What is my property worth now? April 2024

What is my property worth now?  April 2024

With some good news for property owners, and perhaps not so good news for those looking to get a foot on the property ladder, the latest provisional statistics just released from the UK House Price Index show that the average price of a property in Scotland in February 2024 was £188,000, an increase of 5.6% when compared to February 2023.

By comparison, the UK average house price was £281,000 which was an annual decrease of 0.2% on February 2023.

As the above image shows, in February 2024, the most expensive area to purchase a property remains the City of Edinburgh, where the average cost was £325,000. In contrast, the cheapest area to purchase a property was Inverclyde, where the average cost was £127,000.

Closer to home, the average house price in Highland Region in February 2024 was £206,789 – up from £203,287 in February 2023 – an increase of 1.7% – a smaller increase that the national average annual increase, but the region remains with a higher average house price than nationally.

If we look at property types, the annual changes are:

Property type House price level (£) Annual house price percentage change
Detached 338,000 7.3
Semi-detached 201,000 6.4
Terraced 157,000 4.7
Flats or Maisonettes 130,000 4.7

The volume of residential sales in Scotland in December 2023 was 7,148, and when compared with December 2022 this was an annual decrease of 7.6%, meaning less properties for sale in the market.

If we wish to discuss any aspect of your property purchase or sale please contact us on 01463 239393.

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