According to analysis of official figures by DJ Alexander Ltd, the average price now stands at £742,304, a £75,490 increase from April 2023 to March 2024. This is equivalent to an increase of £1451.73 per week.

The capital was closely followed by Glasgow where average detached home prices rose by £55,018 which is just over £1,000 per week; Midlothian which increased by £47,301; and East Dunbartonshire which was up £30, 828. Detached homes across Scotland as a whole increased from £317,529 to £343,994 which is £26,465 greater and equivalent to just over £500 per week.

The latest figures from the official monthly House Price Index showed that average house prices in Scotland rose by £9,741 over the last 12 months. This growth outpaces England and Wales, where average house prices increased by a comparatively modest £2,959.

David Alexander, CEO of DJ Alexander Scotland, noted the desire to live near city centres, despite higher taxes and mortgage rates. Mr Alexander added: “You can only imagine what the market might be like if there was a level playing field with the rest of the UK for personal and property taxes.”

He cautions, however, that this level of growth may not be sustainable long-term and depends on continued economic strength and job availability.