Accredited official statistics

UK House Price Index Scotland: December 2023

Published 14 February 2024

1. Headline statistics for December 2023

The average price of a property in Scotland was £190,341

The annual price change of a property in Scotland was 3.3%

The monthly price change of a property in Scotland was -0.9%

The index figure for Scotland (January 2015 = 100) was 141.0

Estimates for the most recent months are provisional and are likely to be updated as more data is incorporated into the index. Read the revision policies.

Next publication of UK HPI

The January 2024 UK HPI will be published at 9.30am on Wednesday 20 March 2024. See the calendar of release dates for more information.

2. Economic statement

Average house prices in Scotland increased by 3.3% (provisional estimate) in the 12 months to December 2023. This was up from 1.1% (revised estimate) in the 12 months to November 2023 and was higher than the average UK house price annual inflation of negative 1.4% (provisional estimate) in the 12 months to December 2023.

On a non-seasonally adjusted basis, average house prices in Scotland decreased by 0.9% between November 2023 and December 2023, compared with a decrease of 3.0% during the same period 12 months ago. On a seasonally adjusted basis, average house prices in Scotland increased by 1.0% between November 2023 and December 2023.

Comparing the provisional UK HPI volume estimate for October 2022 with the provisional UK HPI volume estimate for October 2023, the volume of transactions decreased by 13.7% in Scotland and by 26.7% in the UK.  

In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 5.6% in the 12 months to December 2023 to £349,000. Terraced houses showed the lowest annual percentage change, which increased by 1.8% in the 12 months to December 2023 to an average price of £160,000.

The highest annual percentage change was in East Renfrewshire, where average house prices increased by 8.8% in the 12 months to December 2023 to £310,000. The lowest annual percentage change was in Dumfries and Galloway, where average house prices decreased by 6.9% in the 12 months to December 2023 to £156,000.

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.

3. Price change

3.1 Annual price change

Annual price change for Scotland over the past 5 years

In Scotland, average prices increased by 3.3% in the 12 months to December 2023 (provisional estimate), up from 1.1% in the 12 months to November 2023 (revised estimate).

Annual price change by local authority for Scotland

Low numbers of sales transactions in some local authorities, such as Orkney Islands, Na h-Eileanan Siar and Shetland Islands, can lead to volatility in the series.

While we make efforts to account for this volatility, the change in price in these local levels can be influenced by the type and number of properties sold in any given period.

Geographies with low number of sales transactions should be analysed in the context of their longer-term trends rather than focusing on monthly movements.

Local authorities December 2023 December 2022 Difference
Aberdeenshire £202,120 £204,977 -1.4%
Angus £170,446 £168,779 1.0%
Argyll and Bute £185,409 £195,967 -5.4%
City of Aberdeen £136,574 £137,756 -0.9%
City of Dundee £146,225 £142,714 2.5%
City of Edinburgh £337,558 £328,247 2.8%
City of Glasgow £173,635 £173,534 0.1%
Clackmannanshire £168,907 £164,755 2.5%
Dumfries and Galloway £155,717 £167,235 -6.9%
East Ayrshire £125,107 £126,510 -1.1%
East Dunbartonshire £271,752 £260,035 4.5%
East Lothian £329,427 £310,731 6.0%
East Renfrewshire £309,608 £284,584 8.8%
Falkirk £169,392 £167,530 1.1%
Fife £173,538 £171,081 1.4%
Highland £210,898 £204,889 2.9%
Inverclyde £125,466 £123,712 1.4%
Midlothian £243,932 £232,148 5.1%
Moray £189,261 £188,524 0.4%
Na h-Eileanan Siar £175,419 £153,450 14.3%
North Ayrshire £127,405 £127,283 0.1%
North Lanarkshire £137,323 £134,243 2.3%
Orkney Islands £195,302 £212,559 -8.1%
Perth and Kinross £245,528 £244,866 0.3%
Renfrewshire £154,961 £149,630 3.6%
Scottish Borders £201,232 £193,963 3.7%
Shetland Islands £172,655 £210,613 -18.0%
South Ayrshire £169,597 £169,137 0.3%
South Lanarkshire £167,284 £163,539 2.3%
Stirling £251,868 £248,523 1.3%
West Dunbartonshire £137,898 £137,360 0.4%
West Lothian £211,838 £208,500 1.6%
Scotland £190,341 £184,245 3.3%

Average price by local authority for Scotland

In December 2023, the most expensive area to purchase a property was City of Edinburgh, where the average cost was £338,000. In contrast, the cheapest area to purchase a property was East Ayrshire, where the average cost was £125,000.

