Compared to the previous month, house prices in Scotland decreased by 0.5% between December 2022 and January 2023.

The UK average house price was £289,818 which was an increase of 6.3% on January 2022 and a decrease of 1.1% on the previous month.

The volume of residential sales in Scotland in November 2022 was 8,866, a decrease of 6.2% on the original provisional estimate for November 2021

Commenting on the house price and volume figures in Scotland, Kenny Crawford, Registers of Scotland business development director said: “Average house prices for Scotland increased by 1% in the 12 months to January 2023. Scotland’s annual house price inflation has generally been slowing since the recent peak of 13.8% in the 12 months to April 2022, and has shown slower growth than the average for the UK since July 2022.

“The volume of transactions over the 11 months to November 2022 show levels similar to the pre-pandemic period in 2019.”

In Scotland, detached properties showed the biggest increase out of all property types, rising by 3.1% in the year to January 2023, to £340,647. Flatted properties showed a decrease, falling by 1.8% in the year to January 2023, to £124,110.

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 29 out of 32 local authority areas, when comparing prices with the previous year.

The largest increase was in Clackmannanshire where the average price increased by 12.4% to £171,538. The largest decrease was recorded in City of Aberdeen, where the average price decreased by 4.4% to £136,742.

In January 2023, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £322,220. In contrast, the lowest-priced area to purchase a property was Inverclyde, where the average price was £123,618.