Average house prices across Scotland jump from £63,559 in 1998 to £174,712 in 2018, an increase of 175%
Inverness sees the biggest house price increase of 259% (£137,420)
The average cost of a dram has also more than doubled over the last 20 years
The average house price since Scotland last took part in the World Cup has risen by 175%, with prices rising by over £100,000 (£111,153) since 1998, according to new research from Bank of Scotland.
Due to its beautiful scenery, high quality of life and well connected airport, Inverness has seen the biggest increase in average house prices. A house in Inverness back in 1998 would have cost £53,118 on average now prices have reached £190,537, an increase of 259%. (Table 1)
When Craig Brown last took Scotland to the World Cup, Edinburgh was only the eighth most expensive place to buy a home in Scotland with an an average price tag of £77,257. Unsurprisingly this has changed, with Edinburgh now the second most expensive location to buy a home at an average cost of £246,063. This increase of £168,806 is the biggest jump in house prices in the research.
Westhill, in Aberdeenshire, remains the most expensive town to buy a home. In 1998, Westhill came with an average price tag of £91,746 and today it would cost £250,787, an increase of £159,041. This increase could be due to a gradual expansion of the area due to the oil and gas industry.
Bellshill is now the least expensive town to buy a home in Scotland
Although prices have doubled in the town of Bellshill over the last 20 years, Bellshill is now the cheapest place to buy a home. On average, a home in Bellshill would cost £100,517. This is still 104% more expensive than in 1998, where a house would cost £49,225 on average. (Table 2)
Fife sees some of the biggest increases
Back when Scotland were facing Brazil in their World Cup opener, four towns in Fife were in the top ten least expensive locations to buy a home (Lochgelly, Leven, Cowdenbeath and Kirkcaldy). Now there are no Fife towns in the top 10 least expensive locations, with prices in Fife towns included in the research rising by an average of £98,394 (181%).
Lochgelly, which used to be the least expensive town in Scotland has seen prices treble since 1998. The average house price in 1998 was just £40,687, this has now increased by £82,352 to £123,039.
Graham Blair, mortgage director at Bank of Scotland said: “The increase in house prices in the capital shouldn’t come as any shock but our research also shows a real boom in commuter areas such as Fife, with prices sky-rocketing over the last 20 years.
“Elsewhere, towns like Westhill near Aberdeen have seen the benefits of the oil and gas industry, with Westhill 2.7x more expensive than in 1998.”
The UK average house price increase since 1998 is £176,665
It’s not just Scotland that has seen a huge rise in house prices over the last 20 years. In fact, the increase seen in Scotland is considerably lower than the rest of the UK. The average house price in the UK was £76,541 which has increased by 231% to £253,206 today.
The rise has been even greater in England, with the average house price rising 252% from £77,965 in 1998, to £274,546 today.
It’s not just house prices that have soared
The average cost of a dram has also more than doubled over the last 20 years. When Scots were commiserating Tom Boyd scoring an own goal in a close game versus Brazil, a nip of Whisky cost £1.34 on average. Today, an average shot of Whisky costs £2.86.
For those drinking lager after Craig Burley was sent off during the last game versus Morocco, the average pint cost £1.89. Those watching the World Cup this year will pay nearly double, with the average pint of lager costing £3.63. (Table 3)