3.2 Average price change by property type

Average price change by property type for Scotland

Property type December 2023 December 2022 Difference
Detached £349,173 £330,785 5.6%
Semi-detached £205,607 £196,108 4.8%
Terraced £159,647 £156,813 1.8%
Flat or maisonette £128,728 £125,933 2.2%
All £190,341 £184,245 3.3%

4. Sales volumes

The amount of time between the sale of a property and the registration of this information varies. It typically ranges between 2 weeks and 2 months but can be longer. Volume figures for the most recent 2 months are not yet at a reliable level for reporting, so they are not included in the report. Published transactions for recent months will increase as later registered transactions are incorporated into the index.

Sales volume data is also available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions involving the creation of a new register, such as new builds, are more complex and require more time to process. Read Revisions to the UK HPI data for more information.

4.1 Sales volumes by local authority

Sales volumes for Scotland by local authority

Comparing the provisional volume estimate for the current month with the revised volume estimate for the corresponding month in the previous year

Local authorities October 2023 October 2022
Aberdeenshire 310 395
Angus 155 183
Argyll and Bute 151 179
City of Aberdeen 318 386
City of Dundee 183 224
City of Edinburgh 802 945
City of Glasgow 901 1,098
Clackmannanshire 59 99
Dumfries and Galloway 178 209
East Ayrshire 170 182
East Dunbartonshire 147 160
East Lothian 186 209
East Renfrewshire 147 163
Falkirk 223 227
Fife 493 592
Highland 338 408
Inverclyde 115 113
Midlothian 139 158
Moray 150 159
Na h-Eileanan Siar 32 38
North Ayrshire 213 226
North Lanarkshire 425 499
Orkney Islands 25 28
Perth and Kinross 247 327
Renfrewshire 281 335
Scottish Borders 168 182
Shetland Islands 25 29
South Ayrshire 163 214
South Lanarkshire 515 676
Stirling 133 175
West Dunbartonshire 112 109
West Lothian 218 257
Scotland 7,722 9,184

Note: The ‘Difference’ column has been removed from this table as the latest month’s data are not yet complete.

Note: The number of property transactions for October 2023 will increase as more transactions are incorporated into the UK HPI index. See our Revisions Policy for more information.

Comparing the provisional UK HPI volume estimate for October 2022 with the provisional UK HPI estimate for October 2023, volume transactions decreased by 13.7% in Scotland.

UK Property Transaction Statistics published by HM Revenue & Customs (which differ in coverage but are more complete for this period) report that on a non-seasonally adjusted basis, HMRC volume transactions decreased by 15.3% in Scotland in the 12 months to October 2023.

4.2 Sales volumes

Sales volumes for Scotland over the past 5 years

Date Sales volumes for Scotland
October 2019 9,456
October 2020 12,974
October 2021 10,429
October 2022 9,184
October 2023 7,722

5. Property status

Transactions involving the creation of a new register, such as new builds, are more complex and need more time to process. This means they can take longer to appear in the land registers. The volume of new build transactions for the most recent 2 months are not at a reliable level for reporting the breakdown between new build and existing resold property, so they are not included in the report.

New build and existing resold property for Scotland

Property status Average price October 2023 Monthly change Annual change
New build £295,975 0.8% 9.3%
Existing resold property £183,987 -0.2% -1.6%

Note: Since the October 2017 release, amendments have been made to our estimation model when calculating our provisional estimate. Find out further information and the impact of this change in methods used to produce the UK HPI.

6. Buyer status

First time buyer and former owner occupier for Scotland

Type of buyer Average price December 2023 Monthly change Annual change
First time buyer £151,795 -0.4% 2.9%
Former owner occupier £231,224 -1.4% 3.7%

7. Funding status

Cash and mortgage indicator for Scotland

Funding status Average price December 2023 Monthly change Annual change
Cash £172,412 -0.7% 2.4%
Mortgage £198,918 -0.9% 3.7%

8. Access the data

Download the data as CSV files or access it with our UK HPI tool.

Data revisions

View any revisions to previously published data in the data downloads or find out more about revisions in our guidance About the UK HPI.

9. About the UK House Price Index

The UK House Price Index (UK HPI) is calculated by the Office for National Statistics and Land & Property Services Northern Ireland. Find out about the methodology used to create the UK HPI.

Data for the UK House Price Index is provided by HM Land Registry, Registers of Scotland, The Land & Property Services/Northern Ireland Statistics & Research Agency and the Valuation Office Agency.

Find out more about the UK House Price Index.

10. Contact for Scotland queries

Anne MacDonald, Land & Property Data Team, Registers of Scotland

Email Anne.MacDonald@ros.gov.uk

Telephone 0131 378 4991