Scotland and the North dominate house price gain league

Scotland and the North of England command the top ten positions in a new list of house price performance in the UK, according to research from Halifax.

Six of the top ten towns – and all of the top four – with the highest house price growth on a per square metre basis over the past ten years are in Scotland. Peterhead has recorded the largest gain in average price per square metre (m²) over the past ten years: the Aberdeenshire town has seen an increase of 160% to £1,254 per m² in 2011 from £481 per m2 in 2001.

Inverurie, another Aberdeenshire town, has experienced the second largest gain in the UK (142%) since 2001 followed by Montrose (135%). The other four towns in the top ten are all in northern England.

The majority of towns that have seen the highest price growth over the past decade had relatively low prices in 2001. Strong economic growth over the decade as a whole has also helped to drive up prices in many of those areas that have seen substantial price gains. This is apparent in several towns in Aberdeenshire where the economy has been stimulated by the strong performance of the oil sector.