City house prices up 382% over past 25 years
10 March 2012
With 26 towns in the UK – including Perth and Dumfries - applying for city status as part of this year's Diamond Jubilee celebrations, Bank of Scotland has looked back at how house prices in cities have performed over the past 25 years.
Nitesh Patel, housing economist at Bank of Scotland, commented:
"Cities have typically seen higher house price growth than the UK average over the past 25 years. The majority of UK cities have also outperformed their region. City house prices are generally supported by demand from those looking to gain from the economic and lifestyle benefits often associated with residing in major urban areas.
"The performance of cities in Scotland has been similar with four of the six cities outperforming the Scottish average. Edinburgh and Inverness have seen very strong house price growth, both featuring in the top ten UK cities since 1986. Glasgow and Stirling, however, have seen average prices rise more slowly than for Scotland as a whole. There are, therefore, no guarantees that city status benefits its population's homeowners."