At a national level, the picture this month shows Scotland’s average house price in November 2023 barely changed over the last year.
According to the Walker Fraser Steele November House Price Index, the average house price in Scotland in November 2023 has fallen by a minimal £16, or 0.0%, over the last twelve months, which is 0.5% lower than the rate seen in October, one month earlier. This is the lowest annual growth rate since May 2016.
Walker Fraser Steele regional development director Scott Jack believes the minimal price movement is remarkable when you consider the affordability pressures experienced by the housing market since the autumn of 2022. The average house price now is just -£16 lower than twelve months earlier and stands at £222,637.
However, the index also reveals some significant regional differences in average house prices over the same period.
“The reality is that regional hotspots like East Renfrewshire which enjoyed price gains of 12% during the period have been offset by dips elsewhere, such as Dumfries and Galloway which has endured a fall of -5.4%” Jack says.
“We have also seen variance in property types. Over the last year, the average price of detached properties has increased by +1.2%, and flats by +0.5%, while semi-detached and terraced properties have fallen by -1.8% and -0.9% respectively”.
He adds: “With underlying trends such as mortgage affordability improving now, more buyers will re-enter the market providing competition for the cash purchasers, who currently represent 36% of all sales in Scotland, which will further boost confidence.”
