City house prices up 38% since 2002

Jan 26 2013

Aberdeen and Inverness have seen the biggest house price rises in the UK over the past decade, a new report has found.

Four of Scotland's cities feature in the UK top five for the highest growth in prices between 2002 and 2012, according to the Bank of Scotland Cities Review.

Average house prices in Aberdeen have risen by 94%, from £92,759 in 2002 to £179,607 in 2012, thanks to the oil and gas sector.

Meanwhile, average prices in Inverness have gone up by 81%, from £86,669 to £156,832.

Dundee, which recorded a 73% rise in prices since 2002, and Perth, where prices rose by 70%, also feature in the top five.

Scotland has seen house prices in its cities rise by an average of 38% in the past decade, from £125,276 in 2002 to £173,322 in 2012, compared to an overall UK average rise of 29%.

Nitesh Patel, housing economist at Bank of Scotland, said: "Cities have typically recorded higher house price growth than the UK average over the past 10 years.

"The majority of cities have also outperformed their region."

Stirling and Glasgow experienced the lowest house price growth among cities in Scotland.

Average prices in Stirling rose by 35% while Glasgow increased by 45%.