October Scots house prices remain stable year-on-year
Average house prices across Scotland were broadly stable in the year to October, as shown by the latest provisional statistics from the UK House Price Index, released by Registers of Scotland.
The average price of a property in Scotland in October 2023, for transactions taking place up to the end of the month, was £191,000, an increase of 0.2% compared to October 2022. Compared with September 2023, prices decreased by 0.5% on a non-seasonally adjusted basis, and by 0.3% on a seasonally adjusted basis.
Across the UK, the average house price was £288,000, an annual decrease of 1.2%, and a drop of 0.7% on the previous month (non-seasonally adjusted), or 0.3% on a seasonally adjusted basis.
Based on a three month moving average to reduce the volatility in the series, year-on-year increases were recorded in 19 out of 32 Scottish local authority areas. The largest increase (11.2%) was in Clackmannanshire, followed by East Lothian (9.3%) and East Renfrewshire (5.4%). The largest mainland decrease (4.5%) was recorded in West Lothian, followed by Argyll & Bute (3.7%) and City of Aberdeen and South Ayrshire (both 3.6%).
Detached houses showed an overall average price rise of 2.0%, whereas flats and maisonettes showed an average decrease of 1.8%.
The first published figures for the volume of residential sales in Scotland in August 2023 show a total of 8,265, down 11.2% on the equivalent figure for August 2022.