Capital Appreciation - UK winners and losers over past 12 months

Average house prices rose £7,599 in Scotland last year according to analysis of the latest statistics by DJ Alexander Ltd, the largest lettings and estate agency in the country. 

Average house prices in Scotland rose increased from £182,742 to £190,341. In the rest of the UK average house prices actually fell by £740 over the same period.

Across Scotland there were substantial variations in price rises with East Renfrewshire recording the highest increase of £28,358; East Lothian rising by £22,318; Midlothian up £16,396; East Dunbartonshire higher by £16,180; and Edinburgh up by £13,050.

There were three falls in values last year with the largest in Dumfries and Galloway where average prices dropped by £8,354; were down £6,759 in Argyll and Bute; and fell £540 in Moray.

David Alexander, the chief executive officer of DJ Alexander Scotland, says: “The Scottish housing market has remained remarkably resilient over the last few years. An increase of £7,599 equates to a 4.2% rise last year at a time when interest rates had risen, utility bills were soaring, and there were concerns over the sluggish performance of the economy.

“Despite all of these factors almost every part of Scotland recorded an increase in average prices with five areas having a double digit rise over the twelve months.

“The largest increases occurred in and around Edinburgh and Glasgow highlighting how popular these areas remain for buyers. People seem to be drawn back to live and work in cities again and the trend for rural and remote homebuying may be on the decline.

“Certainly, the drop in prices in Moray, Argyll and Bute, and Dumfries and Galloway would indicate this as the trend toward country life may be reversing at the moment. It was interesting to note that Aberdeen and Aberdeenshire have both experienced positive growth which must be due to the announcements of further developments in the oil and gas sector which is once again revitalising the economy in the North-East.

“These figures are remarkably positive and indicate a housing market that remains robust and buoyant. With interest rates likely to fall, employment remaining high I believe these increases in Scottish house prices are likely to continue in the coming year.”

Table: Average house price increases between 01/2023 and 12/23 from largest price gain to smallest

Location                                          01/23                  12/23                  Difference             

East Renfrewshire                         £281,250            £309,608            £28,358

East Lothian                                    £307,109            £329,427            £22,318

Midlothian                                      £227,536            £243,932            £16,396

East Dunbartonshire                     £255,572            £271,752            £16,180

Edinburgh                                       £324,508            £337,558            £13,050

Stirling                                             £242,660            £251,868            £9,208

Renfrewshire                                  £146,078            £154.961            £8,883

All Scotland                                          £182,742            £190,341            £7,599

Highland                                          £203,638            £210,898            £7,260

Borders                                           £194,449             £201,232            £6,783

Dundee                                           £139,871             £146,225            £6,354

South Lanarkshire                         £160,953            £167,284            £6,331

West Lothian                                  £205,657            £211,838            £6,181

Clackmannanshire                         £163,689            £168,907            £5,218

Falkirk                                              £164,589            £169,392            £4,803

Fife                                                   £168,792            £173,538            £4,746

Glasgow                                          £169,864            £173,635            £3,771

Aberdeen                                        £132,899            £136,574            £3,675

North Lanarkshire                         £133,950            £137,323            £3,373

Perth and Kinross                          £242,580            £245,528            £2,948

Aberdeenshire                               £199,224            £202,120            £2,896

Angus                                               £167,668            £170,446            £2,778

South Ayrshire                               £167,807            £169,597            £1,790

East Ayrshire                                  £124.315            £125,107            £792

West Dunbartonshire                   £137,549            £137,898            £349

North Ayrshire                               £127,244            £127,405            £161

Moray                                              £189,801            £189,261            -£540

Argyll and Bute                              £192,168            £185,409            -£6,759

Dumfries and Galloway                £164,071            £155,717            -£8,354