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House prices in Scotland rise 7.1%

by JAMES MORGAN© The Herald
Originally published: 04.12.2007

House prices are rising throughout Scotland despite gloomy forecasts for the property market.

The average price for a house in Scotland increased by 7.1% in July-September compared with the previous quarter, according to figures released yesterday by the Registers of Scotland, the official Scottish Government agency.

Its records show the average price of a Scottish home is now £159,981, compared with £149,316 in April-June 2007.

Lothians region tops the price league, with the average price at £205,849, up 8% from the last quarter and up 13.4% on the same quarter last year.

The highest year-on-year increase, 29.3%, is in Grampian, where the average house now sells for £184,083.

Glasgow is the largest market with sales topping £2.1bn for July-September 2007, an increase of nearly £271m, or 15.1%, over the same period last year. The average price of a house in Glasgow rose year on year from £130,482 to £141,865, an increase of 8.7%.

Property consultants CKD Galbraith said the figures showed that, despite the recent credit crunch, there is still confidence in investment in residential property.

Rod Christie, from the firm's Glasgow office, said: "Buyers have been much more considered over the past few months with property generally taking longer to sell.

"However, good properties in the right area are still attracting a premium."