Got net-zero news, project updates, or product launches to share? Scottish house prices hit £200k for first time
The Scottish property market has hit a significant milestone in August 2024, with the average house price reaching a record £200,000. This marks a 5.4% year-on-year increase, as reported by the latest UK House Price Index data. In comparison, the UK average house price saw a more modest 2.8% annual increase, reaching £293,000.
House prices in Scotland experienced a 1.2% increase from the previous month on a non-seasonally adjusted basis, with a 0.8% increase on a seasonally adjusted basis. The volume of residential sales in Scotland in June 2024 was 8,493, reflecting an annual decrease of 7.9% compared to June 2023.
Commenting on these figures, a spokesperson from Registers of Scotland stated, “The average house price in Scotland has reached £200,000 for the first time, showing a 5.4% increase in the 12 months leading up to August 2024. This outperforms the 2.8% increase in average house prices for the entire UK, which now stand at £293,000.”
The table below details house prices in Scotland and the annual changes by property type:
| Property type | House price level (£) | Annual house price percentage change |
|---|---|---|
| Detached | £354,000 | 7.4% |
| Semi-detached | £213,000 | 7.1% |
| Terraced | £170,000 | 6.4% |
| Flats or Maisonettes | £138,000 | 3.0% |
East Renfrewshire saw the largest increase in average price at 11.2%, reaching £306,000. On the other hand, Argyll and Bute experienced the largest decrease with a 0.4% drop in average price to £189,000.
Looking at the local authorities, City of Edinburgh emerged as the highest-priced area to purchase a property in August 2024, with an average price of £339,000. In stark contrast, East Ayrshire stood out as the most affordable location to buy property, with an average price of £131,000.
