Average Price of a Property in Scotland?
The Registers of Scotland have just issued their latest report and data on the house price figures in Scotland. The latest data available reflects transactions that took place with the Registers of Scotland up to the end of July 2023, and illustrates that there appears to have been little change in average house prices for Scotland in the 12 months to July 2023.
The latest figures for July 2023 show the average price of a property in Scotland is £192,000, which is an increase of 0.1% when compared to July 2022. The monthly price change of a property in Scotland is an increase of 1.1%.
A Registers of Scotland spokesperson said:-
“There was little change in average house prices for Scotland in the 12 months to July 2023. House price inflation has generally been trending down since it reached a peak of 13.4% in April 2022”.
The Registers’ data does show a decrease in the volume of residential sales in Scotland – the number of residential sales in May 2023 decreased by 9.5%, compared to May 2022, although Scotland appears to have fared better than the rest of the UK, where there has been a decrease in volume of 17.7% across the UK as a whole.
Looking more locally, the average property price in Highland region exceeds the Scotland average, with an average price of £202,356 in July 2023, although this is only a 0.2% increase on the previous year.
Of course, the housing market can fluctuate from month to month, and therefore it is important not to put too much weight on one month’s set of house price data, but it can, of course, be a helpful indicator in looking at future market trends, and Macleod & MacCallum would be happy to help with any Property queries you may have.