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Scottish house prices 'spike'

House prices in Scotland have soared during the last quarter, new data has shown.The "unusual price spike" was felt across Scotland in the three months to the end of April, with property values in Aberdeen, Edinburgh and Dundee all rapidly rising.Lloyds TSB Scotland, which conducted the research, attributes the increases to a seasonal rise in mortgage transactions, a low number of properties on the market and a rush to secure low fixed-rate mortgages after four interest rate rises since last August.Between February and April the average price for a domestic property in Scotland rose 6.8 per cent, while on an annual basis it went up by 11.9 per cent."The rate of increase of house prices in Scotland has shown a significant surge in the latest quarter," said Lloyds TSB Scotland's chief economist Donald MacRae."Average prices are some three quarters of the UK level and continue to be propelled by a combination of favourable economic background and demand for houses exceeding the supply."According to today's data Aberdeen led quarterly growth with house prices increasing 25 per cent, while annual rises of 12 per cent and seven per cent were experienced in Edinburgh and Glasgow respectively.

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