Property market report 2023-24

Published: 10 July 2024

Annual Property Market Report by Registers of Scotland.

Key figures for 2023-24:

  • £185,000
    The median price of residential property in Scotland
  • 93,429
    The total number of residential property sales in Scotland
  • £20.7 billion
    The value of residential property sales in Scotland

In the last 20 years the average residential property price in Scotland has increased by £110,000 (147%), from £75,000 to £185,000, according to a new report published by Registers of Scotland (RoS).

The annual Property Market Report provides a detailed review of trends, including residential and non-residential markets as well as key statistics on house prices and sale transactions in Scotland over the last twenty years.

The Property Market Report is the main statistical compendium publication from RoS - the public body responsible for compiling and maintaining registers relating to property and other legal documents in Scotland. The report is an essential resource for industry professionals, journalists, policymakers, and researchers seeking in-depth insights into Scotland’s dynamic property market.

Key figures for 2003/04 – 2023/24

It shows that since 2003-04, the start of RoS house price data, the average residential property price in Scotland has increased from £75,000 to £185,000 (a rise of 147%), whilst sales volumes have decreased by 33% over the same period.

Since 2003-04, the start of RoS house price data, the average residential property price in Scotland has increased by 147% from £75,000 to £185,000, whilst the number of houses sold has decreased by 33% over the same period.

Key figures for 2023-24

  • The median price of a residential property in Scotland was £185,000
  • The total number of residential property sales in Scotland was 93,429
  • The value of residential property sales in Scotland was £20.7 billion.

The median residential sales prices in 2023-24 was £185,000, unchanged from 2022-23 whilst the number of sales has dropped by 8% to 93,429.

The value of residential property sales in the financial year 2023-24 was £20.7 billion, a decrease of 8% when compared with 2022-23.

The average price for a new build residential property was £300,000 in 2023-24, an increase of 5% compared with 2022-23. In 2023-24, 11% of residential property sales in Scotland were new builds.

The report also looks at the non-residential market. The total market value of non-residential sales in 2023-24 was £3.6 billion. Commercial sales accounted for 82% of the total value, with the remainder from sales of forestry, agriculture and land

Commenting on the release, a RoS spokesperson said:

“This report is an authoritative overview of house prices and sales in Scotland over the last 20 years. It highlights that residential property prices have more than doubled in Scotland since 2003.

It also shows that in the last year, there were 8% fewer properties sold, and that the total value of the residential sales market fell to £20.7bn, a decrease of 8% compared with 2022-23.”

The Property Market Report 2023-24 provides a long term overview of:

  • Residential market and distribution of sales
  • Sales of properties within new build developments
  • The market within Scotland’s eight cities and local authorities
  • Trends in cash and mortgage-financed sales volumes
  • Residential property sales by urban rural classification
  • The non-residential market.

Data tables are available here.

Notes to editors

  1. Registers of Scotland (RoS) is the government department responsible for compiling and maintaining registers relating to property and other legal documents in Scotland. RoS records and safeguards the rights of the individual while providing open access to information on the registers.
  2. This is an official statistics publication for Scotland. The statistics have been produced in line with the principles set out in the Code of Practice for Statistics.
  3. The property statistics are compiled using data collected as part of the land registration process. This data is comprehensive, covering transactions across the whole of Scotland for all types of property sales, in residential and non-residential markets, and with actual sale prices, not just valuations. Full information on the methodology used to compile these statistics can be found on our website.
  4. Further information about the quality processes in place for RoS data is available in the quality assurance of administrative data document, as published for the UK House Price Index.
  5. RoS began compiling quarterly statistics on the property market with the completion of the extension of the Land Register to all counties in Scotland in April 2003. Details of all of our property statistics releases, including the UK House Price Index, and future publication dates are available on our website.
  6. Sign up for our data stats alert service.

Footnotes

  1. The median price is the mid-point of all market value sales and is typically closer to the HPI measure of average price than the arithmetic mean. Within this report average price refers to the median.
  2. The majority of land classifications will be provided by conveyancing solicitors on RoS registration forms and can be defined as follows: Land: areas of ground, undeveloped, commonly under two hectares; Agriculture: areas of ground over two hectares, titles with “farm” in the description; Forestry: as areas of woodland or forestry, undeveloped.

Media contact

Andy Richardson
PR manager
Email: andy.richardson@ros.gov.uk
Telephone: 0131 200 3994 | Mobile: 07975 618126