According to the latest Walker Fraser Steele (WFS) Acadata House Price Index, Midlothian had the highest mainland annual growth rate in January at 9.9%; while the city of Edinburgh saw the largest weighted fall in prices annually. 

Looking at the weighted movement in prices, from January 2023 to January 2024, there were four local authority areas that accounted for 50% of the gains which have been made over the year, namely – Midlothian (+16%), Aberdeen City (+13%), East Renfrewshire (+12%) and Stirling (+9%). 

Over the same 12-month period, the City of Edinburgh had the largest fall in prices, accounting for -18% of the reduction in average values in Scotland on a weight adjusted basis. The majority of this fall in Edinburgh arises from the drop in average values of terraced properties and to a lesser extent semi-detached homes, while the average price of detached homes and flats has continued to rise. 

On a national level, the 2023 total transactions were the lowest since 2013. The average Scottish house price is now £221,693, unchanged since December, but up 0.2% annually. 

WFS regional development director Scott Jack said: “Our analysis shows that 16 local authority enjoyed price rises in the month and 16 with price falls, ranging from +9.7% in Inverclyde to -4.2% in Moray.”