UK House Price Index figures for July 2023

Three key figures for July 2023:

• £192,000
  The average price of a property in Scotland
• 0.1%
  The annual price change of a property in Scotland
• 1.1%
  The monthly price change of a property in Scotland

Estimates for the most recent months are provisional and are likely to be updated as more data is included. The house price index for July 2023 reflects transactions that took place up to the end of July.

The latest provisional statistics from the UK HPI show that the average price of a property in Scotland in July 2023 was £192,000, an increase of 0.1% when compared to July 2022

Comparing with the previous month, house prices in Scotland increased by 1.1% on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis the increase was 0.3%.

Economic commentary is available here.

The UK average house price was £290,000 which was an annual increase of 0.6% on July 2022. Comparing with the previous month, UK house prices increased by 0.5% between June 2023 and July 2023 on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis prices decreased by 0.5%.

The volume of residential sales in Scotland in April 2023  was 7,538 , a decrease of a decrease of 9.5% on the original provisional estimate for May 2022.

Commenting on the house price figures in Scotland, a RoS spokesperson said:

“There was little change in average house prices for Scotland in the 12 months to July 2023. House price inflation has generally been trending down since it reached a peak of 13.4% in April 2022.

The volume of residential sales in Scotland in May 2023 decreased by 9.5% compared with the provisional volume estimate for May 2022. This compares with a decrease in volumes of 17.7% across the UK as a whole.’’

In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 2.5% in the 12 months to July 2023 to £345,000. Flats showed the lowest annual percentage change, with prices decreasing by 1.5% in the 12 months to July 2023 to an average price of £131,000.

Average prices for Local Authorities are based on a 3-month moving average to help remove some of the volatility in the series. Increases were recorded in 16 out of 32 local authority areas, when comparing prices with the previous year. The largest increase was in East Lothian where the average price increased by 11.7% to £330,000. The largest decrease was recorded in West Dunbartonshire, where the average price decreased by 7.0% to £133,000. 

In July 2023, the highest-priced area to purchase a property was City of Edinburgh, where the average price was £333,000. In contrast, the lowest-priced area to purchase a property was East Ayrshire, where the average price was £126,000.

Further information on HPI Scotland by local authority, property type, first time buyers and cash sales can be found in the latest HPI Scotland publication.

As with other indicators in the housing market, which typically fluctuate from month-to-month, it is important not to put too much weight on one month’s set of house price data.

Notes to editors

1. Registers of Scotland is the public body responsible for compiling and maintaining registers relating to property and other legal documents in Scotland. Registers of Scotland records and safeguards the rights of the individual while providing open access to information on the registers.
2. For the publication schedule for the UK HPI see the calendar of release dates.
3. The statistics have been produced in accordance with the Code of Practice for Statistics. The UK House Price Index is a joint publication with our publication partners: HM Land Registry for England and Wales, Land & Property Services Northern Ireland and Office for National Statistics. The UK HPI was designated as National Statistics by the Office for Statistics Regulation on 18 October 2018.
4. Registers of Scotland provides data on residential property sales for the Scotland element of the UK House Price Index. Separate HPI releases are also published by HM Land Registry and Land & Property Services Northern Ireland, which focus on the figures for England and Wales and for Northern Ireland. The Office for National Statistics also publishes a monthly HPI statistical bulletin with commentary on the whole of the UK.
5. Economic commentary is available here.
6. Details of all of our property statistics releases and future publication dates are available on our website. A comparison guide comparing the different house price index measures that are published in the UK is also available.
7. Information on individual property purchase prices is available for free via our ScotLIS service.
8. Sign up for our data stats alert service.

Footnotes

1. All average prices reported from the UK HPI are geometric means, which will typically be closer to the median than the arithmetic mean. Prices shown here are rounded to the nearest £1,000.↩
2. Due to there being a period of 2 to 8 weeks between completion and registration of sales, volume figures based on the month of date of entry are presented up to May 2023 because June and July 2023 figures are likely to change when more recent sales applications data are received.↩
3. Na h-Eileanan Siar increased by 22.3%. Local authority areas where sales volumes within the 12 months to May 2023 represent less than 1.0% of all Scotland sales volume are excluded from the figures used for highlighting purposes due to the volatility of the market in these areas.↩