The latest provisional statistics from the UK HPI show that the average price of a property in Scotland in November 2023 was £194,000, an increase of 2.2% when compared to November 2022.
Compared with the previous month, house prices in Scotland increased by 1.1% on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis there was a decrease of 0.9%.
The UK average house price was £285,000 which was an annual decrease of 2.1% on November 2022. Compared with the previous month, UK house prices decreased by 0.8% on a non-seasonally adjusted basis and decreased by 0.4% on a seasonally adjusted basis.
The volume of residential sales in Scotland in September 2023 was 8,382. When compared with the first published figures for September 2022 this was an annual decrease of 15.0%.
Commenting on the house price figures in Scotland, a Registers of Scotland spokesperson said: “There was an increase of 2.2% (to £194,000) in the average house price for Scotland in the 12 months to November 2023. This compares to a decrease of 2.1% in average house prices for the UK as a whole.”
In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 5.2% in the 12 months to November 2023 to £359,000. Terraced houses showed the lowest annual percentage change, decreasing by 0.1% in the 12 months to November 2023 to £162,000.
Average prices for Local Authorities are based on a three-month moving average to help remove some of the volatility in the series. Increases were recorded in 23 out of 32 local authority areas, when comparing prices with the previous year. The largest increase was in East Renfrewshire where the average price increased by 9.9% to £310,000. The largest decrease was recorded in Argyll and Bute, where the average price decreased by 6.7% to £188,000.
In November 2023, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £345,000. In contrast, the lowest-priced area to purchase a property was North Ayrshire, where the average price was £128,000.
