Scottish house prices "up by 10%" in 2007

Posted: 22 Mar 2007 10:56:03 GMT

House prices in Scotland will rise ahead of UK averages during 2007, it has been suggested.

House prices in Scotland will rise ahead of UK averages during 2007, it has been suggested.

Knight Frank research indicated that prices will rise by nine or ten per cent over the course of the next nine months, in comparison to a UK average of around six per cent.

Prices in Northern Ireland will also witness increases of nine or ten per cent, though all such predictions could be affected by any future interest rate rises.

"We expect the housing market in Scotland to remain in robust health through the rest of 2007 outperforming the rest of the UK, which is expected to stand at six per cent by the end of this year - down from an estimated nine per cent at the end of 2006," said Knight Frank head of residential sales John Coleman.

"We still anticipate, particularly in the light of the decision to hold interest rates at 5.25 per cent last month, that the market will remain strong through the rest of the first half of 2007 with purchase activity standing at or above the ten year average," he added.

Other areas forecast to witness significant price growth include the south-east, London and East Anglia, the consultancy firm advises.

Previous reports on the state of the Scottish property market were similarly positive, with Nationwide last month also predicting growth rates of around nine per cent.


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