Property News

Thursday, January 25, 2007

Aberdeen house prices soar

According to the latest quarterly house price index from the Bank of Scotland, soaring house prices in Aberdeen are narrowing the gap between the average cost of buying a home in Scotland and south of the Border.

The cost of purchasing a home in Scotland rose by an average of 12.5% last year, compared with a UK-wide average of only 9.9%. Greater London prices are now 2.3 times higher than those north of the Border, compared with three times more expensive three years ago. The average price of a house in Scotland is £126,639 - 32% less than the UK average of £186,954.

Aberdeen, which is enjoying a renewed surge in house prices on the back of a booming oil industry, recorded the largest single increase in average prices - 27% - during 2006.
The average price of a Granite City property is now £171,767 - nearly £45,000 above the Scottish average and 139% more than the average £71,916 cost of buying a home in Aberdeen ten years ago.

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