Average House Prices Increased by 6.7% in March
The average price of a property in Scotland in March 2024 was £192,000, an increase of 6.7% when compared to the same period last year, the UK House Price Index (HPI) has revealed.
Compared to the previous month, house prices in Scotland increased by 2.3% on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis there was an increase of 1.4%.
The UK average house price was £283,000 which was an annual increase of 1.8% on March 2023. Compared with the previous month, UK house prices increased by 0.7% on a non-seasonally adjusted basis and increased by 1.1% on a seasonally adjusted basis.
The volume of residential sales in Scotland in January 2024 was 6,047. When compared with the first published figures for January 2023 this was an annual increase of 4.4%.
Commenting on the house price figures in Scotland, a Registers of Scotland spokesperson said: “There was an increase of 6.7% (to £192,000) in the average house price for Scotland in the 12 months to March 2024. This compares to an increase of 1.8% (to £283,000) in average house prices for the UK as a whole.”
In March 2024, the highest-priced area to purchase a property was the City of Edinburgh, where the average price was £332,000. In contrast, the lowest-priced area to purchase a property was Inverclyde, where the average price was £124,000.