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House prices in Scottish cities

House prices in Scottish cities have, on average, doubled since 2001, according to Bank of Scotland research. Four of the ten UK cities that recorded the highest rises in house prices over the last ten years are in Scotland – Inverness (148%), Aberdeen (116%), Dundee (106%) and Edinburgh (93%).

The average house price across the six Scottish cities rose by 102% (£80,170) over the past decade, moving from £78,913 in August 2001 to £159,083 in August 2011– equivalent to a weekly increase of £154. House prices across Scotland as a whole increased by 89% over the same period. The average house price across all the tracked UK cities rose by 65% over the ten years to August 2011.

House prices in cities across Scotland are, on average, 12% (£15,157) higher than their county average, greater than the premium for city living across the UK (7%). Edinburgh has the largest premium in Scotland with houses trading at 41% above its county average.

House prices in city locations in Scotland also experienced smaller house price falls during the downturn in the housing market. City property prices fell, on average, by 8% between 2007 and 2009, lower than the overall fall of 12% across Scotland. Over the past year, city house prices have been broadly flat, compared to a 3.3% drop in the average Scottish house price.

Edinburgh is the most expensive city in Scotland and the twelfth most costly UK city with an average house price of £206,303. In contrast, Dundee is the least expensive Scottish city (£123,711).