Peter Conradi, with additional reporting from Lucy Denyer, Jon Neale, Graham Norwood and Tim Dawson
We've made some changes
to The Sunday Times
It used to be reckoned that the housing market in Scotland followed that of England by about a year. If only things were so easy now. Overall, prices north of the border are on an upward path, but there are marked differences across the country.
Aberdeen, rich again on the back of the booming oil industry, has seen year-on-year price rises of more than 20% for the past couple of years, and shows no sign of slowing down. Edinburgh has also been strong, with large family homes in extremely short supply.
The market in western Scotland, home to more than 3m people, is more mixed. The Glasgow Solicitors Property Centre says average prices rose by a little more than 10% in the past year – three times more than the year before – but the situation varies widely from place to place.
In East Dunbartonshire, for example, prices rose by 23%; in Glasgow, by just 8.8%. Elsewhere in the country, many rural properties have seen price rises of just 5%.
Average property price: £138,655 (Bank of Scotland)
Annual increase: 22.4% (Knight Frank)
Prediction: “Average prices in Scotland are some three-quarters of the UK level, and continue to be propelled by a favourable economic background and demand exceeding supply,” says Donald MacRae, Lloyds TSB’s chief economist. But recent interest-rate rises will slow things down
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