What is my property worth now? The latest news

What is my property worth now? The latest news

The latest provisional statistics just released from the UK House Price Index show that the average price of a property in Scotland in November 2023 was £194,000, an increase of 2.2% when compared to November 2022.

As you will have noticed from our previous update, the average price of transactions completing to the end of October 2023 was just over £191,000, and so this is an encouraging increase, particularly when compared to the UK average house prices. The UK average price was £285,000, which was a decrease of 2.1% on November 2022, which follows on from a 1.2% decrease for the previous month.

If we take a look at the Highland region, we continue to outperform the national averages, with the latest data showing that the average price in our region in November 2023 was £211,507 – an increase of 1.9% of the figure for November 2022 (£207,654). This also shows a small increase form the average price in Highland during October 2023 of £210,335.

As the above image shows, in November 2023, the most expensive area to purchase a property was the City of Edinburgh, where the average cost was £345,000. In contrast, the cheapest area to purchase a property was North Ayrshire, where the average cost was £128,000.

The following image demonstrates the percentage change in the average price by region during November 2023, with East Renfrewshire seeing the largest increase at 9.9%

As prices in Scotland, and in particular in Highland, continue to be strong, the number of property sales has decreased throughout the country once again – the latest available figures for house sales shows that the number of sales in Scotland in September 2023 was 8,382, which is an annual decrease of 15% on the volumes in September 2022.

Highland have actually seen a higher reduction in the number of sales in September 2023 – down 19% on the previous year with 369 sales completing during the month, compared to 456 in 2022.

View the full Report here.

We remain in an uncertain economic climate, making it more important than ever to ensure that you receive the best possible advice to help you to achieve the best return on the sale of what is likely to be your largest asset.

For more information on selling your property please contact our Property Team on 01463 235559 or email on property@macandmac.co.uk.

 

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