The average price of a detached house in Scotland has been increasing by an average of £800 every month for the last decade, according to new figures.

The latest research, carried out by the Bank of Scotland, has found that detached properties have maintained their worth to a greater extent than other types of home in the five years since the market peaked.

In that five-year period since 2007, the average price of terraced properties has fallen by 27%, with flats down 23%.

In the second quarter of 2012 the average detached house was worth £238,111, which is 9% less than five years previous, but nevertheless a 70% increase on the value in 2002.


Nitesh Patel, housing economist at the Bank of Scotland, said: "Prices of all property types in Scotland have fallen over the past five years with the biggest declines for flats and terraced homes.

"These types are particularly popular with first-time buyers and their sharper price falls probably reflect the difficulties that those looking to enter the market for the first time have been facing."

She said first-time buyers and "second steppers" have seen the equity in their first homes evaporate.

"The prices of those property types in Scotland that are less reliant on first-time buyers, such as detached homes, have been more resilient since the financial crisis in 2007.

"Nevertheless, prices of all property types in Scotland have fallen over the past five years with the biggest declines for flats and terraced homes."

The average price of a detached property is now 113% greater than for a flat and 107% more than a terraced home, compared with 82% and 67% respectively five years ago.

(IT)