House prices in Scotland stay static

Average house price remains static at £138,352

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According to recent figures released by the Nationwide, average house prices in Scotland are static for the first three months of this year.

The building society said the average cost of a home was £138,352, which was unchanged from the previous quarter but up 5.6% from the same period last year. The only area that seems to have escaped the static house prices in Scotland is Perthshire and Stirling.

House Prices in Scotland below UK average

Within the UK, house prices rose by nearly 9% and an average 1.6% in the first quarter. Martin Gahbauer, the Nationwide's chief economist, said: "Although Scotland appeared to be underperforming the UK average, Scottish house prices did not fall so far as they did in the rest of the UK during the deepest stages of the downturn, so there's been less of a bounce back as well."

He added: "I think in general the Scottish market did not become as over valued as the rest of the UK and there is a broader picture of stability in Scotland."

As expected, London remains the strongest performing region in the UK with prices up 2.5% in the final quarter and 15.7% over the year with average house prices costing £280,791.

House Prices in Glasgow, Edinburgh and Aberdeen

In Scotland, Nationwide said the market in Glasgow was weak, Edinburgh in line with the broader Scottish average and Aberdeen and the surrounding area was strong.

Martin Gahbauer said: “In Aberdeen you can see a pretty close correlation between the property market performance and the oil price”.