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Scotland is new housing hotspot

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  • 21/10/2002
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Scottish house prices are set to boom according to the Bank of Scotland despite the latest Quarterly...

Scottish house prices are set to boom according to the Bank of Scotland despite the latest Quarterly House Price Index showing only a 7.3% annual rise in Scotland compared to 21% across the rest of the UK.

The average homebuyer in Scotland spends 13% of their gross ann-ual income on mortgage repayments compared to a peak of 27% in 1990, lower than anywhere in the UK.

Martin Ellis, group economist of BoS, said: ‘This favourable affordability should underpin housing demand in Scotland in the coming months. Scotland’s economic health is improving and interest rates are expected to support a further acceleration in house price inflation.’

However, across Scotland the situation is mixed. Inverness saw an annual increase of 39%, and Aberdeen average house prices broke the £100,000 barrier for the first time. Prices in Edinburgh, Glasgow and Aberdeen have increased by 15%-17%.


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