According to the latest figures from the Bank of Scotland, the average Scottish house price went up by £23,000, with an average property price rise of 10.9%. In Edinburgh, house prices went up by 12.9%, and Glasgow saw a rise of 13.9% in the last 12 months.
Kirkaldy reported the highest increase in the average price paid for a property at 29%.
The average house price in Scotland increased by more than £23,000 to £242,213 in the last 12 months.
The second highest average price rise was seen in Johnstone, Renfrewshire, where average prices were up by 24% to £245,849 in the last 12 months.
Another significant price rise was seen in Dunfermline, with property prices rising from £190,087 to £226,481.
In terms of falling house prices, only two locations saw prices fall back over the last 12 months, but this was only a marginal drop in house prices. Property prices in Ayr fell by 1.7%, and in Aberdeenshire, prices fell by 0.2%.
Regarding house prices and affordability, Edinburgh was the most expensive place to buy a property, but nearby areas saw bigger price increases. This is partly due to the shift in buyer requirements after the pandemic, whereby homebuyers looked for larger homes further from city centres as homeworking became the norm. Fife has been a property hotspot the last year, and Kirkcaldy and Dunfermline saw strong house price growth.
It is anticipated that as we progress through 2023, house price growth may slow in Scotland following the rapid growth we have seen over the last few years, as supply simply couldn’t meet the demand from buyers. Therefore, rather than a drop, it’s a price correction.
The latest figures from the Registers of Scotland (RoS) showed that the average Scottish house price in October 2022 was £194,874. This is an increase of 8.5% compared to the previous October, and house prices went up by 1.1% between September and October.
To find out more about house prices in your area, talk to one of our property specialists in your local branch. They’ll be happy to help and can arrange a free property appraisal.
Clyde Property is a leading independent, multiple award-winning estates and letting agent with more than 30 years of experience in selling and letting property in Scotland. Call your local Clyde Property branch today, for friendly, impartial advice on finding your next dream home.
