20. Februar 2012 
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Aberdeen fares best in Scotland since the housing boom
Rochford in Essex and South Lakeland are the only two local authority districts in the UK where house prices are currently higher than they were in 2007, according to the latest research from Bank of Scotland. Aberdeenshire is the only local authority district in Scotland in the UK top 20, however with a 7% fall in average prices during 2007-2011.
The research demonstrates that, since the peak of the housing market in 2007 and the subsequent period of declining prices, homes throughout the UK are still short of those peak historical values. Even in Rochford (1%) and South Lakeland (0.1%), prices are only marginally above pre-recession levels. The list of 20 areas where prices have performed best since 2007 is dominated by areas in southern England with only four of the top 20 outside that part of the country.
The market in Aberdeenshire has been supported by the buoyancy of the local energy sector, which has fared very well in the past few years. Highland (-9%), Perth & Kinross (-11%), Aberdeen City (-11%) and Edinburgh (-11%) are the other areas that have performed most resiliently in Scotland during the downturn.
The nine worst performers in the UK in house price terms over recent years are all in Northern Ireland. The biggest decline has been in Craigavon where the average price has more than halved from £213,844 in 2007 to £103,383 in 2011. There have been similar falls in other areas of Northern Ireland. Prices have fallen sharply in Northern Ireland following the remarkable - and ultimately unsustainable - gains in the few years leading up to 2007.
Average prices in Northern Ireland were the highest in the UK outside London and the South East in 2007. Northern Ireland now has the lowest average prices of any region in the country.
Martin Ellis, housing economist at Bank of Scotland, commented:
“Scotland, like the rest of the UK, has been hit hard by the economic downturn of the last few years. There is no area in Scotland where house prices are currently higher than they were at the peak of the boom in 2007 although a number of places, including Aberdeenshire and Highland, have weathered the storm relatively well.
„Across the UK, a striking feature of our analysis of the areas that have fared best and worst in the past four years is a distinct north-south divide. Those areas that have weathered the storm best are nearly all in the south of England whereas those areas worst affected are all outside southern England.“
The research demonstrates that, since the peak of the housing market in 2007 and the subsequent period of declining prices, homes throughout the UK are still short of those peak historical values. Even in Rochford (1%) and South Lakeland (0.1%), prices are only marginally above pre-recession levels. The list of 20 areas where prices have performed best since 2007 is dominated by areas in southern England with only four of the top 20 outside that part of the country.
The market in Aberdeenshire has been supported by the buoyancy of the local energy sector, which has fared very well in the past few years. Highland (-9%), Perth & Kinross (-11%), Aberdeen City (-11%) and Edinburgh (-11%) are the other areas that have performed most resiliently in Scotland during the downturn.
| Top 5 Performers in Scotland | |||||||
| Local Authority District | Average House Price 2007 £ | Average House Price 2011 £ | % Change 2011 -2007 | ||||
| Aberdeenshire | 212,694 | 197,918 | -7% | ||||
| Highland | 173,611 | 158,193 | -9% | ||||
| Perth & Kinross | 191,035 | 170,183 | -11% | ||||
| Aberdeen City | 198,236 | 176,513 | -11% | ||||
| Edinburgh, City of | 228,527 | 203,312 | -11% | ||||
| Scotland | 173,914 | 139,699 | -20% | ||||
The nine worst performers in the UK in house price terms over recent years are all in Northern Ireland. The biggest decline has been in Craigavon where the average price has more than halved from £213,844 in 2007 to £103,383 in 2011. There have been similar falls in other areas of Northern Ireland. Prices have fallen sharply in Northern Ireland following the remarkable - and ultimately unsustainable - gains in the few years leading up to 2007.
Average prices in Northern Ireland were the highest in the UK outside London and the South East in 2007. Northern Ireland now has the lowest average prices of any region in the country.
Martin Ellis, housing economist at Bank of Scotland, commented:
“Scotland, like the rest of the UK, has been hit hard by the economic downturn of the last few years. There is no area in Scotland where house prices are currently higher than they were at the peak of the boom in 2007 although a number of places, including Aberdeenshire and Highland, have weathered the storm relatively well.
„Across the UK, a striking feature of our analysis of the areas that have fared best and worst in the past four years is a distinct north-south divide. Those areas that have weathered the storm best are nearly all in the south of England whereas those areas worst affected are all outside southern England.“
