Scottish house price growth quickest for four years

Scottish house price growth quickest for four years

Monday, June 10, 2002

The latest Lloyds TSB Scotland Quarterly Price Index has revealed a 2.2 percent rise in the average selling price of Scottish property - the largest since 1996 and the fifth consecutive quarter in which prices have risen.

The index now quotes the average price of a property in Scotland as being £70,609 - some way short of the UK national average - with an annual growth rate currently pegged at 7.1 percent.

Although this too is below the UK as a whole, it is a considerably sharper rate of growth than Scotland has averaged over the last 6 years, during which time prices have put on 37 percent. Professor Donald MacRae, chief economist at Lloyds TSB Scotland, said: "Although there has been a significant price increase thus far in 2002, this rate of increase is unlikely to be maintained throught the remainder of the year. Interest rates are likely to rise in the summer, which will start to push up the cost of borrowing.

"However, economic growth is set to increase with strengthening demand for Scottish goods and services from the rest of the UK, the EU and the USA. This, together with high consumer confidence and what will still be a relatively low cost of borrowing, will sustain a strong housing market for the rest of 2002."

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