Compared with the preceding month, house prices experienced a 1.1% increase on a non-seasonally adjusted basis, whilst on a seasonally adjusted basis the increase was 0.3%.

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 Registers of Scotland 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.