Comparing with the previous month, house prices in Scotland increased by 0.2 per cent between July 2022 and August 2022.

The UK average house price was £295,903 which was an increase of 13.6 per cent on August 2021 and an increase of 0.9 per cent on the previous month.

The volume of residential sales in Scotland in June 2022 was 8,480, a decrease of 21.2 per cent on the original provisional estimate for June 2021.

Janet Egdell, Registers of Scotland accountable officer said: “Average prices for property in Scotland continued to rise in August 2022 and have increased in every month since July 2020 when comparing with the previous year. The annual increase has been in excess of five per cent in every month since October 2020. In comparison, in the 12 months to October 2020, the annual increase only exceeded three per cent on one occasion.

“Transaction volumes appear to be stabilising at levels similar to the pre-pandemic period. If we compare the growth in transactions over the first six months of 2022 against the same period in 2019, transactions are 0.03 per cent lower in 2022.”

In Scotland, detached properties showed the biggest increase out of all property types, rising by 12.3 per cent in the year to August 2022 to £349,010. Flatted properties showed the smallest increase, rising by 6.7 per cent in the year to August 2022 to £133,666.

Average price increases were recorded in all 32 local authorities, when comparing prices with the previous year. The largest increase was in Argyll and Bute where the average price increased by 25.5 per cent to £199,940. The smallest increase was recorded in City of Aberdeen, where the average price increased by 0.7 per cent to £149,861.

In August 2022, the highest-priced area to purchase a property was the City of Edinburgh, where the average price was £337,506. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £129,372.