Scotland avoids house price decline
04/07/2008
Property in Scotland has avoided the national drop in prices, according to Nationwide`s recent figures.
While average house prices across the UK have seen a drop of 4 per cent this year, the building society has recorded a growth of 0.6 per cent in Scotland.
Fionnuala Earley, Nationwide`s chief economist, explained: "On most measures of housing affordability Scotland compares quite favourably with other UK regions, and this is likely to be the main reason why the correction in prices has been less drastic than elsewhere."
Additionally, mortgages are more easily available and house prices did not climb as high recently as in previous housing booms, said the report.
The price of oil has also created "pockets of strength" in oil-producing regions such as Aberdeenshire and Moray, where a price increase of seven per cent was recorded this quarter, bringing the average house value to £165,600.
According to the report, Edinburgh City remains the most expensive place to live in Scotland, with the average property price standing at £252,051 – an increase of one per cent this quarter.
In the UK overall, prices in London continue to be the highest with an average price of £285,568.
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