Scotland records slight fall in average house prices
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Image: Registers of Scotland
The average price of a property in Scotland in November 2024 increased by 4.7% to reach £195,000 when compared to 12 months earlier but has slightly fallen when compared to the previous month, the latest House Price Index (HPI) for Scotland has shown.
Compared to October, house prices in Scotland decreased by 0.8% on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis there was a decrease of 0.1%.
The UK average house price was £290,000 which was an annual increase of 3.3% on November 2023. Compared with the previous month, UK house prices decreased by 0.4% on a non-seasonally adjusted basis and increased by 0.1% on a seasonally adjusted basis.
The volume of residential sales in Scotland in September 2024 was 8,360. When compared with the first published figures for September 2023 this was an annual decrease of 0.3%. Published transactions for recent months will increase as later registered transactions are incorporated into the index.
Commenting on the house price figures in Scotland, a Registers of Scotland (RoS) spokesperson said: “There was an increase of 4.7% (to £195,000) in the average house price for Scotland in the 12 months to November 2024. This compares to an increase of 3.3% (to £290,000) in average house prices for the UK as a whole.”
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 31 out of 32 local authority areas, when comparing prices with the previous year.
The largest increase was in Renfrewshire where the average price increased by 9.4% to £171,000. The smallest increase was recorded in North Ayrshire, where the average price increased by 1.4% to £133,000. The only decrease occurred in Na h-Eileanan Siar, however, Orkney Islands, Na h-Eileanan Siar and Shetland Islands are not considered when highlighting which local authorities have experienced the highest/lowest increase, due to the very low numbers of sales transactions in these local authorities which can lead to volatility in the series.
In November 2024, the highest-priced area to purchase a property was the City of Edinburgh, where the average price was £334,000. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £130,000.
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