£800-a-month rise in value of detached homes in Scotland

The average price of a detached house in Scotland has increased by almost £100,000 over the past decade, with research showing a rise in value of more than £800 a month.

Detached homes were worth an average of £238,111 in the second quarter of this year – 9 per cent less than five years ago but 70 per cent more than in 2002, when the average value was £140,288.

Research by the Bank of Scotland showed that, over the past five years, detached properties had seen the smallest drop in value.

Nitesh Patel, housing economist at the bank, said: “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.”

The biggest decline has been among flats and terraced homes, he added.