Scottish property market ‘gives economy a boost’

The Scottish economy is being buoyed by the housing market, it has been claimed. According to a forecast released today (May 12th) by the Bank of Scotland, the economy will see an upturn in growth next year, the Scotsman reports. Factors contributing to Scotland’s economic growth include consumer confidence, good car sales and a healthy housing market, the news source states. Martin Ellis, chief economist at the Bank of Scotland, explained that the historically low interest rates “continue to fuel strong demand for new housing”. This was indicated recently in the Bank of Scotland House Price Index, which showed that the average Scottish property price had increased by 20 per cent to £82,000 during the past six months, while Edinburgh was found to be the most expensive place to buy a house in Scotland. Furthermore, Edinburgh was found to have sold the most million pound properties in the northern regions of the UK in a recent Halifax study.