Scottish House Prices See 5.5% Annual Growth in October 2024

The latest House Price Index (HPI) data for Scotland reveals that the average property price in October 2024 was £197,000, reflecting a 5.5% increase compared to October 2023. Month-on-month, house prices experienced a slight rise of 0.2% on a non-seasonally adjusted basis and 0.3% when seasonally adjusted.

In terms of sales activity, there were 9,791 residential sales recorded in Scotland in August 2024. This marks an 18.5% increase compared to August 2023, demonstrating a notable uptick in market activity.

A Registers of Scotland spokesperson highlighted, “The average house price in Scotland rose by 5.5% in the 12 months to October 2024, compared to a 3.4% increase in average house prices across the UK during the same period.”

Among Scotland's local authority areas, house price increases were observed in 30 out of 32 regions. West Lothian recorded the highest growth, with property prices rising by 9.7% year-on-year to an average of £220,000. Dumfries and Galloway experienced a modest decline of 0.7%, bringing the average property price there to £165,000.

The City of Edinburgh remains the highest-priced area in Scotland, with an average property price of £340,000. In contrast, Inverclyde and East Ayrshire were the most affordable, both with average property prices of £133,000.