Fastest rising house prices in Scotland

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by Kay Murchie

According to a survey by The Bank of Scotland, the fastest rising house prices are in the town of Inverurie in Aberdeenshire. Along with Aberdeen and Edinburgh, they are the only places in Scotland where the average cost of a home is over £200,000.

The bank’s figures showed that average property prices across Scotland overall increased by 14% in the last 12 months to slightly over £141,000, 3.5% above the UK average.

Houses in Inverurie have witnessed their property value rise by 35%. However, the town’s Councillor, Richard Cowling, said that the rising in property prices has brought hidden costs to the town. He added that many first-time buyers are facing affordability issues and many are being priced out of the market.

He continued that people will be pleased that they own expensive houses but it could create a lot of difficulties at the lower end of the scale and for those trying to get onto the property ladder. There is currently a flood of young families and it is having an impact on our education and our schools said the Councillor.

Furthermore, fears have also been raised that migrant workers who have increasingly found work in Inverurie will be priced out of the housing market. Other services in the town are also being put under pressure, including its only GP practice, which is now the biggest in Scotland.

Separate research from Nationwide has put Scottish price rises at 12% over the last year.