Scottish house prices see little change over past 12 months – Walker Fraser Steele

Scotland’s average house price in November 2023 remained practically unchanged over the past year at £222,637, just £16 lower than 12 months earlier, according to the latest house price index from Walker Fraser Steele.

The research revealed that there was only one local authority area where the annual rate of change in house prices was zero, that being Glasgow City.

Therefore, all 31 other areas in Scotland saw some movement in their average house prices over the past 12 months.

Excluding annual price changes in the range of +1% only removes a further 4 authorities, leaving 27 authorities that have annual price movements in excess of +1%.

A similar picture emerges when looking at property types – over the last year, the average price of detached properties has increased by +1.2%, and flats by +0.5%, while semi-detached and terraced properties fell by -1.8% and -0.9% respectively.

In November, Renfrewshire had the highest increase in its annual rate of price growth, at 12.0%.

In fact, East Renfrewshire had the highest average property values for six of the last twelve months, trumping the City of Edinburgh which been in first place for four months over this period.

In East Renfrewshire, all property types have seen an increase in values over the last 12 months, but particularly semi-detached homes, with average prices rising from £300,000 in November 2022 to £350,000 12 months later.

Midlothian had the second-highest annual growth rate at 10.7%. Again, similar to East Renfrewshire, all property types have seen an increase in their average prices, but in Midlothian it is terraced properties that have had the most significant increase, up from an average £205,000 in November 2022 to £235,000 one year later.  

At the other end of the scale, the area on the mainland with the largest percentage fall in prices over the last 12 months was Dumfries and Galloway, at -5.4%.

In Dumfries and Galloway, all property types saw prices fall over the year, with the largest fall on a weight-adjusted basis being terraced homes, down from an average £140,000 in November 2022 to £125,000 one year later.

Scott Jack, regional development director at Walker Fraser Steele, said: “At a national level, the picture this month shows Scotland’s average house price in November 2023 barely changed over the last year.

“However, it also reveals some significant regional differences in average house prices over the same period.

“This is remarkable when you consider the affordability pressures experienced by the housing market since the autumn of 2022. The average house price now is just -£16 lower than twelve months earlier and stands at £222,637.

“The reality is that regional hotspots like East Renfrewshire which enjoyed price gains of 12% during the period have been offset by dips elsewhere, such as Dumfries and Galloway which has endured a fall of -5.4%.