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‘Booming’ city sees house prices double in 10 years

‘Booming’ city sees house prices double in 10  years

The average cost of a house in Aberdeen has doubled over the past 10 years, according to a new report.

The price increase of almost £100,000 is the highest of any city in the UK.

According to the figures, published today by Lloyds Bank, Aberdeen has experienced a 94% growth in house prices over the last 10 years.

In 2001, the cost of the average house in Aberdeen was £85,057.

In 2004, it was £104,288, but now the figure stands at £202,120.

North-east MSP Lewis Macdonald said he was not surprised at the findings.

He said: “It reflects just how booming the Aberdeen economy has been in the recent years and the level of success in the local economy.”

However, the Labour politician pointed out that high housing prices “make it difficult for people wanting to buy for the first time”.

SNP councillor for Torry and Ferryhill Graham Dickson said: “I would say that the cost of housing in Aberdeen is one of the most pressing issues facing the city.

“The high cost of housing sometimes stops people from wanting to come and work in the city.”

He added: “Anything we can do to make sure there’s bigger involvement in the rented sector and housing will be of great benefit to the city.

“It’s these kind of issues that need to be discussed at the highest level.”

Aberdeen was closely followed by Dundee on the list, with the average cost rising from £85,201 in 2004 to £136,564 in 2014. Inverness was third on the list, with prices rising from £107,508 to £156,902, a 46% change over 10 years.

Two Scottish cities – Glasgow and Stirling – were highlighted as being among the most affordable in terms of house prices in the UK.

Stirling topped the list of affordable cities with an average house price of £132,734.

Despite the figures, no Scottish cities were listed within the UK-wide top 20 “least affordable” for housing list.

According to the report, Oxford remains the most expensive city in the country to buy a home.

The average house price for the UK as a whole has also risen from £175,060 in 2013 to £184,215 this year.

The Lloyds Bank Affordable Cities Review analysed the housing market in 62 UK cities.