Scottish house prices surge by 6.3%

Average house prices in Scotland rose by £11,613 over the past 12 months, reaching £195,036 in November 2024, data reveals.

This represents a 6.3% annual increase, outpacing the 3.8% rise seen in England and Wales during the same period.

The analysis by DJ Alexander Ltd, a lettings and estate agency, also highlights big regional variations.

It says that Stirling experienced the highest price rise at £24,080, followed by Edinburgh (£22,752), East Lothian (£18,511) and Renfrewshire (£16,651).

Conversely, North Ayrshire saw the smallest increase at £2,639, with Aberdeenshire (£3,483), Dundee (£3,606), South Lanarkshire (£4,550) and Falkirk (£5,994) also recording lower growth.

Scottish housing market remains resilient

The firm’s chief executive, David Alexander, said: “The Scottish housing market remains remarkably resilient.

“An average increase of £11,613 – equivalent to a 6.3% rise over the year – at a time when interest rates remained stubbornly high alongside concerns over the performance of the economy is a remarkable outcome.”

He also points to the market’s buoyancy, noting that while every region in Scotland recorded price rises – 13 areas saw growth exceeding £10,000.

Some parts remain popular

Mr Alexander said: “In Stirling, prices have increased by £463 a week for the entire year.

“Some parts of Scotland remain enormously popular, recording large increases despite already being among the most expensive places to buy.

“Edinburgh, East Lothian, and East Renfrewshire are already above the £300,000 mark, while East Dunbartonshire, Stirling, and Perth and Kinross have average prices above a quarter of a million pounds.”

Recovery in popular rural area

While acknowledging the strong performance of the central belt, Mr Alexander highlights a recovery in popular rural areas such as Argyll and Bute, Moray and Angus, where prices increased by at least £10,000.

He said: “The Scottish housing market continues to outperform our neighbours in England and Wales, producing really quite robust growth.

“Over the long term, you would anticipate annual increases of between two to three percent, but average property prices in Scotland are currently running at double that rate of growth.”

Mr Alexander continued: “Lower interest rates this year, the potential easing of lending criteria and high employment rates are all likely to produce a period when house prices will continue to increase.”