Slight rise in Scottish house prices

The UK House Price Index's most recent preliminary data indicates that the average house price in March 2023 was £184,877, a rise of 3% from March 2022.

On a non-seasonally adjusted basis, home prices in Scotland climbed by 0.7% from February to March 2023 compared to the prior month, while seasonally adjusted house prices fell by 0.1%.

In March 2022, the average home price in the UK was £285,009, a rise of 4.1% per year. On a non-seasonally adjusted basis, UK house prices dropped by 1.2% from February to March 2023 when compared to the prior month, while on a seasonally adjusted basis, the drop in house prices was only 0.9%.

5,791 residential transactions were completed in Scotland in January 2023, a 19.4% reduction from the initial tentative estimate for January 2022.

"Average house prices for Scotland increased by three per cent in the 12 months to March 2023. However, Scotland's annual house price inflation has generally been slowing since the recent peak of 13.6 per cent in the 12 months to April 2022, and has shown slower growth than the average for the UK since July 2022," said the Registers of Scotland business development director, Kenny Crawford.

In Scotland, the average price of all property categories increased compared to March 2022. Out of all property types, detached homes experienced the largest gain, rising by 4.9 per cent to £339,717 in the year to March 2023. The average home price increase for flats was the smallest, rising just 1.7% to £124,952 in the year to March 2023.