Average house prices increased by 6.7% in March

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.”

Average prices for local authorities are based on a 3-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 Inverclyde where the average price increased by 14.5% to £124,000. The only decrease was recorded in Aberdeenshire, where the average price decreased by 2.1% to £193,000.

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.