Latest prices in Scotland for flats and apartments
The latest figures show that the average price for a Flat & Apartment property in Scotland has now reached £139,182 as of Jul 2024. This value is based upon the average value of completed property transactions in the month of July.
Average prices for a Flat & Apartment property have increased substantially over the longer term in Scotland. Back in January 2004, prices for this type of property averaged £60,706 based on sales at the time. Fast forward to January 2024, and averages reached £129,734 - representing a growth of 113.99999999999999% over 20 years.
This substantial monumental percentage rise in Flat & Apartment property values far outpaced broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep price inflation seen for Flat & Apartment homes in Scotland over the past 2 decades.
Our data is sourced directly from HM Land Registry and their UK House Price Index report. This dataset is updated several times a year and we always attempt to have the most up to data information available.
The UK HPI uses sales data collected on residential housing transactions, whether for cash or with a mortgage. Properties have been included in England and Wales since January 1995, in Scotland since January 2004, and in Northern Ireland since January 2005, Data is available at a national and regional level, as well as counties, local authorities and London boroughs.
Flat & Apartment prices in Scotland over the last 12 months
Date
Price
Aug 2023
£133,563
Sep 2023
£130,669
Oct 2023
£129,422
Nov 2023
£131,172
Dec 2023
£129,143
Jan 2024
£129,734
Feb 2024
£128,422
Mar 2024
£130,998
Apr 2024
£132,943
May 2024
£134,246
Jun 2024
£133,976
Jul 2024
£139,182
Recent trends for prices in Scotland
The latest figures from July 2024 indicate the property market in Scotland continues to show rising price trends. Compared to June, 2024, average prices increased by 3.1% to £199,398. On an annual basis, average property prices have increased 6% since 12 months ago.
In terms of sales activity, there were 8986 residential property transactions completed in Scotland during July, 2024. Of these purchases, 5976 were financed with a mortgage while 3010 were all-cash sales. For cash buyers, average prices have changed by 3.1% since June, 2024, coming in at around £181,682. For properties purchased with a mortgage, the average price changed by 3.1% since June, 2024, to £207,976.
Compared to the overall picture in its national parent United Kingdom, the average property price in Scotland are lower than the current national average of £289,723. While Scotland saw a change of 3.1% over the last month, United Kingdom as a whole recorded a percentage change of 0.6% in average property values. And on an annual basis, prices across United Kingdom have grown by 2.2%, less than the 6% yearly change seen in Scotland.
Interested in purchasing a property in Scotland? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in Scotland by housing type
Prices last recorded in July, 2024
average
£199,398
detached
£349,880
flat
£139,182
semi-detached
£211,706
terraced
£168,717
Prices by housing type in Scotland
Recent data shows that price growth has varied across different property types in Scotland over the last year. For terraced houses, property prices changed by 2.3% between July 2024 and June 2024 to reach £168,717, and changed by 6.2% over the last 12 months. The annual change was less than the 2.3% change seen for terraced homes in United Kingdom overall.
Meanwhile, semi-detached properties saw a rise in average prices locally, taking them to £211,706 in June 2024. This represents a 2.7% change from the same month last year.This is outperforming the 2.6% annual change in semi-detached values across the country.
Detached homes in Scotland gained 2.9% month-over-month to reach an average of £349,880. Annually, detached property values have changed by 7.8%. This is stronger price growth compared to United Kingdom's 2.3% change for detached houses over the year.
For apartments and flats, average prices increased by 3.9% between July and June 2024, hitting £139,182. Over the last 12 months, apartment values have changed by 4.6%, surpassing United Kingdom's flat and apartment growth rate of 1.4%.
Overall, detached properties have seen the strongest price momentum locally over the past year, with a change of 7.8%, while flat properties lagged, with a change of 4.6%.
Recent purchases in Scotland
According to data from HM Land Registry, there were 8986 completed property purchases in the area of Scotland in July 2024. Of these sales, 3010 were recorded as cash purchases whilst 5976 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by 6.5% and the percentage of properties purchased with cash has changed by 5.1%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
Use one of the following links to find more specific information about the type of property you're looking for in scotland.
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