NE Scotland, Orkney & Shetland

Peterhead property 'saw biggest 10-year UK price rise'

Peterhead
Image caption Fishing town Peterhead was rated as having the UK's biggest property gains

The fishing town of Peterhead has seen the UK's biggest property price gains over the past decade, according to new figures.

The Bank of Scotland research said the Aberdeenshire port had seen an increase of 160% since 2001.

Fellow Aberdeenshire town Inverurie was second at 142%, followed by Montrose in Angus at 135%.

Edinburgh was rated Scotland's most expensive area, followed by Aberdeen and then Inverurie.

Helensburgh, at 51%, and Coatbridge, at 59%, were the two towns which recorded the smallest price gains.

Lochgelly in Fife was rated the least expensive town.

Martin Ellis, housing economist at Bank of Scotland, said: "When looking at property prices on a square metre basis, there has been a significant divergence in house price performance across Scotland over the past decade, ranging from a rise of 160% in Peterhead to 51% in Helensburgh.

"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."

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