Average Scottish house price reaches £189,000 in December
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The average price of a property in Scotland reached £189,000 in December 2024, an increase of 6.9% when compared to the same period a year earlier, new UK House Price Index figures have revealed.
Compared to the previous month, house prices in Scotland decreased by 0.5% on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis there was an increase of 1.2%.
The UK average house price was £268,000 which was an annual increase of 4.6% on December 2023. Compared with the previous month, UK house prices decreased by 0.1% on a non-seasonally adjusted basis and increased by 0.3% on a seasonally adjusted basis.
The volume of residential sales in Scotland in October 2024 was 9,240. When compared with the first published figures for October 2023 this was an annual increase of 19.7%. This annual increase reflects lower than usual sales volumes in October 2023. Published transactions for recent months will increase as later registered transactions are incorporated into the index.
Commenting on the house price figures in Scotland, a Registers of Scotland spokesperson said: “There was an increase of 6.9% (to £189,000) in the average house price for Scotland in the 12 months to December 2024. This compares to an increase of 4.6% (to £268,000) in average house prices for the UK as a whole.”
Scotland house prices and annual changes by property type (Source: Registers of Scotland)
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 11.1% to £113,000.
The smallest increase was recorded in Scottish Borders, where the average price increased by 1.6% to £176,000. Orkney Islands, Na h-Eileanan Siar and Shetland Islands are not considered when highlighting which local authorities have experienced the highest/lowest increase, due to the very low numbers of sales transactions in these local authorities which can lead to volatility in the series.
In December 2024, the highest-priced area to purchase a property was East Renfrewshire, where the average price was £297,000. In contrast, the lowest-priced area to purchase a property was Inverclyde, where the average price was £113,000.
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