In a monthly comparison, non-seasonally adjusted house prices in Scotland rose by 1.1 per cent, while a seasonally adjusted basis showed a decrease of 0.9 per cent. These figures stand out against the UK average house price of £285,000, marking an annual decrease of 2.1 per cent in November 2023.

The volume of residential sales in Scotland in September 2023 was 8,382. When compared with the first published figures for September 2022 this was an annual decrease of 15.0 per cent.

Registers of Scotland spokesperson commented: “There was an increase of 2.2 per cent (to £194,000) in the average house price for Scotland in the 12 months to November 2023. This compares to a decrease of 2.1 per cent in average house prices for the UK as a whole.”

Detached houses in Scotland led the way with the highest annual percentage change, experiencing a 5.2 per cent increase to an average of £359,000 in the 12 months to November 2023. Terraced houses recorded the lowest annual percentage change, decreasing by 0.1 per cent to £162,000 during the same period.

Local Authorities’ average prices, based on a 3-month moving average, reflected varied trends. Of the 32 areas, 23 experienced price increases, with East Renfrewshire leading the way with a 9.9 per cent rise to £310,000. The largest decrease was observed in Argyll and Bute, where average prices dropped by 6.7 per cent to £188,000.

In terms of specific regions, the City of Edinburgh emerged as the highest-priced area in November 2023, with an average property cost of £345,000. In contrast, North Ayrshire represented the most affordable option, boasting an average price of £128,000.