Scottish property prices rocket by £10,654 in a year

House values across Scotland have soared by an average of £10,654 over the past year, research reveals.

According to an analysis of data, the average home price in Scotland jumped from £181,273 in June 2024, to £191,927 in May, marking a 5.9% annual increase.

The findings from lettings and estate agency DJ Alexander Ltd, show that growth has outpaced the 3.1% rise seen in England and Wales during the same period.

Regional differences were stark with East Lothian topping the list with a £27,946 increase.

It is followed by Midlothian at £19,700, Perth and Kinross at £18,938, Edinburgh at £18,691 and East Dunbartonshire at £17,962.

Scottish housing market is buoyant

The firm’s chief executive, David Alexander, said: “The Scottish housing market remains buoyant with an average increase of £10,654 – equivalent to a 5.9% rise over the year – at a time when interest rates have fallen at a slower pace than anticipated alongside continuing concerns over the performance of the economy.

“Particularly striking is that the Scottish increase is almost double the percentage in England and Wales where average prices only rose by 3.1% over the same period.”

He highlighted robust demand, with 10 areas seeing significant gains, but expressed concern over the widening gap between affluent and less prosperous regions.

He said: “The difference in average price between East Lothian and Inverclyde – respectively the most expensive and cheapest places to buy in the most recent data – is £183,363 which is substantial.”

Areas with lower gains

However, not all areas saw gains with Aberdeenshire experiencing a £5,690 drop, and South Ayrshire saw a £3,376 decline.

Minimal growth was also recorded in Aberdeen (£625), West Dunbartonshire (£1,055) and Moray (£3,161).

Twelve regions saw average price increases exceeding £10,000 and East Lothian is the priciest place to buy, with homes averaging £297,042.

Inverclyde remained the most affordable at £113,679.