Ellon tops house prices rise list

Oct 14 2012

Ellon in Aberdeenshire has seen the biggest 10-year increase in house price per square metre in the UK, according to research.

Properties jumped 169% from an average of £752 per square metre in 2002 to £2,022 this year, the Bank of Scotland said.

The average cost of a house in Scotland rose 69% compared to the UK figure of 43%.

Aberdeenshire is home to the top four Scottish price-rise towns, the research found. After Ellon came Fraserburgh, where properties rose 154% per square metre, followed by Peterhead (142%) and Inverurie (123%).

The smallest increases were recorded in the Lanarkshire towns of Hamilton (35%) and Airdrie (40%), followed by Musselburgh (42%), Motherwell (42%) and Gourock (44%).

Only Ellon, Inverurie and Fraserburgh have seen an increase in price in the last five years.

Edinburgh takes top spot as Scotland's most expensive town in the bank's analysis. Property in the capital has an average value of £2,125 per square metre - 59% above the national average of £1,339.

Ellon is the next most expensive with a price of £2,022 per square metre, followed by Aberdeen (£1,921), Stonehaven (£1,778) and Inverurie (£1,710).

Nitesh Patel, housing economist at Bank of Scotland, said: "House price per square metre is a useful measure for house price comparison because it helps to adjust for differences in the size and type of properties between locations.

"Several towns in Aberdeenshire have seen significantly higher growth in average price per square metre than the UK average over the past decade. This, in the main, has been driven by the booming oil industry, which is a key part of the local economy."