Scottish home prices grew annually by 3.8% amidst poor economic situation in Q1 2023

Posted on May 12, 2023   |  

In Q1 2023, the Scottish housing market showed resilience in the face of economic headwinds, as home prices grew annually by 3.8% but the overall number of transactions fell by 11%.

The overall turnover on the value of property sold in the country dropped to £4.1 billion from £4.4 billion in Q1 2022 with the total number of transactions down to 19,124.

In the first 3 months of 2023, the average price of residential property soared to £213,850 compared to last quarter.

In Glasgow, average home prices grew by 0.2% to £191,230, and in Edinburgh, prices grew by1.6% to £322,449.