Average house price up by more than £23,000, figures show
Average house prices in Scotland rose by more than £23,000 in the last year, figures have shown.
Bank of Scotland data revealed that house prices across the country jumped by an average of £23,814 in the 12 months to November, a yearly increase of 10.9%.
The average Scottish home now costs £242,213.
Kirkcaldy in Fife recorded the biggest percentage increase, of 29%, after average prices rose by £45,798 to £203,577, up from £157,779 in 2021.
- Kirkcaldy
- Johnstone
- Dunfermline
- Musselburgh
- Livingston
- Airdrie
- Stirling
- Glasgow
- Hamilton
- Edinburgh
The second biggest rise was in Johnstone, Renfrewshire, where average prices increased by 24% to £245,849 over the year.
Dunfermline, Fife, also recorded strong growth, with property costs going from £190,087 to £226,481.
House prices in Edinburgh (+12.9%) and Glasgow (+13.6%) have also risen this year.
At the other end of the scale, Ayr, South Ayrshire, and Inverurie, Aberdeenshire were the only towns to see prices fall back during 2022, by 1.7% and 0.2% respectively.
Graham Blair, mortgages director, Bank of Scotland, said: “Scottish house prices have continued to rise over the last 12 months, with properties in almost every area now worth more than a year ago.
“During 2022 it’s not been big cities leading the way. Unsurprisingly, Edinburgh remains the most expensive place to buy, but its rate of property price inflation was outstripped by a number of locations nearby.
“This is partly due to pandemic-driven shifts in housing preferences as buyers sought bigger properties further from major urban centres. We can see this clearly in commuter towns across Scotland, but Fife has been a notable hotspot, with both Kirkcaldy and Dunfermline recording strong house price growth, likewise towns in both West and East Lothian.
“Looking ahead to 2023 and house price growth is expected to slow in Scotland. However, it’s important to remember that this follows more than two years of rapid growth. A period of adjustment was always likely, particularly given the current economic environment.”