PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/UK-House-Price-Index-Scotland–Fife-February-2023-e22nnpe
Headline statistics for February 2023
The average price of a property in Scotland was £180,287
The annual price change of a property in Scotland was 1.0%
The monthly price change of a property in Scotland was -2.6%
The index figure for Scotland (January 2015 = 100) was 133.6
Average house prices in Scotland increased by 1.0% in the 12 months to February 2023. This remained unchanged from the 12 months to January 2023 and was slower than the average UK house price annual inflation of 5.5% in the 12 months to February 2023. Scotland’s annual house price inflation has generally been slowing since the recent peak of 13.8% in the 12 months to April 2022.
On a non-seasonally adjusted basis, average house prices in Scotland decreased by 2.6% between January 2023 and February 2023, compared with a decrease of 2.5% during the same period 12 months ago. On a seasonally adjusted basis, average house prices in Scotland decreased by 0.3% between January 2023 and February 2023.
Comparing the provisional volume estimate for December 2021 with the provisional volume estimate for December 2022, the volume of transactions decreased by 12.2% in Scotland and increased by 30.5% in the UK.
In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 2.0% in the 12 months to February 2023 to £325,000. Flats and maisonettes showed the lowest annual percentage change, which decreased by 0.5% in the 12 months to February 2023 to an average price of £123,000.
The highest annual percentage change was in Moray, where average house prices increased by 10.1% in the 12 months to February 2023 to £188,000. The lowest annual percentage change was in City of Aberdeen, where average house prices decreased by 6.6% in the 12 months to February 2023 to £132,000.
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.
UK House Price Index Scotland & Fife February 2023
