UK: Scotland’s Real Estate Prices Hit Record £200,000 in 2024

August 2024 sees Scotland's average real estate price soar to £200,000, a 5.4% rise, outpacing the UK's 2.8% increase to £293,000.

UK: Scotland's Real Estate Prices Hit Record £200,000 in 2024

In a remarkable turn of events, the average real estate prices in Scotland has soared to an unprecedented £200,000 as of August 2024, marking a notable 5.4% increase year-on-year, as revealed by the latest UK House Price Index data. In juxtaposition, the average house price across the UK has seen a more tempered annual rise of 2.8%, culminating in a figure of £293,000.

When scrutinizing the month-on-month fluctuations, Scotland's house prices exhibited a non-seasonally adjusted increase of 1.2%, while a seasonally adjusted analysis reflected a more modest uptick of 0.8%. The volume of residential real estate transactions in Scotland for June 2024 stood at 8,493, which, when compared to the initial figures from June 2023, indicates a rather disheartening annual decline of 7.9%.

A spokesperson from Registers of Scotland commented on this significant milestone, stating, “The average house price for Scotland has reached £200,000 for the first time. This represents an increase of 5.4% in the 12 months to August 2024. This compares to an increase of 2.8% (to £293,000) in average house prices for the UK as a whole.”

The accompanying table delineates the average real estate prices in Scotland, along with the annual changes categorized by property type. Notably, the most substantial local authority increase was observed in East Renfrewshire, where the average price surged by 11.2% to £306,000. Conversely, Argyll and Bute experienced the largest decrease, with an average price dip of 0.4%, settling at £189,000.

In the realm of property pricing, August 2024 revealed that the City of Edinburgh reigns supreme as the most expensive locale for homebuyers, boasting an average price of £339,000. In stark contrast, East Ayrshire emerged as the most affordable area, with an average price of just £131,000. Thus, the Scotland real estate market continues to present a tapestry of contrasts, reflecting both opportunity and challenge for prospective buyers and investors alike.