The average Scottish house price has risen by £965 in September, according to the latest data from Walker Fraser Steele’s September House Price Index.
The average property price now stands at a new record level of £224,497.
This was the third-largest monthly increase of 2023 – the highest monthly increases having been in April and May during the traditional ‘spring housing bounce’.
There were 16 Local Authority areas with price rises in the month, and 16 with price falls – the same pattern as in August.
However, unlike August, both Glasgow and Edinburgh saw prices move in the same direction in September, with rises of 1.0% and 0.1% respectively.
Looking at the movement in average prices compared to 12 months earlier, there has been a gain of £2,260, or 1.0%, in Scotland over the year.
This increase can be contrasted with a fall of -£12,750, or -3.4%, in the England and Wales average house price over the same period.
In fact, all nine regions in England and Wales have experienced a price fall over the twelve months, with the largest % fall seen in the East of England, at -4.8%.
Similar to the monthly figures, there were 16 Local Authority Areas with price rises for the 12 months ending September 2023, and 16 with price falls.
Scott Jack, regional development director at Walker Fraser Steele, said: “In September, our data shows an increase in the average house price of just over £2,000 (or 1.0%) in Scotland over the last 12 months.
“This is 0.4% higher than August’s 0.6% growth rate. Prices appear to be stabilising for now.
“16 of the 32 local authorities have reported a positive movement in prices over the previous 12 months. However, transactions in the Scottish housing market this year are now 13% lower than in the same nine months in 2022.”
He continued: “There are several factors underpinning this market. The affordability issues faced by buyers with much higher costs of mortgage finance have affected transaction levels across the UK generally.
“The number of properties coming to the market remains relatively low, with sellers holding steady for a fuller recovery.
“However, demand in some areas continues to outpace supply, resulting in a slight upward pressure on prices overall.
“Looking forward, any positive changes in the Chancellor’s Autumn Statement, due this month, to support the housing market in England and Wales may give impetus to changes in Scotland which could in turn encourage a more positive outlook.”
