HOUSE PRICES ARE RISING BY £150 A WEEK

Property values soar for third month in row

- PAUL DRURY

THE value of Scotland's homes soared to a new high for the third month in a row.

The cost of the average home increased in value by £150 per week in May, following rises in March and April, and now stands at more than £225,000.

And market analysts believe the change of government at Westminster, coupled with falling interest rates, will give the market even more stimulus.

By contrast, values in England and Wales are rising at nothing like the pace in Scotland.

Scott Jack, regional development director at Walker Fraser Steele, said: "Scotland's residential property market gives us further cause for optimism this month as average home prices increased in May for the third month in a row.