House prices in Scotland increased by 83% over the past decade, according to research by Bank of Scotland.
Using its own data, Bank of Scotland has calculated that the national average price rose by over £50,000 (83%) from £61,039 in late 2000 to £111,780 at the end of 2010. UK house prices rose by 91% over the same period.
Scotland saw the ninth largest increase in property prices (83%) out of the 12 UK regions over the past decade. Greater London (63%) and the South East (75%) recorded the smallest price gains. In contrast, house prices rose by most in the North of England (130%) followed by Yorkshire and the Humber (125%) and Wales (108%).
Across the UK, property prices in the north have outperformed those in the south over the past decade, rising by an average of 102% compared with 75% in the south. As a result, the average house price in the regions across the south (£206,091) is now 56% higher than in the north (£132,163). 10 years ago prices in the south were, on average 80% higher than in the north. However, there are signs that this regional pattern is reversing with the north south divide beginning to widen again. Between 2005 and 2010, the South East experienced the biggest price increases on the UK mainland (4%) while the North of England recorded the largest fall (-10%).
Penicuik in Midlothian has recorded the biggest increase in house prices among Scottish towns since 2000. The average house price in Penicuik increased by 179% from £61,824 in late 2000 to £172,476 at the end of 2010. Irvine (172%) and Peterhead (171%) were the next best performers.
Suren Thiru, housing economist at Bank of Scotland, said: “The past 10 years have been characterised by a narrowing in the UK north-south house price divide. However
