 Findings show that Bellshill is still a property hotspot |
House prices in Scotland rose faster than anywhere else in the UK at the start of the year, according to the latest Bank of Scotland index. Research shows house prices increased by more than 6% between January and March. Over the past year, prices have gone up by almost 23%.
The surge in the market early this year has pushed the average Scottish house price past �100,000 for the first time.
Scotland is the last part of the UK to reach the six-figure landmark.
Even with a recent slowdown, house prices in London are still almost two-and-a-half times higher than in Scotland.
The housing market has been strongest in commuter towns close to Glasgow in the past year.
The biggest jump in house costs was in Bellshill where prices rose by 46%.
Irvine (45%), Coatbridge (42%) and Motherwell (38%) also performed well over the year.
Lochgelly in Fife remains the most affordable town in Scotland despite a 16% increase in the first quarter of 2005.
The average house price there is just �66,052.
On a local authority basis, Angus saw the fastest rise in prices in Scotland over the past year with a 33% increase, followed by Highlands at 32%.
Demand easing
The highest average price was in East Renfrewshire at �188,649, while Dundee City had the lowest average at �89,690.
Dundee saw house prices climb by 18% over the quarter.
Group Economist for the Bank of Scotland Tim Crawford commented: "The average price of a house in Scotland has pushed through �100,000 and now stands at �105,397, up 22.9% up on the year.
"Scotland has been one of the best house price performers in the UK and the pace of Scottish house price growth is stronger than a year ago.
"However, over the rest of 2005 we do anticipate a slowdown in the pace of house price growth as affordability constraints see demand ease."