House price growth down to average 1%, Registers report
The annual rate of house price growth in Scotland slowed markedly in January, with the average price up only 1% on January 2022, according to the latest provisional statistics from the UK House Price Index released by Registers of Scotland.
The average price over the month was £185,016, compared with £182,786 12 months before.
It also represents a 0.5% decrease on the figure for December 2022, compared with an increase of 3.4% during the same period 12 months before.
Across the UK the average house price was £289,818, an increase of 6.3% on January 2022 and a decrease of 1.1% on the previous month.
Average prices for individual local authority areas, which are based on a three month moving average to help remove some of the volatility in the series, show year on year increases in 29 out of the 32 areas.
The largest mainland increase (12.4%) was in Clackmannanshire, followed by West Dunbartonshire (11.0%) and Moray (10.6%). The three areas to show a decrease were City of Aberdeen (4.4%), Argyll & Bute (0.6%) and South Ayrshire (0.2%).
Residential sales volume in Scotland in November 2022, for which first provisional figures have also been released, was 8,866, down 6.2%.
Kenny Crawford, Registers of Scotland business development director, commented: “Scotland's annual house price inflation has generally been slowing since the recent peak of 13.8% in the 12 months to April 2022, and has shown slower growth than the average for the UK since July 2022.
“The volume of transactions over the 11 months to November 2022 show levels similar to the pre-pandemic period in 2019.”