Comparing with the previous month, house prices in Scotland increased by 0.3% on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis there was a decrease of 0.2%.

The UK average house price was £285,000 which was an annual increase of 2.2% on May 2023. Comparing with the previous month, UK house prices increased by 1.2% on a non-seasonally adjusted basis and increased by 0.6% on a seasonally adjusted basis.

The volume of residential sales in Scotland in March 2024 was 7,665. When compared with the first published figures for March 2023 this was an annual decrease of 4.1%.

Commenting on the house price figures in Scotland, a RoS spokesperson said: “There was an increase of 2.5% (to £191,000) in the average house price for Scotland in the 12 months to May 2024. This compares to an increase of 2.2% (to £285,000) 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 29 out of 32 local authority areas, when comparing prices with the previous year. The largest increase was in Stirling where the average price increased by 13.3% to £260,000. The largest decrease was recorded in Dumfries and Galloway, where the average price decreased by 0.4% to £160,000.

In May 2024, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £328,000. In contrast, the lowest-priced area to purchase a property was Inverclyde, where the average price was £124,000.