The average property price in Scotland reached £191,000, marking a slight 0.2 per cent rise compared to October 2022. This growth contrasts with the broader UK trend, where average house prices fell by 1.2 per cent annually to £288,000.

Monthly comparisons reveal a 0.5 per cent decrease in Scottish house prices on a non-seasonally adjusted basis and a 0.3 per cent decrease after seasonal adjustment. This reduction mirrors the UK-wide monthly trend, where prices fell by 0.7 per cent (non-seasonally adjusted) and 0.3 per cent (seasonally adjusted).

The volume of residential sales in Scotland in August 2023 was notably lower, recording 8,265 transactions, an 11.2 per cent decrease from August 2022.

Commenting on the house price figures in Scotland, a Registers of Scotland spokesperson said: “There was an increase of 0.2 per cent (to £191,000) in the average house price for Scotland in the 12 months to October 2023. This compares to a decrease of 1.2 per cent in average house prices for the UK as a whole.”

In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 2.0 per cent in the 12 months to October 2023 to £350,000. Flats and maisonettes showed the lowest annual percentage change, decreasing by 1.8 per cent in the 12 months to October 2023 to £128,000.

Local authority data, averaged over three months for stability, showed price increases in 19 of 32 areas. Clackmannanshire led with an 11.2 per cent increase to £180,000, while West Lothian saw the most significant drop, with prices falling by 4.5 per cent to £203,000.

The City of Edinburgh remained the priciest area, with average prices at £344,000, whereas East Ayrshire was the most affordable, at £128,000.