House prices in Scotland show 0.9 per cent monthly decrease

The latest provisional statistics from the UK HPI show that the volume of residential sales in Scotland in July 2022 was 9,349, a decrease of 12.4 per cent on the original provisional estimate for July 2021.

Across the UK, the average house price was £294,559 which was an increase of 9.5 per cent on September 2021 and no change from the previous month.

Janet Egdell, Registers of Scotland accountable officer, said: “Average prices for property in Scotland dipped slightly by -0.9 per cent from the previous month but the price change when comparing with the previous year increased 7.3 per cent. The annual increase has been in excess of 5 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. Although transactions are down compared to 2021, the number of transactions over the first seven months of 2022 are very similar to the first seven months of 2019.”

In Scotland, detached properties showed the biggest increase out of all property types, rising by 9.8 per cent in the year to September 2022 to £346,385. Flatted properties showed the smallest increase, rising by 4.4 per cent in the year to September 2022 to £130,146.

Average price increases were recorded in 31 out of 32 local authority areas, when comparing prices with the previous year. The largest increase was in Argyll and Bute where the average price increased by 25.0 per cent to £206,735. The only decrease was recorded in the City of Aberdeen, where the average price decreased by 2.4 per cent to £145,153.

In September 2022, the highest-priced area to purchase a property was the City of Edinburgh, where the average price was £337,087. In contrast, the lowest-priced area to purchase a property was Inverclyde, where the average price was £130,415.