UK House Price Index For Scotland: September 2024 (Watch/Listen)

PODCAST: https://creators.spotify.com/pod/show/fife-properties/episodes/UK-House-Price-Index-For-Scotland-September-2024-e2s0373

Economic statement

In recent periods, the total transaction volumes and new build volumes available to calculate the UK House Price Index (HPI) estimates have been lower than usual. Users should be aware that revisions may be larger than usual and should note the significantly greater uncertainty around new build prices.

Average house prices in Scotland increased by 5.7% in the 12 months to September 2024, to £198,000 (provisional estimate). This was up from 5.3% (revised estimate) in the 12 months to August 2024 and was higher than the average UK house price annual inflation of 2.9% (provisional estimate) in the 12 months to September 2024.

On a non-seasonally adjusted basis, average house prices in Scotland decreased by 0.9% between August 2024 and September 2024 compared with a decrease of 1.2% in the same period 12 months ago. On a seasonally adjusted basis, average house prices in Scotland increased by 0.2% between August 2024 and September 2024.

Comparing the provisional UK HPI volume estimate for July 2023 with the provisional UK HPI volume estimate for July 2024, the volume of transactions increased by 7.2% in Scotland and decreased by 6.6% in the UK.  

In Scotland, semi-detached houses had the highest annual percentage change out of all property types, increasing by 7.0% in the 12 months to September 2024 to £210,000. Flats and maisonettes had the lowest annual percentage change, which increased by 4.6% in the 12 months to September 2024 to an average price of £138,000.

In Scotland, 29 of the 32 local authority areas showed an increase in average house prices in the 12 months to September 2024. The highest annual percentage change was in East Renfrewshire, where average house prices increased by 10.5% in the 12 months to September 2024 to £309,000. The lowest annual percentage change was in Argyll and Bute, where average house prices decreased by 2.3% in the 12 months to September 2024 to £186,000.

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.