House Price Index Figures For Scotland - December 2023

15th February 2024

Estimates for the most recent months are provisional and are likely to be updated as more data is included. The House Price Index for December 2023 reflects transactions that took place up to the end of December.

Three key figures for December 2023:

£190,000
The average price of a property in Scotland
3.3%
The annual price change of a property in Scotland
-0.9%
The monthly price change of a property in Scotland

The latest provisional statistics from the UK HPI show that the average price of a property in Scotland in December 2023 was £190,000, an increase of 3.3% when compared to December 2022.

Comparing with the previous month, house prices in Scotland decreased by 0.9% on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis there was an increase of 1.0%.

The UK average house price was £285,000 which was an annual decrease of 1.4% on December 2022. Comparing with the previous month, UK house prices increased 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 2023 was 7,722. When compared with the first published figures for October 2022 this was an annual decrease of 13.7%.

Commenting on the house price figures in Scotland, a RoS spokesperson said:

"There was an increase of 3.3% (to £190,000) in the average house price for Scotland in the 12 months to December 2023. This compares to a decrease of 1.4% (to £285,000) in average house prices for the UK as a whole."

In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 5.6% in the 12 months to December 2023 to £349,000. Terraced houses showed the lowest annual percentage change, increasing by 1.8% in the 12 months to December 2023 to £160,000.

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 25 out of 32 local authority areas, when comparing prices with the previous year. The largest increase was in East Renfrewshire where the average price increased by 8.8% to £310,000. The largest decrease was recorded in Dumfries and Galloway, where the average price decreased by 6.9% to £156,000.

Report published on 14 February 2024 by Registers of Scotland.
https://www.ros.gov.uk/about/news/2023/uk-house-price-index-figures-for-december-2023