Average Scottish house price down 0.2% in February – Walker Fraser Steele

The average house price in Scotland fell by £400, or 0.2%, in February 2024, Walker Fraser Steele has revealed.

This was the fifth consecutive month in which prices fell, albeit by small amounts.

The average price paid for a home in Scotland now stands at £220,736 – a level first reached in June 2022.

Throughout the month, 18 of the 32 local authority areas in Scotland experienced rising prices in the month, two more than in January 2024.

The area with the highest increase in its average price in the month was Na h-Eileanan Siar, up by 4.8%; the second was Moray, up by 3.8%.

The most significant increase in Moray was in detached homes, up from an average £288,000 in January 2024 to £294,000 one month later – this was assisted by the sale of a five-bedroom detached home in Forres for £600,000.

The uptick in values in the month enabled Moray to reach a new record average price, of £216,669, the only local authority to have done so in February.

By way of contrast, the local authority area with the largest monthly fall in its average price was Stirling, down by -7.8%. 

All property types saw a fall in Stirling in February, with the largest being detached homes, down from an average £420,000 in January to £370,000 in February.

Stirling had experienced a detached home sale in excess of £2m for three months in a row from September 2023 to November 2023, but with no similarly valued sales in 2024, average prices have subsequently fallen. 

The highest priced residential property sold in Scotland in February 2024 was a four-bedroom detached home in Morningside, Edinburgh, purchased for £1.75m.

Scott Jack, regional development director at Walker Fraser Steele, said: “Our analysis this month reveals a small fall in the average house price for February of some £400, or -0.2%. The average is now £220,736. 

“Of note is the fact that this the fifth monthly fall in prices in a row, but given just how many headwinds the market and home buyers have faced, the total reduction in prices – since they peaked in June 2023 at £223,800 – only amounts to £3,000, or 1.4%. 

“Housing remains remarkably resilient and we are also expecting some of the better market news of recent weeks may positively impact pricing in the coming months.

“Mortgage approvals across the UK are up 39% compared to the same period last year and this should feed into better completion figures and support prices.”

He added: “The signs of improvement are already there with 18 local authority areas seeing prices rises in February – two more than in the previous month. Notably Edinburgh also saw prices rise in February. 

“It’s also worth noting that on an annual basis, Scotland’s rate of growth turned positive in February 2024, up by £920, or +0.4% from one year earlier.”