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Scotland recorded the biggest house price rises in 2007 with a 13.1% increase; the only double digit increase in the UK...
House prices in Scotland rose more quickly than the UK average for the fifth successive year. A key factor driving the increase in house prices in Scotland has been its relative affordability. Scottish house prices continue to be the most affordable in the UK. At £144,897, the average price of a house in Scotland is 26% less than the UK average of £197,071.
Scotland and the North were the only regions to record higher house price increases in 2007 than in 2006. All other regions experienced a slowdown reflecting the overall softening in housing market conditions in 2007 as a result of higher interest rates and falling real earnings, which have put pressure on households' income.
Martin Ellis, chief economist at the Bank of Scotland, commented: “House prices for the UK as a whole are predicted to be flat during 2008, but there are likely to be regional variations. Small price rises are expected in the south and Scotland whilst modest falls are predicted in northern England and the midlands.
“These falls should, however, be viewed in the context of the substantial house price rises over the past few years. For example, prices in the North have risen by 187% over the past ten years and by 171% in West Midlands."
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