Economic statement
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.
