Scotland's housing market is buoyant

The Registers of Scotland has published the first of its quarterly reports on average house and property prices.

Its statistics for the past three months show house sales worth �2.73bn were concluded north of the border - up from �2.32bn on the previous year.

Edinburgh recorded the highest average house price over the same period at �122,549.

In order to obtain a right to property in Scotland, it is a legal requirement that every sales transaction is registered in the Land Register.

The Register of Scotland, which compiles and maintains this information, predicts house property transactions for this year will break the �10bn mark.

Average House Prices Edinburgh - �122,549 South East Scotland - �91,174 Glasgow - �86,844 Grampian - �85,267 Central - �81,521 South West Scotland - �74,938 Highlands and Islands �74,770

The register examines house prices in seven areas across Scotland and for the country as a whole.

Alan Ramage, chief executive of Registers of Scotland, said the statistics should be a good indicator of economic performance.

He said: "For the first time in Scotland, comprehensive information of this type will be readily available at national and local levels.

"It will provide a general indicator of underlying economic activity and consumer confidence within specific locations."

The Royal Institute of Chartered Surveyors (RICS) welcomed the publication of house price statistics.

RICS director Peter Miller said: "My members are involved in the valuation of most residential property in Scotland when it changes hands and the more information they have on average prices the better."

In Glasgow, the average house price rose by 19% during April-June 2003 on the same period last year - the highest recorded rise in Scotland.

Edinburgh saw a 14% average price increase, as did Highlands and Islands and south east Scotland.