Average house prices in Scotland increased by 0.1% in the 12 months to July 2023. This was down from 0.3% the 12 months to June 2023 and was slower than the average UK house price annual inflation of 0.6% in the 12 months to July 2023.
On a non-seasonally adjusted basis, average house prices in Scotland increased by 1.1% between June 2023 and July 2023, compared with an increase of 1.2% during the same period 12 months ago. On a seasonally adjusted basis, average house prices in Scotland increased by 0.3% between June 2023 and July 2023.
Comparing the provisional UK HPI volume estimate for May 2022 with the provisional UK HPI volume estimate for May 2023, the volume of transactions decreased by 9.5% in Scotland and by 17.7% in the UK.
In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 2.5% in the 12 months to July 2023 to £345,000. Flats and maisonettes showed the lowest annual percentage change, which decreased by 1.5% in the 12 months to July 2023 to an average price of £131,000.
The highest annual percentage change was in East Lothian, where average house prices increased by 11.7% in the 12 months to July 2023 to £330,000. The lowest annual percentage change was in West Dunbartonshire, where average house prices decreased by 7.0% in the 12 months to July 2023 to £133,000.
As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.
Average house prices in Scotland remained little changed (0.0%) in the 12 months to June 2023. This was down from 1.9% the 12 months to May 2023 and was slower than the average UK house price annual inflation of 1.7% in the 12 months to June 2023.
On a non-seasonally adjusted basis, average house prices in Scotland decreased by 0.4% between May 2023 and June 2023, compared with an increase of 1.5% during the same period 12 months ago. On a seasonally adjusted basis, average house prices in Scotland decreased by 1.0% between May 2023 and June 2023.
Comparing the provisional UK HPI volume estimate for April 2022 with the provisional UK HPI volume estimate for April 2023, the volume of transactions decreased by 18.6% in Scotland and by 24.0% in the UK.
In Scotland, semi-detached houses showed the highest annual percentage change out of all property types, increasing by 0.6% in the 12 months to June 2023 to £202,000. Detached houses showed the lowest annual percentage change, which decreased by 0.6% in the 12 months to June 2023 to an average price of £339,000.
The highest annual percentage change was in East Lothian, where average house prices increased by 16.0% in the 12 months to June 2023 to £339,000. The lowest annual percentage change was in West Dunbartonshire, where average house prices decreased by 6.7% in the 12 months to June 2023 to £131,000.
As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.
Weekly round up on what’s driving the Fife Property market including a look at recent listings, sales and coming soon:
Article, Podcast and TV Shows written and produced this week are:
FP TV (EP 154) BUY-TO-LET BOOSTER: Five ways to raise the return on your rental homes
Is your buy-to-let as profitable as it could be? Many aren’t. There’s often more mileage in a rental home than many landlords realise, and some of the checks you can make to determine whether your property is a peak performer include:
The Fife property market experienced a boom between the summer of 2020 and late summer of 2022, fuelled mainly by pandemic-induced trends such as the Land and Building Transaction Tax stimulus, low mortgage rates, the race for space, and the rise of remote working.
2023 has presented a different story for the Fife housing market, with cooling demand, rising mortgage rates, and declining home sales from the previous two years.
Many Fife homeowners are now concerned about a possible fall in Fife home prices, as the newspapers predict a housing recession. Nonetheless, there are several reasons why homeowners should not fear Fife house price drops.
This article will explore 14 key factors that can provide reassurance in uncertain times.
Weekly round up on what’s driving the Fife Property market including a look at recent listings, sales and coming soon:
Article, Podcast and TV Shows written and produced this week are:
FP TV (EP 133) SPRING VIEWINGS: Get your Fife home ready for the year’s busiest selling season
Spring has been the most popular season to buy and sell a home for as long as we can remember, and with good reason. Jim Parker and guests provide useful information to help you get your home in tip top order for selling this Spring.
Watch out for the Wealth Creation Show on Monday @ 12.30pm live on these channels:
EP62 THE WEALTH CREATION SHOW: The Principles of Building Wealth
Building wealth is a goal that many people aspire to, but it can often seem like an overwhelming task. It takes time, effort, and discipline to be successful with this goal, so don’t be lured by get-rich-quick schemes and too-good-to-be-true opportunities that can send you down a dangerous path.
The good news is that there are principles and strategies that can help anyone build and preserve wealth over the long term.
Luckily, you don’t need to head back to school to understand this as Richard Cook and one of the UK’s most successful property investors, Jim Parker is on hand to take you through building a property portfolio, what it means to purchase several buy-to-let investment opportunities to generate a significant return on investment – more so than you would with just one property. Also, making sure you are financially ready, setting goals, doing your research, remembering to diversify and the benefits of a Hands-Off Investment.
If you are a private client of ours, including the ongoing support you will also receive an invite for the last Thursday of every month to a private zoom session which will be a deep dive into more detail on portfolio building. If you haven’t received your invite, please contact us to richard.cook@fifeproperties.co.uk
This is all about accelerating your wealth in 2023.
*We must point out that we are not financial advisors, and this is only our opinion of what we would do. Investments can go down as well as up so if you do want professional advice from a qualified advisor, please contact us direct and we will put you in touch with someone.
As the British and Fife property market navigates the ongoing economic turmoil, many Fife homeowners and landlords may feel uncertain about the future.
However, up-to-date data suggests that the 2023 property crash predicted by the many newspapers and the usual clickbait doom-mongers in the lead-up to Christmas on social media, may not be as bad as initially thought, and there are reasons to be cautiously optimistic.
The doom and gloom of the national newspaper headlines regarding the UK property market would make you think Armageddon has arrived – this being the second most interesting topic to the Brits (the first being the weather!).
So, what is happening in the British property market? As with most things in life, the devil is in the detail.
