PODCAST: https://podcasters.spotify.com/pod/show/fife-properties/episodes/UK-House-Price-Index-Scotland–Fife-January-2023-e210ppu
Headline statistics for January 2023
Average house prices in Scotland increased by 1.0% in the 12 months to January2023. This was down from 5.1% in the 12 months to December 2022 and was slower than the average UK house price annual inflation of 6.3% in the 12 months to January2023. Scotland’s annual house price inflation has generally been slowing since the recent peak of 13.8% in the 12 months to April 2022. Scotland’s annual inflation slowed this month because average Scotland house prices fell in January 2023, but rose in the same period a year ago.
On a non-seasonally adjusted basis, average house prices in Scotland decreased by0.5% between December 2022 and January 2023, compared with an increase of3.4% during the same period 12 months ago. On a seasonally adjusted basis, average house prices in Scotland decreased by 1.3% between December 2022 and January 2023.
Comparing the provisional volume estimate for November 2021 with the provisional volume estimate for November 2022, the volume of transactions decreased by 6.2% in Scotland and increased by 45.8% in the UK.
In Scotland, detached houses showed the largest annual percentage change out of all property types, increasing by 3.1% in the 12 months to January 2023 to £341,000. Flats and maisonettes showed the lowest annual percentage change, which decreased by 1.8% in the 12 months to January 2023 to an average price of £124,000.
The highest annual percentage change was in Clackmannanshire, where average house prices increased by 12.4% in the 12 months to January 2023 to £172,000. The lowest annual percentage change was in City of Aberdeen, where average house prices decreased by 4.4% in the 12 months to January 2023 to £137,000.
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.
