According to Propertymark’s December Housing Insight Report, house prices in Scotland and Northern Ireland are bucking the UK trend by continuing to rise, in stark contrast to the declines observed in Wales and England.
The report, which draws on the latest ONS data, highlights a nationwide drop in average house prices from November 2022 to November 2023, with England experiencing the most significant decrease.
The report also noted a seasonal reduction in market activity across the UK, with the average number of new prospective buyers per Propertymark member branch falling from 49 in November to 34 in December 2023.
Market appraisals and sales agreed followed a similar downward trajectory, reflecting established seasonal patterns.
Supply constraints were evident in the lead-up to Christmas, with an average of only five homes listed per member branch in December, a slight decrease from November and a more noticeable drop from October.
Timothy Douglas, head of policy and campaigns at Propertymark, said: “Overall, what we are witnessing in the housing market across the UK is house prices adjusting to the rate of inflation and higher interest rates.
“However, Scotland and Northern Ireland are showing house price growth that is likely down to a limited number of properties for sale alongside strong demand among buyers in certain locations.
“In the New Year, we expect regional trends to continue to change and with hopes for inflation and interest rates to fall, this should bring more properties to market as more consumers look to move in the spring and summer months.”
