Latest Statistics Show Resilience in Scotland’s Property Prices
Whether you are in the Scottish property market to buy or sell, it’s always interesting to keep an eye on the latest statistics from government agencies. Of course, these are just that – statistics – but they do offer some insight into the direction of the pendulum in terms of the health of the property market at a time when many people are tightening their belts.
According to the latest UK house price index: May 2023 released on 19 July 2023 by the Office for National Statistics (ONS), the average house price in Scotland increased by 3.2% over the 12 months to May 2023 to £193,000. The same report notes that the UK average house price in May 2023 was £286,000, up £6,000 from 12 months ago.
In Scotland, the £193,000 figure is an increase of 1.8% in the 12 months to April 2023. It’s also notable that compared to the previous month (April 2023), house prices north of the border increased by 3%.
According to Registers of Scotland, analysis of the latest statistics suggests that all property types – from flats and maisonettes to semi-detached and detached houses – showed an increase in average price when compared to May 2022.
Notably, detached housesin Scotland recorded the largest increase of all property types, rising by 4.1% in the year to May 2023, to £345,000. By contrast, semi-detached houses recorded the lowest annual percentage change, increasing by 1.9% in the year to May 2023, to £202,000.
Local authority breakdown
For first-time buyers, who are flexible on location and prioritising affordability to get on the property ladder, take note that in May 2023 the local authority area of Inverclyde continued to have the lowest average property price at £122.785. It’s also the local authority area with a significant 12% annual rise in average property price. This may underline that this area, including the coastal towns of Greenock and Gourock offers an opportunity to get on the housing market and potentially see your home increase in value. It’s also an area easily commutable by car and train to Glasgow city centre.
However, East Lothian that’s commutable from Edinburgh and includes the pretty coastal town of North Berwick has recorded the largest annual average increase in property prices (16.1%) to £339,000. The City of Edinburgh itself continues to be attractive to home buyers with a 4.6% increase in property prices over the past 12 months to an average of £334,118.
Notably, the latest statistics from the Registers of Scotland confirms average annual (May 22-May 23) property price increases were recorded in 20 out of 32 local authority areas. Increases included City of Glasgow (1% increase to £168,415), Fife (4.8% to £170,117), Renfrewshire (8.5% to £159,154) and East Ayrshire (4.4% to £127,474).
Conversely, the largest decrease in average annual property price between May 22-May 23) was West Dunbartonshire, where the average price decreased by 4.0% to £130,000.
In my opinion, the above figures underline that while there continues to be volatility in the property market, average property prices in many parts of Scotland are holding up – which is good news if you plan to sell. However, while certain areas of the country may offer greater affordability for the likes of first-time buyers, the ongoing pressures in cost-of-living – including elevated mortgage rates and utility bills – means the property market is continuing to be challenging for those trying to enter the market or move into larger (family) homes.
Andrew MacKenzie is a qualified Chartered Surveyor with over 20 years’ experience within the Scottish Property market. He specialises in all types of residential valuations including Home Reports, Private Valuation reports and Development Appraisals.
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