Average Scottish house prices rise by £23,000 (2024)

The average house price in Scotland increased by more than £23,000 to £242,213 in the last year.

Kirkcaldy recorded the biggest percentage increase, up by 29% (£45,798) from £157,779 to £203,577.

The second biggest rise was in Johnstone, Renfrewshire, where average prices were up by 24% to £245,849 over the year.

Dunfermline was among the other significant risers, with property costs going from £190,087 to £226,481.

The figures from Bank of Scotland revealed an average property price rise of 10.9% across the country.

Prices in Edinburgh (up 12.9%) and Glasgow (13.6%) also rose from 2021 to 2022.

At the other end of the scale, Ayr and Inverurie in Aberdeenshire were the only towns to see prices fall back during 2022, by 1.7% and 0.2% respectively.

Graham Blair, mortgages director at Bank of Scotland, said shifts in buying patterns meant that big cities did not lead the way in 2022.

"Unsurprisingly, Edinburgh remains the most expensive place to buy, but its rate of property price inflation was outstripped by a number of locations nearby.

"This is partly due to pandemic-driven shifts in housing preferences as buyers sought bigger properties further from major urban centres.

"We can see this clearly in commuter towns across Scotland, but Fife has been a notable hotspot, with both Kirkcaldy and Dunfermline recording strong house price growth."

This year, house price growth is expected to slow in Scotland, following more than two years of rapid growth. "A period of adjustment was always likely, particularly given the current economic environment," added Blair.

Meanwhile, estate agency and solicitors Lindsays recorded a 2.8% rise in capital sale prices during 2022, as market resets amid cost-of-living crisis and political turmoil.

Throughout 2022, the average price of homes sold through its Edinburgh office was £325,000. That compares to £316,000 in 2021.

Those sales were largely in and around the city, but also cover the wider Lothian regions.

In Dundee, the estate agency recorded an average price of £204,000 during 2022 - up 13% from £180,000 in 2021 - and the first time Dundee’s average price has exceeded £200,000.

Andrew Diamond, partner and head of residential property at Lindsays, said: “We’re not seeing any lack of appetite among buyers and sellers, what we are experiencing, though, is a resetting of the market.

“The outlook may, to some, have seemed dreadful in the very short term, but has improved as time has moved on, interest rates have already started to settle and mortgage rates are dropping slightly.

“What we might see in early 2023 is a much more stable, tradeable market, with price at a slightly less frothy level, but with a greater ability for buyers and sellers to actually trade - to get things done.”

Registers of Scotland figures show the average price of a property in Scotland in October - the most recent month analysed - was £194,874, an increase of 8.5% on October 2021.

Prices rose by 1.1% between September and October.

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Average Scottish house prices rise by £23,000 (2024)

FAQs

How much has the Scottish house price risen? ›

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

How much are houses going over the asking price in Scotland? ›

Sales prices have never been as high and clients should expect to achieve on average 5% above home report valuation but in extreme cases this can be beyond 10% with one sale in July in excess of 20% beyond home report valuation.

What is the average cost of a house in Scotland? ›

The latest figures for July 2023 show the average price of a property in Scotland is £192,000, which is an increase of 0.1% when compared to July 2022. The monthly price change of a property in Scotland is an increase of 1.1%. “There was little change in average house prices for Scotland in the 12 months to July 2023.

Are Edinburgh house prices rising? ›

Annual change in house prices in Edinburgh

In the year to February 2024, the average price for detached properties in Edinburgh rose by 9.3%, while the average price for flats increased by 5.8%.

Are property prices still rising in Scotland? ›

Property prices soared by 20% or more in dozens of Scottish neighbourhoods last year, official figures show. There were 173 pockets of the country where the average sold price was 20% higher in 2022 than in 2021, including 59 areas which saw prices rise by 30% or more.

How much will house prices drop in Scotland? ›

GLOBAL real estate advisor CBRE is predicting a relatively soft landing for house prices in Scotland with a fall of just 0.8% in 2024, slightly less than the UK average forecast of 0.9%.

What is expected with offers over in Scotland? ›

Most properties in Scotland are marketed at 'offers over' a certain amount. This generally means that the seller is hoping to secure a sale price above the amount quoted.

Can you offer below asking price in Scotland? ›

While it is much more common for homes to sell for over their asking price, it may be possible to have offers accepted for under the asking price. Every property and every seller is unique, and so you can never tell what price a seller might be happy to accept, unless you ask the question.

Can you negotiate house price in Scotland? ›

If there's no closing date set, this could mean nobody else has noted their interest. Instead of making an offer, you might be able to negotiate a price with the seller. If you decide to make an offer, it should include: a brief description of the home you want to make an offer on.

How much money do you need to live comfortably in Scotland? ›

Edinburgh, Scotland

Edinburgh is often rated one of the safest cities in Europe, according to TheInternGroup.com. Despite all these benefits, living in Edinburgh costs less than many other U.K. cities. Individuals can expect to spend roughly $1,401 in U.S. dollars monthly.

Where is cheapest property in Scotland? ›

Here are the most affordable places to buy a home in the UK, including the median values, average annual earnings and ratios of each area.
  • Greenock, Scotland. ...
  • Saltcoats, Scotland. ...
  • Ardrossan, Scotland. ...
  • Girvan, Scotland. ...
  • Irvine, Scotland. ...
  • Port Glasgow, Scotland. ...
  • Peterlee, North East. ...
  • Wishaw, Scotland. Value of a home: £98,695.
Jan 4, 2024

Is it cheaper to live in Scotland than the US? ›

Food costs in Scotland are lower, and the quality of produce is generally higher. The NHS in Scotland provides free healthcare services, reducing medical expenses for residents. Overall, Scotland offers a more affordable cost of living compared to the United States.

How much has the average house price increase in Edinburgh? ›

Latest figures from ESPC show that in the three months to January the average house price in Edinburgh rose by 5.6% annually, taking the average price of a property sold in the capital to £302,073.

Is buying property in Edinburgh a good investment? ›

Investing in Edinburgh is generally seen as a safe bet. The city's robust economy, stable rental market, and ongoing development projects, such as the St James Quarter, contribute to its appeal. Properties here often yield consistent rental incomes and long-term capital appreciation.

Is it worth buying a house in Edinburgh? ›

As a property investor, Edinburgh is a great area for you to consider. Property prices are on the rise, and Edinburgh is the only Scottish city to make it onto a top-ranking list for residential investment opportunities in the UK.

Are Scottish house prices falling? ›

On a national level, the 2023 total transactions were the lowest since 2013. The average Scottish house price is now £221,693, unchanged on December, but 0.2% up annually.

What is the housing situation in Scotland? ›

Scotland is in the midst of a housing crisis. The number of new-build homes started and completed last year fell by 24% and 11%, respectively, while a survey from the Scottish Association of Landlords (SAL) suggested that around 22,000 properties may have been removed from the rental market in the last year.

What was the average price of a house in Scotland in 1980? ›

80s and 90s

According to this data, in 1980 the average selling price in Scotland had shot up to £15,145 and in 1990 it was up at £35,684.

Is the Scottish housing market slowing down? ›

The market has slowed down in the majority of Scotland apart from the most desirable areas, and a shortage of properties for sale is keeping prices firm but investors are starting to pick up more deals.

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