Highlands out-performs rest of Scotland

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by Kay Murchie

According to figures from the Bank of Scotland, property prices in the Highlands have rocketed in the last 10 years - outperforming all other areas in Scotland.

Last year, the average price of a house in the Highlands was £173,081 compared with £53,991 a decade ago - an increase of 221%.

The region is performing better than Edinburgh, where house prices have also trebled, increasing by 201% during the same period.

According to the Bank of Scotland’s annual county house-price survey of the UK, East Renfrewshire is Scotland’s most expensive place with an average house price of £229,950 compared with a figure of £80,037 10 years ago.

However, at the other end of the scale, house prices in North Lanarkshire increased just 149% the same period.

The Highlands area is performing so well because of the lifestyle and the high quality of living and the links to the outdoors, according to Sarah Woodcock, manager of Highland Solicitors Property Centre.

Ms Woodcock added in the Highlands, particularly around Inverness, we’ve seen an incredible rate of growth with businesses opening up and lots of people coming to Inverness.

Eight Scottish areas were among the 10 UK counties with the smallest increase in average house prices in the 10 years to December 2007.

A spokesman for the Bank of Scotland said property prices are expected to continue to grow in Scotland throughout this year but it is likely to moderate, which should give hope to first-time buyers.