Three key figures for December 2024:
- £189,000*
The average price of a property in Scotland - 6.9%
The annual price change of a property in Scotland - -0.5%
The monthly price change of a property in Scotland
*The UK HPI has been re-referenced from a base of January 2015 to January 2023. This allows the UK HPI to better reflect the type of properties currently being sold, for example, between 2015 and 2023 the proportion of smaller properties being sold increased. This change has led to around an 8% downward shift for the entire average UK price level series, and around a 4% downward shift for the Scotland series. The inflation rates are unaffected by re-referencing. For a more detailed explanation see section 1 of the UK HPI.
Estimates for the most recent months are provisional and are likely to be updated as more data is included. The House Price Index for December 2024 reflects transactions that took place up to the end of December 2024.
The latest HPI for Scotland shows the average price of a property in Scotland in December 2024 was £189,000, an increase of 6.9% when compared to December 2023.
Compared to the previous month, house prices in Scotland decreased by 0.5% on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis there was an increase of 1.2%.
The UK average house price was £268,000 which was an annual increase of 4.6% on December 2023. Compared with the previous month, UK house prices decreased by 0.1% on a non-seasonally adjusted basis and increased by 0.3% on a seasonally adjusted basis.
The volume of residential sales in Scotland in October 2024 was 9,240. When compared with the first published figures for October 2023 this was an annual increase of 19.7%. This annual increase reflects lower than usual sales volumes in October 2023. Published transactions for recent months will increase as later registered transactions are incorporated into the index.
Commenting on the house price figures in Scotland, a RoS spokesperson said:
“There was an increase of 6.9% (to £189,000) in the average house price for Scotland in the 12 months to December 2024. This compares to an increase of 4.6% (to £268,000) in average house prices for the UK as a whole.”
The table below provides Scotland house prices and annual changes by property type.
| Property type | House price level (£) | Annual house price percentage change |
|---|---|---|
| Detached | £356,000 | 9.3% |
| Semi-detached | £214,000 | 8.1% |
| Terraced | £171,000 | 8.0% |
| Flats or Maisonettes | £133,000 | 4.5% |
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 31 out of 32 local authority areas, when comparing prices with the previous year. The largest increase was in Inverclyde where the average price increased by 11.1% to £113,000. The smallest increase was recorded in Scottish Borders, where the average price increased by 1.6% to £176,000. Orkney Islands, Na h-Eileanan Siar and Shetland Islands are not considered when highlighting which local authorities have experienced the highest/lowest increase, due to the very low numbers of sales transactions in these local authorities which can lead to volatility in the series.
In December 2024, the highest-priced area to purchase a property was East Renfrewshire, where the average price was £297,000. In contrast, the lowest-priced area to purchase a property was Inverclyde, where the average price was £113,000.
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. Visualisations can be found the ONS Housing prices in your area page.
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
- 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. Information on individual property purchase prices is available for free via our ScotLIS service.
- Due to HM Land Registry (HMLR) processing delays, the transaction volumes available to calculate UK House Price Index estimates have been considerably lower than historically. ONS and HMLR are working to improve the balance between processing recently received and older applications. Revisions may be larger than usual in the coming months, especially for new build breakdowns.
- 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.
- Economic commentary is available along with separate HPI releases for England and Wales and for Northern Ireland.
- More information is available in the UK HPI Quality and Methodology Information and in the Acorn quality assurance information. A comparison guide comparing the different house price index measures that are published in the UK is also available.
- More information about HPI, the calendar of release dates, and our other property statistics is available here.
- Sign up for our data stats alert service.