Aberdeen and Inverness record UK’s highest house price growth over past decade
26 January 2013
Scotland's city house prices have fared best out of the UK, with Aberdeen (94%) and Inverness (81%) recording the biggest price rises between 2002 and 2012. Dundee (73%) and Perth (70%) also feature in the top five. The dominance of Scottish cities partly reflects the outperformance of house prices in Scotland relative to the rest of the UK over the past decade. Aberdeen has seen particularly sharp price increases due to the importance of the oil sector to the local economy.
House prices in cities have risen by more than the UK as a whole over the past decade.
Prices in cities increased by an average of 38% from £125,276 in 2002 to £173,322 in 2012. This exceeded the 29% rise for the UK as a whole.
Nitesh Patel, housing economist at Bank of Scotland, commented:
"Cities have typically recorded higher house price growth than the UK average over the past ten years. The majority of cities have also outperformed their region. The Scottish cities of Aberdeen (94%) and Inverness (81%) recorded the biggest price rises between 2002 and 2012. Two other Scottish cities – Dundee (73%) and Perth (70%) – also feature in the top five."