2006 saw the average Scottish house price rise by 3% compared with a rise of 4.2% across the rest of Britain. Better news for those seeking mortgages is that the Halifax House Price Index predicts the market will slow down a little in 2007.

A survey by HBOS revealed that in the whole of last year the cost of housing in Scotland rose by 12.5%, while the rest of the UK saw a rise of 9.9%.

The average cost of a home in Scotland stood at £126,639, whilst it was £186,954 in the rest of the UK. This represents good value for hose buyers in Scotland brining mortgages into reach of more house buyers north of the border.

HBOS chief economist, Martin Ellis, said: “ Over the course of the year we would expect Scotland to continue to out-perform most of the rest of the UK.”

However, issuing a note of caution, Mr Ellis added: “ The market in Scotland is cooling and we are seeing a slowing in house price inflation. We had a good number of years where Scotland has seen double-digit growth and it has been one of the strongest performers in the past three years.

“ But inevitably affordability issues and predicated interest rate rises will make it more difficult to get people into the (property) market. That limits demand and therefore house price inflation is expected to ease on the back of that.”

Alisdair Milton
9th January 2007


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