Scottish Property Market Remains Stable Amid UK Rise
The average property price in Scotland in June 2023 remained steady at £189,000 compared to June 2022, according to recent data from the UK House Price Index (HPI).
However, prices saw a slight dip of 0.4% from May 2023. On a seasonally adjusted scale, the decrease was 1.0%.
For context, the broader UK market saw the average house price ascend to £288,000, marking a year-on-year growth of 1.7%. This UK figure represents a 0.7% rise from the previous month, which is 0.3% when seasonally adjusted.
In terms of sales volume, Scotland witnessed a decrease of 18.6% in residential sales in April 2023, compared to the provisional estimate for April 2022.
Kenny Crawford, Registers of Scotland business development director, noted:
“Average house prices for Scotland were unchanged in the 12 months to June 2023. House price inflation has generally been trending down since it reached a peak of 13.4% in April 2022.”
Property type variations were observed, with semi-detached properties in Scotland witnessing a 0.6% increase in average price over the year, settling at £202,000 in June 2023. In contrast, detached properties dropped by 0.6%, averaging £339,000. Terraced and flat properties remained stable.