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House prices rising fastest in Scotland

 © The Herald
Originally published: 05.10.2006

HOUSE prices in Scotland continue to rise faster than the overall UK market. The national figure for UK house-price inflation in September was 8% on the previous year, the lowest increase since April this year. But in Scotland the figure was 14.5%. The UK month-on-month increase was 1%.

The latest figures from the Halifax house price index show all regions in England and Wales with inflation at less than 10% but Scotland and Northern Ireland recording higher growth. Northern Ireland prices increased by 30%. Even London fell to 8.5% from 10.9%. The Halifax, one of the country's biggest lenders, predicts housing activity has reached a plateau with the Bank of England reporting the number of approved home loans stabilising at around 120,000 a month.

Experts believe house-price inflation will continue to ease as other burdens begin to stretch household budgets, although a strong economy and high employment levels will continue to support a healthy housing market.