New research from Bank of Scotland has revealed that the average house price since Scotland last took part in the World Cup has risen by 175%, with prices rising by over £100,000 (£111,153) since 1998.
Inverness has apparently seen the biggest increase in average house prices. Back in 1998 a house would have cost £53,118 on average, but now prices have reached £190,537, an increase of 259%.
In 1998 Edinburgh was only the eighth most expensive place to buy a home in Scotland, with an average price tag of £77,257. Unsurprisingly this has changed, with Edinburgh now the second most expensive location to buy a home at an average cost of £246,063. This increase of £168,806 is the biggest jump in house prices in the research.
Westhill in Aberdeenshire remains the most expensive town to buy a home. In 1998, Westhill came with an average price tag of £91,746 and today it would cost £250,787, an increase of £159,041. Bank of Scotland suggests that this increase could be due to a gradual expansion of the area due to the oil and gas industry.
Although prices have doubled in the town of Bellshill over the last 20 years, it is now the cheapest place to buy a home. On average, a home in Bellshill would cost £100,517. This is still 104% more expensive than in 1998, where a house would cost £49,225 on average.
Four towns in Fife were in the top ten least expensive locations to buy a home (Lochgelly, Leven, Cowdenbeath and Kirkcaldy) in 1998. Now there are no Fife towns in the top ten least expensive locations, with prices in Fife towns included in the research rising by an average of £98,394 (181%).
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