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  4. Year on year house prices remain flat in latest figures

Year on year house prices remain flat in latest figures

20th September 2023 | property (non-commercial)

For the second month in a row, average house prices across Scotland remained virtually unchanged in the year to July 2023, according to provisional statistics from the UK House Price Index released by Registers of Scotland.

The July average of £192,000 was up just 0.1% on July 2022, following the 0.0% change in the June figures. There was a 1.1% increase between June and July (0.3% seasonally adjusted), which followed a 0.4% dip (1.0% seasonally adjusted) between May and June. 

Across the UK, the average price was £290,000, up 0.6% on July 2022. 

Increases were recorded in 16 out of 32 local authority areas, when comparing prices with the previous year. The largest mainland increase was in East Lothian (11.7%), followed by Moray (5.0%) and Fife (3.8%). The largest decrease was recorded in West Dunbartonshire (7.0%), followed by City of Aberdeen (6.2%) and Clackmannanshire (4.3%). Average prices for local authorities are based on a three month moving average to reduce volatility. 

By property type, detached houses performed best, showing an average annual price gain of 2.5%, whereas flats and maisonettes saw an average price decrease of 1.5%.

Residential sales continue to decline, the provisional estimate for May 2023 of 7,538 sales showing a decrease of 9.5% on the original provisional estimate for May 2022.

A RoS spokesperson commented: "There was little change in average house prices for Scotland in the 12 months to July 2023. House price inflation has generally been trending down since it reached a peak of 13.4% in April 2022.

"The volume of residential sales in Scotland in May 2023 decreased by 9.5% compared with the provisional volume estimate for May 2022. This compares with a decrease in volumes of 17.7% across the UK as a whole."

Access the full figures here.

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