Based on data from the Bank of Scotland prices have risen from £61,039 in late 2000 to £111,780 at the end of 2010. UK house prices as a whole rose by 91% over the same period.
Penicuik in Midlothian has recorded the biggest increase in house prices among Scottish towns since 2000. The average price in Penicuik increased by 179% from £61,824 in late 2000 to £172,476 at the end of 2010. Irvine saw an increase of 172% and Peterhead was close behind at 171%.
Prices in Scotland have outperformed places with the highest prices such as London where they have increased by only 63% and the South East, which at 75% recorded the smallest price gains.
Across the UK, property prices in the north have outperformed those in the south over the past decade, rising by an average of 102% compared with 75% in the south. As a result, the average house price in the regions across the south at £206,091 is now 56% higher than in the north at £132,163.
Ten years ago prices in the south were, on average 80% higher than in the north. However, there are signs that this regional pattern is reversing with the north south divide beginning to widen again. Between 2005 and 2010, the South East experienced the biggest price increases on the UK mainland, up 4%, while the North of England recorded the largest fall, down 10%.
'The past ten years have been characterised by a narrowing in the UK north-south house price divide. However, recently, there has been a slight reversal of this trend with housing market in the south of England outperforming the rest of the country over the past few years,’ said Suren Thiru, housing economist at the Bank of Scotland.
The six regions with the highest house price growth since 2000 are all outside the south of England. The North recorded the biggest rise, 130%, followed by Yorkshire and the Humber at 125% and Wales at 108%. Greater London and the South East saw the smallest price gains over the decade at 63% and 75% respectively.
Penzance has recorded the biggest increase in house prices among UK towns since 2000. The average house price in the Cornish town increased by 193% from £70,171 in late 2000 to £205,532 at the end of 2010.
Some 167 (50%) of the UK towns surveyed recorded at least a doubling in house prices over the past 10 years. Eight of the twenty towns that delivered the largest gains are in Scotland.
Penicuik in Midlothian in Scotland was up 179% and Carnforth in Lancashire up 178%, were the best performers in the north.
Only four out of the 20 towns with the largest prices gains were in the south. All four of these towns are in the South West.
