Economic statement

 

Average house prices in Scotland increased by 5.4% in the 12 months to August 2024, to £200,000 (provisional estimate). This was up from 5.0% (revised estimate) in the 12 months to July 2024 and was higher than the average UK house price annual inflation of 2.8% (provisional estimate) in the 12 months to August 2024.

On a non-seasonally adjusted basis, average house prices in Scotland increased more rapidly between July 2024 and August 2024 (1.2%) than during the same period 12 months ago (0.9%). On a seasonally adjusted basis, average house prices in Scotland increased by 0.8% between July 2024 and August 2024.

Comparing the provisional UK HPI volume estimate for June 2023 with the provisional UK HPI volume estimate for June 2024, the volume of transactions decreased by 7.9% in Scotland and decreased by 25.0% in the UK.

In Scotland, detached houses had the highest annual percentage change out of all property types, increasing by 7.4% in the 12 months to August 2024 to £354,000. Flats and maisonettes had the lowest annual percentage change, which increased by 3.0% in the 12 months to August 2024 to an average price of £138,000.

In Scotland, 30 of the 32 local authority areas showed an increase in average house prices in the 12 months to August 2024. The highest annual percentage change was in East Renfrewshire, where average house prices increased by 11.2% in the 12 months to August 2024 to £306,000. The lowest annual percentage change was in Argyll and Bute, where average house prices decreased by 0.4% in the 12 months to August 2024 to £189,000.

As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.