Cost of a flat in Scotland up 20% since 2009
The average price of a flat in Scotland has risen by a fifth in the past seven years.
That’s £285 a month, from £115,111 in quarter four of 2009 to £139,075 in quarter four of 2016, according to Bank of Scotland.
The increase is significantly greater than the 17% rise for all property types in Scotland over the same period.
Half of home sales north of the border are either flats or terraced properties, with flats accounting for 28% and terraced houses 22%.
At an average price of £128,736, terraced homes are the most affordable property type in Scotland, followed by flats (£139,075) and semi-detached properties (£161,621).
These prices are well below the UK average for these property types, with flats in Scotland being £104,861 cheaper on average.
Graham Blair, mortgage director at Bank of Scotland, said: “Of all the property types in Scotland, flats have had the largest increase in price over the last seven years, rising by a fifth to an average £139,075. Although they remain the most popular choice with first time buyers, we have seen a gradual decrease in the amount of sales over the years.
“There has been an increasing trend for home movers to choose detached homes over the past seven years, no doubt made easier by an increase in new housing developments being constructed across Scotland. With the age of the average first time buyer in Scotland being 32, the slight increase in family friendly detached and semi-detached property purchases is to be expected.”
Across the UK as a whole, flats have been the best performing property type since 2009 in five out of the 11 regions: North (31%), North West (37%), Yorkshire and the Humber (30%), South West (33%) and Scotland (21%).