The latest Walker Fraser Steele House Price Index reveals that Scotland’s housing market saw a slight dip in average prices in November 2024, with the national average standing at £223,094—0.6% lower than October but up 0.8% on an annual basis.
Despite these modest gains, the market remained resilient, with sales activity outpacing 2023 levels.
Scott Jack, regional development director at Walker Fraser Steele, said: “Scotland’s housing market has seen a gradual recovery in 2024. While house prices have reached record highs in some areas, overall growth has been modest.
“November saw a slight dip in average prices, down £1,400 (-0.6%) from October, leaving the average price at £223,000—up just 1% year-on-year.”
Only 11 of Scotland’s 32 local authorities recorded monthly price increases in November, with Angus setting a new record high of nearly £199,000.
In contrast, East Lothian and East Renfrewshire saw some of the steepest monthly declines, down 2.7% and 1%, respectively. However, on an annual basis, 19 authorities still posted price gains, with Inverclyde and Orkney leading the way at 8.8% and 8.5%, respectively.
Sales activity continued to show strength, with an estimated 8,800 transactions recorded in November, marking a 10% increase compared to the same period in 2023. Jack noted that “the Scottish Fiscal Commission’s revised forecast for price growth through 2028/29 signals confidence in the market despite broader economic concerns.”
The outlook for 2025 remains cautiously optimistic, though potential policy changes, including a review of Land and Buildings Transaction Tax and the impact of the recently increased Additional Dwelling Supplement, may influence activity levels. Walker Fraser Steele expects continued market strength, especially in regions like Perth and Kinross, which saw notable demand throughout 2024.
