Compared to the previous month, house prices in Scotland fell by 0.9 per cent on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis there was an increase of one per cent.

The UK average house price was £285,000 which was an annual decrease of 1.4 per cent on December 2022. Comparing with the previous month, UK house prices increased by 0.1 per cent on a non-seasonally adjusted basis and increased by 0.3 per cent on a seasonally adjusted basis.

The volume of residential sales in Scotland in October 2023 was 7,722. When compared with the first published figures for October 2022 this was an annual decrease of 13.7 per cent.

In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 5.6 per cent in the 12 months to December 2023 to £349,000. Terraced houses showed the lowest annual percentage change, increasing by 1.8 per cent in the 12 months to December 2023 to £160,000.

The largest increase was in East Renfrewshire where the average price increased by 8.8 per cent to £310,000. The largest decrease was recorded in Dumfries and Galloway, where the average price decreased by 6.9 per cent to £156,000.

In December 2023, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £338,000. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £125,000.