City’s house prices up by 11% in 2021

HOUSE prices have risen sharply in Dundee and Perth in the past 12 months, according to new research.

A study from Bank of Scotland showed prices in Dundee went up more than 11% in the past year.

The average home in the city now costs £191,407, an increase of more than £19,000 from 2020.

Properties in Perth have increased by 12% – or more than £23,000 – from £191,300 in 2020 to £214,310.

Across Scotland, house prices have risen 8.8% in the past 12 months, more than the UK average of 6.2%.

The average Scottish home now costs £207,778, an increase of £16,761 on 2020’s figure of £191,017.

Two Fife towns feature on the list of places with lowest growth in average house prices.

In Glenrothes, it averages £151,945, up from £147,250 a year ago – that’s an increase of just 3.2%.

Average prices in Dunfermline have risen 4.9% in 2021, from £179,267 to £188,053.

However, Fife can also boast the most expensive street in Tayside and Fife – The Scores in St Andrews has an average selling price of almost £1.3 million.

Bank of Scotland mortgages director Graham Blair said: “Scottish house prices have enjoyed another bumper year, with growth outperforming the UK average.

“Properties in almost every town are now worth more than 12 months ago. The feedback we’re getting from customers matches what we see in the data.”

Mr Blair said home working was beginning to have an influence on where people want to live.

Many towns within easy reach of cities experienced some of the biggest rises, including Paisley and Livingston.

“Prolonged working from home has influenced where people want to live and the type of property they want to own,” he added.

“While our major cities continue to be attractive, with commuting now less of a priority, areas that offer more space and better affordability have experienced increasing demand from buyers.”

In 2020, just two Scottish towns saw prices rise above the UK average, while this year there were 15.

Edinburgh remains the most expensive place to buy property in Scotland, though, with an average price of £293,406, up £19,160 (+7.0%) on last year.