Scottish house prices up £12,379 as market shows resilience

Scottish house prices have defied economic turmoil to surge by £12,379 in the last year, according to new figures. 

Analysis DJ Alexander Ltd, Scotland’s largest estate agency, revealed a significant rise in average house prices from £177,949 in February 2023 to £190,328 in January 2024.

This contrasts sharply with the rest of the UK, where average house prices rose by just £439 over the same period, with prices in England falling by £2,760.

Significant regional variations within Scotland

The report also highlights significant regional variations within Scotland with East Lothian seeing the highest increase of £27,071, followed by Edinburgh (£19,844).

East Dunbartonshire (£19,099), Midlothian (£16,222) and East Renfrewshire (£14,637) all saw large price rises.

However, Argyll and Bute saw the largest price drop of £10,519, with Dumfries and Galloway also experiencing a decrease of £623.

Expressed surprise at the market’s strength

The firm’s chief executive, David Alexander, expressed surprise at the market’s strength and said: “The Scottish housing market has remained remarkably resilient.

“An increase of £12,379 equates to a 6.9% rise despite high interest rates, rising bills and economic concerns.”

He pointed out that almost every region saw price increases, with nine areas experiencing growth of more than £10,000 in the last year.

This growth, he suggests, is concentrated around major cities like Edinburgh and Glasgow, with Dundee and Aberdeen also showing strong performance.

Decline in the popularity of rural and remote locations

The price trend points, Mr Alexander says, to a desire for urban living or easy access to major cities, potentially signalling a decline in the popularity of rural and remote locations.

He added: “These figures point to a very positive and dynamic housing market.

“Given potential interest rate falls and continued high employment, Scottish house prices are likely to keep rising in the coming year.”