The national average interest rate for savings accounts is 0.07 percent, according to Bankrate’s June 8 weekly survey of institutions. If you have £100,000 in the bank, then based on this interest rate you would earn £70 per year.
Now let’s take investing in property. House prices are rising at more than £100 a day in parts of Scotland currently with the average having grown by over £32,000 across Scotland.
The average house price in East Lothian rose by 16% in the year to March, according to latest figures from the Office for National Statistics. That was an increase from £248,479 to £288,178 in a year – meaning, on average, house prices have grown by £39,699 – or the equivalent of £109 a day.
In the City of Edinburgh, prices are up £37,134, or an average of £102 a day. House prices in the area have seen a 13% rise in the year to March, going from £285,721 to £322,855.
There’s also been a 11.9% rise in house prices in East Renfrewshire, or a £29,925 increase over the year (£82 per day). The average home now costs £282,390, compared to £252,465 a year before.
See table below for more examples.
Investing in property wins easily.
| Area | Price in March 2022 | Price in March 2021 | Annual change | Average per day | % Annual change |
|---|---|---|---|---|---|
| East Lothian | £288,178 | £248,479 | £39,699 | £109 | 16% |
| City of Edinburgh | £322,855 | £285,721 | £37,134 | £102 | 13% |
| East Renfrewshire | £282,390 | £252,465 | £29,925 | £82 | 11.90% |
| Midlothian | £226,996 | £198,736 | £28,260 | £77 | 14.20% |
| Falkirk | £161,602 | £135,538 | £26,064 | £71 | 19.20% |
| Clackmannanshire | £161,115 | £137,723 | £23,392 | £64 | 17% |
| Scottish Borders | £193,061 | £170,338 | £22,723 | £62 | 13.30% |
| Argyll and Bute | £183,707 | £161,182 | £22,525 | £62 | 14% |
| Highland | £202,909 | £181,308 | £21,601 | £59 | 11.90% |
| West Lothian | £195,055 | £173,724 | £21,331 | £58 | 12.30% |
| Na h-Eileanan Siar | £152,593 | £132,675 | £19,918 | £55 | 15% |
| South Lanarkshire | £158,931 | £139,556 | £19,375 | £53 | 13.90% |
| Fife | £166,962 | £147,602 | £19,360 | £53 | 13.10% |
| Orkney Islands | £182,924 | £164,234 | £18,690 | £51 | 11.40% |
| East Dunbartonshire | £253,556 | £235,668 | £17,888 | £49 | 7.60% |
| Moray | £181,221 | £163,780 | £17,441 | £48 | 10.60% |
| East Ayrshire | £122,017 | £105,006 | £17,011 | £47 | 16.20% |
| Perth and Kinross | £231,593 | £214,799 | £16,794 | £46 | 7.80% |
| West Dunbartonshire | £133,734 | £117,752 | £15,982 | £44 | 13.60% |
| Dumfries and Galloway | £158,930 | £143,358 | £15,572 | £43 | 10.90% |
| Aberdeenshire | £199,789 | £184,660 | £15,129 | £41 | 8.20% |
| Stirling | £225,141 | £210,698 | £14,443 | £40 | 6.90% |
| North Lanarkshire | £132,532 | £118,508 | £14,024 | £38 | 11.80% |
| Renfrewshire | £145,804 | £132,922 | £12,882 | £35 | 9.70% |
| South Ayrshire | £162,516 | £150,748 | £11,768 | £32 | 7.80% |
| Glasgow | £164,253 | £152,525 | £11,728 | £32 | 7.70% |
| North Ayrshire | £120,299 | £110,596 | £9,703 | £27 | 8.80% |
| Angus | £160,906 | £153,141 | £7,765 | £21 | 5.10% |
| Shetland Islands | £186,590 | £178,935 | £7,655 | £21 | 4.30% |
| Dundee | £142,690 | £137,370 | £5,320 | £15 | 3.90% |
| Inverclyde | £115,536 | £111,632 | £5,320 | £11 | 3.50% |
| Aberdeen | £142,804 | £142,608 | £196 | £1 | 0.10% |