Comparative monthly data indicates an increase of 1.3 per cent in Scottish house prices between March and April 2023 on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis, the increase was a more modest 0.5 per cent.

These rises mirror the broader UK trend, with house prices increasing by 0.5 per cent on a non-seasonally adjusted basis, and 0.4 per cent seasonally adjusted in the same period. The average price of a UK property stood at £286,489, an annual rise of 3.5 per cent.

Despite the house price increase, the volume of residential sales in Scotland experienced a significant drop. February 2023 registered 5,365 sales, marking a 16.6 per cent decrease from February 2022’s provisional estimate.

Chris Kerr Registers of Scotland registration and policy director said: “Average house prices for Scotland increased by 2.0 per cent in the 12 months to April 2023. However, Scotland’s annual house price inflation has generally been slowing since the recent peak of 13.4 per cent in the 12 months to April 2022, and has shown slower growth than the average for the UK since July 2022.

“This is the fifth consecutive month where the volume of residential sales has decreased, following a general downward trend in volumes over the past 18 months.”

In a year-to-year comparison for April 2023, all property types in Scotland registered an increase in average price. Semi-detached properties led the surge, rising by 3.3 per cent to £200,959. Meanwhile, terraced houses showed a more subdued annual increase of 1.2 per cent, bringing their average price to £157,036.

On a local authority level, 24 out of 32 areas reported price increases compared to the previous year, using a three-month moving average. East Lothian recorded the most substantial increase, with prices soaring by 17.2 per cent to £333,715. Conversely, the City of Aberdeen registered the largest decrease, with prices dipping by 7.0 per cent to £133,954.

In April 2023, East Lothian emerged as the highest-priced area to purchase property in Scotland, whilst North Ayrshire remained the most affordable, with average prices at £333,715 and £117,820 respectively.