Compared with the preceding month, there was a 1.1 per cent increase in house prices on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis the increase was 0.3 per cent.

The UK average house price was £290,000 which was an annual increase of 0.6 per cent on July 2022. Comparing with the previous month, UK house prices increased by 0.5 per cent between June 2023 and July 2023 on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis prices decreased by 0.5 per cent.

The volume of residential sales in Scotland in April 2023 was 7,538, a decrease of a decrease of 9.5 per cent on the original provisional estimate for May 2022.

In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 2.5 per cent in the 12 months to July 2023 to £345,000. Flats showed the lowest annual percentage change, with prices decreasing by 1.5 per cent in the 12 months to July 2023 to an average price of £131,000.

A Registers of Scotland spokesperson said: “There was little change in average house prices for Scotland in the 12 months to July 2023. House price inflation has generally been trending down since it reached a peak of 13.4 per cent in April 2022.

“The volume of residential sales in Scotland in May 2023 decreased by 9.5 per cent compared with the provisional volume estimate for May 2022. This compares with a decrease in volumes of 17.7 per cent across the UK as a whole.”