House Prices Continue to Rise

The latest data from the Scottish House Price Monitor run by Lloyds TSB makes comforting reading for householders.   In the first quarter of 2006 house prices across Scotland increased by 4%, showing an average annual increase of 13.9%. The Scottish Market continued to show higher rises than in other parts of the UK – allowing Scottish prices to catch up a little on the generally higher English prices. Average prices in Scotland are now £107,789, for flats, £131084 for a semi detached and £205,303 for detached houses – although there are significant regional variations from these “all Scotland” figures. The rises appear to reflect the continuing confidence of Scottish buyers.  The survey suggests that in terms of the amount paid by buyers on mortgage payments relative to net income, Scots house buyers enjoy 24% better affordability than their counterparts throughout the UK. The local experience at Caesar and Howie seems to reflect the national trend.  “Buyers are quite prepared to offer good prices for well presented properties” commented senior sales controller Kirsty Jack.  “After all house prices now have risen steadily for a full five years and people believe that a good residential property in a decent location will be a good investment over time. Certainly in our offices selling and buying activity just seems to keep increasing.”