UK House Prices Jump 5.6% in February!

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The property market in Scotland witnessed a significant surge in February 2024, with the average price of a property reaching £188,000. This marks a remarkable increase of 5.6% compared to February 2023, as revealed by the latest provisional statistics from the UK House Price Index (HPI).

While there was a slight decrease of 0.6% in house prices in Scotland from the previous month on a non-seasonally adjusted basis, on a seasonally adjusted basis, there was a notable increase of 1.1%.

Despite the fluctuations, the volume of residential sales in Scotland stood at 7,148 in December 2023. However, this reflects an annual decrease of 7.6% when compared to the figures for December 2022.

By taking into account a three-month moving average for local authorities, it is evident that 27 out of 32 areas saw an increase in property prices compared to the previous year. Inverclyde experienced the largest surge, with the average price soaring by 13.8% to £127,000. On the other hand, Argyll and Bute witnessed a decrease of 1.9%, bringing the average price down to £186,000.

For prospective buyers, it is interesting to note that the City of Edinburgh emerged as the highest-priced area to purchase a property in February 2024, with an average price of £325,000. Conversely, Inverclyde remained the most affordable area, with an average property price of £127,000.

When looking at the UK as a whole, the average house price stood at £281,000 in February 2024, reflecting a slight annual decrease of 0.2% compared to the previous year. However, on a monthly basis, there was a 0.4% increase in house prices on a non-seasonally adjusted basis and a 0.7% increase on a seasonally adjusted basis.

Registers of Scotland spokesperson, commenting on the house price trends, highlighted, “There was an encouraging 5.6% increase to £188,000 in the average house price for Scotland in the 12 months leading up to February 2024. This is in stark contrast to the 0.2% decrease to £281,000 seen in average house prices for the UK as a whole.”

Stay tuned to the Net Zero Club News Network for more updates on the housing market and other sustainable living developments!