House price growth slows in year to November

House price growth in Scotland slowed in November, according to provisional data from the UK house price index released by Registers of Scotland today.

The average price for a property, £191,492, was 5.5% higher than in November 2021, compared with an 8.5% year-on-year increase the previous month. Prices dipped by 1.2% between October and November.

Across the UK, the average price was £294,910, an increase of 10.3% on November 2021 and a decrease of 0.3% on the previous month.

Average year-on-year price increases were recorded in 31 out of 32 local authority areas in Scotland. The largest mainland increase (13.2%) was in Midlothian, followed by Argyll & Bute (12.0%) and Dumfries & Galloway (11.9%). The only decrease (4.7%) was recorded in City of Aberdeen; the lowest increases were in City of Dundee (4.5%) and Highland (4.7%).

The figures also show that the volume of residential sales in Scotland in September 2022 was up by 6.6% on the equivalent figure for September 2021. 

Kenny Crawford, Registers of Scotland business development director, commented: “Transaction volumes over the first nine months of 2022 appear to be at levels similar to the first nine months of the pre-pandemic period of 2019.”