OFFPLAN NEWS

(04.06.2007 )
Scotland real estate Scotland Musselburgh outstrips rest in property boom

Scotland property in Musselburgh have seen a higher price hike over the past decade than any other part of Scotland as Edinburgh’s property boom spreads to the rest of the Lothians.
Figures released today show that the average cost of a home in the East Lothian town has gone up by 201 per cent, from £57,000 in 1996 to almost £173,000 now.
Edinburgh still remains the most costly place to buy a house in Scotland, with prices up 12 per cent to an average of £202,941.
House prices in towns and villages across the Lothians have shot up with buyers looking for better value than the Capital’s market can offer.
Last year, Dalkeith in Midlothian temporarily replaced Edinburgh as the most expensive place to buy a home – the first time the Capital had not headed the Scottish house price list since 2001.
Musselburgh councillor Norman Murray said he is “not surprised” that property in the town has experienced such a massive price hike.
He said: “It’s definitely on the back of the Edinburgh economy.
“Given its access to Edinburgh and train links into Edinburgh, I’m not surprised at all.
“That does create a problem in our ability to provide accommodation for young people. This does provide a big challenge for the council.”
He added that Musselburgh was set to become even more popular when the new Queen Margaret University campus opens at nearby Craighall.
House prices in the rest of the Lothians have also seen a large increase over the past decade.
The cost of a home north of the border rose by 12.5 per cent last year compared with a UK average of 9.9 per cent, the research found.
The average cost of a Scottish property is now £126,639, which is still 32 per cent less than the UK average of £186,954.
The largest rises in Scottish house prices over the past year were in Aberdeen (27 per cent), Kilmarnock (25 per cent) and Motherwell (25 per cent).

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