What is my property worth now?
New statistics just released show that the average price of a property in Scotland in October 2023 was £191,233. Data in the latest UK House Price Index shows that the average price in Scotland has increased by 0.2% compared to October 2022. The index is a National Statistic that shows changes in the value of residential properties in England, Scotland, Wales and Northern Ireland, and is calculated by the Office for National Statistics, using information from various sources including the Registers of Scotland.
Whilst this is a modest increase, it is perhaps more encouraging that the UK wide figures, which show an annual decrease in the average house price of 1.2%, with the average price being £288,000.
Looking closer to home, Highland continues to outperform the national averages, with the new data showing that the average price in our region in October 2023 was £210,335 – an increase of 2.2% on October 2022 (£205,728).
Whilst prices in Scotland, and in particular in Highland, have held up, the number of property sales has decreased throughout the country – the latest available figures for house sales shows that the number of sales in the Highland region in August 2023 have dropped by more than 20% since August 2022.
View the full Report here.
There is no doubt that the property market is challenging at the moment, making it more important than ever to ensure that you receive the best possible advice to help you to achieve the best return on your sale. For more information on selling your property please contact our Property Team on 01463 235559 or email on firstname.lastname@example.org.