Economic statement
Average house prices in Scotland increased by 3.3% (provisional estimate) in the 12 months to December 2023. This was up from 1.1% (revised estimate) in the 12 months to November 2023 and was higher than the average UK house price annual inflation of negative 1.4% (provisional estimate) in the 12 months to December 2023.
On a non-seasonally adjusted basis, average house prices in Scotland decreased by 0.9% between November 2023 and December 2023, compared with a decrease of 3.0% during the same period 12 months ago. On a seasonally adjusted basis, average house prices in Scotland increased by 1.0% between November 2023 and December 2023.
Comparing the provisional UK HPI volume estimate for October 2022 with the provisional UK HPI volume estimate for October 2023, the volume of transactions decreased by 13.7% in Scotland and by 26.7% in the UK.
In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 5.6% in the 12 months to December 2023 to £349,000. Terraced houses showed the lowest annual percentage change, which increased by 1.8% in the 12 months to December 2023 to an average price of £160,000.
The highest annual percentage change was in East Renfrewshire, where average house prices increased by 8.8% in the 12 months to December 2023 to £310,000. The lowest annual percentage change was in Dumfries and Galloway, where average house prices decreased by 6.9% in the 12 months to December 2023 to £156,000.
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.
