The average house price in Scotland fell by £225 in August, says Walker Fraser Steele, coming to £224,117.

It is the first monthly decrease recorded since August 2021 and comes from a 0.1% fall on a monthly basis, although when look at annually, house prices in the country rose 7.6%.

And of the 32 local authorities in Scotland, 31 say they have seen house prices go up over the year, with only houses in East Lothian falling annually, by 1.9%.

The most significant yearly rise, meanwhile, is the Shetland Islands, with 19.6% annual growth.

Walker Fraser Steele regional development director Scott Jack says: “One reason for the continued resilience [in house prices] is the number of sales recorded over £750,000. Our data shows that some 82 sales were recorded at values over £750,000 during August 2022. We think this figure will increase as further sales for the month are processed by the Registers of Scotland.”

Data shows 129 properties of this nature being processed in July and 109 in June. The month hosting the fewest number of £750,000 and over property sales this year is February, at 66.

Jack continues: “What this number… tells us is that ‘working from home’ and the ‘race for space’ continue to be important features of the current housing market, even if the prominence of the Covid restrictions are beginning to wane.

“Properties of this nature command more space to accommodate new ways of living but remain in short supply which again supports the average house price – even in the face of some meaningful economic headwinds thanks to global inflationary pressures.”