The average house price since Scotland last took part in the World Cup has risen by 175%, with prices rising by over £100,000 (£111,153) since 1998, Bank of Scotland has found.
The average house price since Scotland last took part in the World Cup has risen by 175%, with prices rising by over £100,000 (£111,153) since 1998, Bank of Scotland has found.
Due to its beautiful scenery, high quality of life and well connected airport, Inverness has seen the biggest increase in average house prices. A house in Inverness back in 1998 would have cost £53,118 on average now prices have reached £190,537, an increase of 259%.
When Scottish manager Craig Brown last took his national team to the World Cup, Edinburgh was only the eighth most expensive place to buy a home in Scotland with an average price tag of £77,257.
Graham Blair, mortgage director at Bank of Scotland said:“The increase in house prices in the capital shouldn’t come as any shock but our research also shows a real boom in commuter areas such as Fife, with prices sky-rocketing over the last 20 years.
“Elsewhere, towns like Westhill near Aberdeen have seen the benefits of the oil and gas industry, with Westhill 2.7x more expensive than in 1998.”
Unsurprisingly this has changed, with Edinburgh now the second most expensive location to buy a home at an average cost of £246,063. This increase of £168,806 is the biggest jump in house prices in the research.
Westhill, in Aberdeenshire, remains the most expensive town to buy a home. In 1998, Westhill came with an average price tag of £91,746 and today it would cost £250,787, an increase of £159,041. This increase could be due to a gradual expansion of the area due to the oil and gas industry.
Although prices have doubled in the town of Bellshill over the last 20 years,itis now the cheapest place to buy a home. On average, a home in Bellshill costs£100,517. This is still 104% more expensive than in 1998, where a house would cost £49,225 on average.
Back when Scotland were facing Brazil in their World Cup opener, four towns in Fife were in the top 10 least expensive locations to buy a home (Lochgelly, Leven, Cowdenbeath and Kirkcaldy).
Now there are no Fife towns in the top 10 least expensive locations, with prices in Fife towns included in the research rising by an average of £98,394 (181%).
Lochgelly, which used to be the least expensive town in Scotland,has seen prices treble since 1998. The average house price in 1998 was just £40,687, this has now increased by £82,352 to £123,039.
The increase seen in Scotland is considerably lower than the rest of the UK. The average house price in the UK was £76,541 which has increased by 231% to £253,206 today.
The rise has been even greater in England, with the average house price rising 252% from £77,965 in 1998, to £274,546 today.
