20 things

20 things you should know about…

26 May 2007

1 The Lloyds TSB Scottish House Price Index revealed that during the first quarter of 2007 the average domestic property in Scotland rose by 6.8 per cent.

2 The average mix-adjusted property price stood at £154,344 the report suggested.

3 On an annual basis, Scottish house prices have risen by 11.9 per cent, Lloyds TSB indicated in its monthly house price index.

4 Average prices have now risen steadily for 75 consecutive months, the report revealed.

5 According to Lloyds, the largest annual property price rise was recorded in Aberdeen at 25 per cent.

6 The North of Scotland – excluding Aberdeen – also reported a strong annual rise of plus 15 per cent, which suggested that the boom in Aberdeen city was reaching out into the surrounding area.

7 Edinburgh also recorded a robust annual property price rise of 12 per cent following a particularly

strong quarter.

8 With Dundee at 9 per cent and Glasgow at 7 per cent, these rises showed significant growth over the last 12 months, the report suggested.

9 Outside the main cities of Scotland, annual rises of between 11 and 15 per cent were reported.

10 Prices in the South West demonstrated more stability than elsewhere in the country, the April index suggested.

11 Lloyds TSB’s April House Price Index indicated that the South West – excluding Glasgow – was the most stable part of Scotland as regards to property prices.

12 The Lloyds TSB report indicated that Glasgow showed regular consistent rises with no fall in price in the last six years.

13 Quarterly findings by Lloyds TSB revealed that property prices in Glasgow rose by 5.2 per cent, the same amount of growth seen in the South West of the country.

14 Properties in the South East rose during the quarter by 12.5 per cent, while in the North properties increased by 2.3 per cent.

15 Commenting on the findings, Professor Donald MacRae, chief economist, Lloyds TSB Scotland, said: “The rate of increase of property prices in Scotland has shown a significant surge in the latest quarter. Average property prices are some three-quarters of the UK level and continue to be propelled by a combination of favourable economic background and demand for houses exceeding the supply.”

16Professor MacRae added: “Recent rises in interest rates will have a slowing effect on these property price increases. This latest surge is expected to be moderate and may be followed by a decrease in the next quarter. This latest increase in Scottish property prices may well be the last surge before the much forecasted slowdown.”

17 The Lloyds TSB Scotland House Price Monitor, established in 1992, is the only such index devoted exclusively to Scotland and the Scottish housing market.

18 The Lloyds TSB Scottish house price index is adjusted for changes in geographic area, property type and season.

19 Information obtained as part of the housing market and price study excludes local authority purchases and remortgages.

20 The annual property price change reported in the findings of the Lloyds TSB Scottish property price index is measured by the average findinds of the latest four quarters expressed as a percentage of the preceding four quarters.