Edinburgh property values are still soaring

The average property in Scotland was measured at well over �100,000.

That represented an increase of 17% from the previous year, according to the government body responsible for maintaining Scotland's land register.

It calculated that more than �1bn worth of housing changes hands in Scotland each month.

The official calculation of the average house value in Scotland has now risen to �103,394.

This set of figures, calculated for the final three months of 2003, indicated that the housing market remained strong throughout last year.

There were still marked regional variations, with the highest prices in Edinburgh.

The average property there has now risen in value to �136,120.

In spite of rapidly rising prices, reflecting the situation throughout the UK, a majority of economists appear to believe the trend is likely to end with a house market crash.

Future growth

A survey of leading economists by the financial news service Reuters indicated only a 20% chance of prices crashing in the next three years.

The last time such a crash occurred in the UK was in the early 1990s, but prices held steady in Scotland.

Guy Weston at property agents Knight Frank said: "The benign interest rate environment and the strong employment market will mean that the possibility of any double-digit price drop is remote."

On average, the economists thought house prices would grow by 6% in the course of this year.

But a minority of economists have claimed that significant falls are possible.