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Scotland sees big house price rises

Tuesday, 4 October 2011 1:18 PM

Scottish cities and rural areas have seen some of the fastest house price rises in the UK, according to the Bank of Scotland.

The bank named Inverness as the top-performing city in the country with house prices up from £68,141 in 2001 to £169,257 in 2011, an increase of 148 per cent.

And Aberdeen (116 per cent), Dundee (106 per cent) and Edinburgh (93 per cent) also made the top 10 on the list. On average, prices in Scottish cities have risen by £154 a week over the decade.

Meanwhile a second Bank of Scotland survey showed that house prices in rural Scotland have doubled from £79,104 in 2001 to £158,923 in 2011. That was faster than in Wales or any of the English regions and almost twice as fast as the 54 per cent increase in rural Britain as a whole.

The biggest increases in Scotland were seen in Moray (162 per cent), Aberdeenshire (150 per cent) and Highlands (143 per cent).

However, the price rises have worsened affordability for buyers, with only East Ayrshire having prices that are less than four times average earnings. The Highlands was the least affordable district, with prices at 5.7 times average earnings.

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