.png)
16 Aug 2024
After three months of growth and a new record high, Scotland’s house prices paused for breath in June with a slight drop of 0.7% or nearly £1,700 on average.
After three months of growth and a new record high, Scotland’s house prices paused for breath in June with a slight drop of 0.7% or nearly £1,700 on average.
Despite this fall, Scotland’s house prices continue to out-pace those seen in England and Wales, notes Scott Jack, regional development director at Walker Fraser Steele estate agency. He says that on an annual basis, Scotland has shown positive movement in 11 of the last 12 months, again outstripping England and Wales which have yet to record a single month of annualised positive house price movement.
“Whilst the overall picture in June was down, nine local authorities still experienced rising prices in the month, and prices in three local authorities; South Lanarkshire, Angus and East Ayrshire recorded new highs.
“On the flipside, the remaining 23 local authorities saw a fall in prices in the month, which is a timely reminder that whilst interest rate cuts are now likely in the pipeline, the housing market continues to face headwinds from the current high mortgage rates and continuing cost-of-living pressures.
“Notable local authority price fallers included East Lothian, which fell by 4.7% in June. Coupled with Edinburgh’s rise of 0.9%, saw the capital city re-take the mantle of Scotland’s most expensive local authority.
” After setting record levels for several months, June was somewhat quieter for Scotland. Indeed, average house prices in June retreated by nearly £1,700 (0.7%) compared with May. Scotland’s average house price is now just shy of £224,000. Despite giving up some of their recent gains, prices nationally remain more than 1% above their earlier peak in September 2023.
Scotland has experienced an earlier and stronger price revival than England or Wales, as Figure 1 shows. Average prices in Scotland only briefly reversed on an annual basis while prices in England and Wales have been languishing since mid-2023.
Local Authority pricesHow prices in June 2024 compare
Rank | Prior Year Rank | Local authority | Jun 2023 | May 2024 | Jun 2024 | Monthly % chg | Annual % chg |
1 | (2) | City Of Edinburgh | £333,395 | £334,551 | £337,619 | 0.9% | 1.3% |
2 | (3) | East Renfrewshire | £327,687 | £339,082 | £331,406 | -2.3% | 1.1% |
3 | (1) | East Lothian | £334,294 | £322,282 | £307,109 | -4.7% | -8.1% |
4 | (5) | Midlothian | £287,208 | £307,768 | £303,310 | -1.4% | 5.6% |
5 | (4) | East Dunbartonshire | £288,746 | £301,481 | £296,663 | -1.6% | 2.7% |
6 | (6) | Stirling | £251,148 | £262,680 | £271,658 | 3.4% | 8.2% |
7 | (9) | West Lothian | £235,301 | £249,078 | £246,401 | -1.1% | 4.7% |
8 | (7) | Perth and Kinross | £245,063 | £247,304 | £241,028 | -2.5% | -1.6% |
9 | (8) | Aberdeenshire | £236,521 | £236,133 | £234,725 | -0.6% | -0.8% |
10 | (11) | Highland | £222,824 | £238,590 | £233,898 | -2.0% | 5.0% |
11 | (12) | Orkney Islands | £221,184 | £212,415 | £228,300 | 7.5% | 3.2% |
12 | (13) | Moray | £211,893 | £217,874 | £217,547 | -0.1% | 2.7% |
13 | (10) | Scottish Borders | £227,027 | £221,836 | £216,449 | -2.4% | -4.7% |
14 | (14) | Argyll and Bute | £207,042 | £221,680 | £214,543 | -3.2% | 3.6% |
15 | (16) | Fife | £202,799 | £207,499 | £205,766 | -0.8% | 1.5% |
16 | (15) | Glasgow City | £205,748 | £210,724 | £204,909 | -2.8% | -0.4% |
17 | (17) | South Lanarkshire | £196,996 | £200,588 | £203,291 | 1.3% | 3.2% |
18 | (18) | Angus | £189,042 | £194,338 | £195,744 | 0.7% | 3.5% |
19 | (19) | South Ayrshire | £187,328 | £191,831 | £195,661 | 2.0% | 4.4% |
20 | (21) | Aberdeen City | £186,178 | £185,390 | £189,888 | 2.4% | 2.0% |
21 | (25) | Clackmannanshire | £173,848 | £190,800 | £189,824 | -0.5% | 9.2% |
22 | (24) | Dumfries and Galloway | £182,973 | £186,968 | £185,852 | -0.6% | 1.6% |
23 | (22) | Renfrewshire | £185,689 | £188,153 | £185,282 | -1.5% | -0.2% |
24 | (20) | Falkirk | £186,543 | £187,254 | £184,683 | -1.4% | -1.0% |
25 | (23) | Shetland Islands | £185,453 | £191,782 | £177,374 | -7.5% | -4.4% |
26 | (27) | North Lanarkshire | £167,178 | £172,481 | £170,908 | -0.9% | 2.2% |
27 | (29) | East Ayrshire | £151,525 | £163,728 | £166,036 | 1.4% | 9.6% |
28 | (26) | Dundee City | £167,644 | £164,986 | £162,098 | -1.8% | -3.3% |
29 | (28) | Na H-Eileanan Siar | £162,485 | £159,993 | £154,035 | -3.7% | -5.2% |
30 | (32) | West Dunbartonshire | £141,555 | £153,388 | £150,097 | -2.1% | 6.0% |
31 | (30) | North Ayrshire | £148,389 | £153,914 | £148,453 | -3.5% | 0.0% |
32 | (31) | Inverclyde | £144,808 | £141,474 | £143,916 | 1.7% | -0.6% |
|
| Scotland | £220,989 | £225,610 | £223,923 | -0.7% | 1.3% |
Despite June’s quieter conditions, nine local authorities still experienced rising prices in the month. This was the lowest figure in three years, but this risks misrepresenting the state of the market – which is best described as more a pause for breath rather than a major reversal.
Prices in three local authorities – South Lanarkshire, Angus and East Ayrshire - hit new market highs (see Table 2). Of these, the recovery story in Angus looks the most compelling, with the authority having witnessed price increases for six straight months in a row.
Property Investor Today