Ellon house prices rocket

ELLON is now the second most expensive place to buy a house in Scotland, according to a new survey.

Wednesday, 17th October 2012, 3:55 pm

Latest figures indicate property prices in Aberdeenshire have soared over the last decade, with the town now behind only Edinburgh with the highest price tag per square metre.

The study carried out by the Bank of Scotland also put Fraserburgh, Peterhead and Inverurie in the top four of Scotland’s top price-rise towns.

With an average house price of £214,968, prospective homeowners in Ellon are being asked to pay £1,270 more per square metre than a decade ago, representing a rise of 169%.

Nitesh Patel, housing economist at Bank of Scotland, said: “House price per square metre is a useful measure for house price comparison because it helps to adjust for differences in size and type of properties between locations.

“Several towns in Aberdeenshire have seen significantly higher growth in average price per square metre than the UK average of the past decade - this, in the main, has been driven by the booming oil industry, which is a key part of the local economy.”

Gary Ross, associate partner with Aberdein Considine in Ellon and Peterhead, said: “I think it would be fair to say that the figures have been primarily driven by the oil industry, which is a key part of the local economy.

“However I am surprised to see that Ellon is the second most expensive area in Scotland, for house price per square metre, and certainly hope that this information does not give a false impression to prospective purchasers in that local properties still offer them excellent value for money.”