Average house price dipped 2.7 per cent between January and February

The figures compare to a UK average of £225,047, which was an increase of 4.4 per cent on February in the previous year and a decrease of 0.1 per cent when compared to the previous month.

The volume of residential sales in Scotland in December 2017 was 8,052 – a decrease of 5.1 per cent on December 2016 and a decrease of 6.6 per cent on the previous month. This compares with annual decreases in sales volumes of 21.2 per cent in England and 14.3 per cent in Wales in December 2017, and 8.8 per cent in Northern Ireland Quarter 4 - 2017.

Registers of Scotland registration and transformation director Charles Keegan said: “Average prices in Scotland continued their upward trend in February with an increase of 6.2 per cent when compared to February 2017. Average prices have been increasing each month since March 2016, when compared with the same month of the previous year.

“Residential sales volumes decreased in December. The annual decrease of 5.1 per cent when compared with December 2016 in Scotland is in the context of larger decreases across the rest of the UK.

“The cumulative volume of sales for Scotland for the financial year to date – from April to December 2017 – was 72,997. This is an increase of 8.1 per cent on the equivalent year to date position for December 2016.”