Scottish Average House Prices Reach £200,000 For First Time
The average price of a property in Scotland has hit a record £200,000 in August 2024, a 5.4% year-on-year increase, according to the latest UK House Price Index data.
In comparison, the UK average house price experienced a more modest annual increase of 2.8% – reaching £293,000.
Comparing with the previous month, house prices in Scotland increased by 1.2% on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis there was an increase of 0.8%.
The volume of residential sales in Scotland in June 2024 was 8,493. When compared with the first published figures for June 2023 this was an annual decrease of 7.9%.
Commenting on the Scottish figures, a Registers of Scotland spokesperson said: “The average house price for Scotland has reached £200,000 for the first time.
“This represents an increase of 5.4% in the 12 months to August 2024. This compares to an increase of 2.8% (to £293,000) in average house prices for the UK as a whole.”
The largest local authority increase was in East Renfrewshire where the average price increased by 11.2% to £306,000. The largest decrease was recorded in Argyll and Bute, where the average price decreased by 0.4% to £189,000.
In August 2024, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £339,000. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £131,000.