Aberdeenshire towns lead property price growth over the past decade
14 October 2012
New research from Bank of Scotland shows that properties in the town of Ellon in Aberdeenshire have recorded the largest gain based on the average price per square metre (m²) over the past ten years. There has been an increase of 169% from £752 per m2 in 2002 to £2,022 per m² in 2012.
Ellon has also been the top performer in the UK as a whole, with a growth rate that is four times the national price per m2 increase (43%). In Scotland, the average price has risen by 69% - from £791 per m² to £1,339 per m² - since 2002.
All four towns experiencing the largest average price growth per m2 in Scotland over the past decade are in Aberdeenshire. The second biggest increase was in Fraserburgh (154%); followed by Peterhead (142%) and Inverurie (123%).
Smallest rises since 2002 are in …..
The Lanarkshire towns of Hamilton (35%) and Airdrie (40%) recorded the smallest rises in price per m2, followed by Musselburgh (42%), Motherwell (42%) and Gourock (44%).
Only Ellon, Inverurie and Fraserburgh have seen an increase in price since 2007 ….
The average price per m² in Scotland has fallen by 15% since 2007. Three towns, however, have bucked the trend and currently have a price that is higher than five years ago: Ellon (26%), Inverurie (9%) and Fraserburgh (4%).
Edinburgh takes top spot as Scotland's most expensive town….
Edinburgh is the most expensive town in Scotland on a price per m2 basis with an average value of £2,125 per m2; 59% above the national average of £1,339. Ellon is the next most expensive in Scotland with a price of £2,022 per m2; followed by Aberdeen (£1,921 per m2), Stonehaven (£1,778 per m2) and Inverurie (£1,710 per m2).
For a larger property head north….
Stonehaven has the largest average property size in Scotland, at 132 m², closely followed by Cuper in Fife with an average size of 131 m².
Renfrew has the smallest average property size in Scotland at 80 m2 – 40% smaller than in Stonehaven.
Nitesh Patel, housing economist at Bank of Scotland, commented:
"House price per square metre is a useful measure for house price comparison because it helps to adjust for differences in the size and type of properties between locations. Several towns in Aberdeenshire have seen significantly higher growth in average price per m2 than the UK average over the past decade. This, on the main, has been driven by the booming oil industry, which is a key part of the local economy."