According to the latest Walker Fraser Steele 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 twelve-month time 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 on December, but 0.2% up annually.

Commenting on the latest numbers Walker Fraser Steele Regional Development Director Scott Jack said: “This month saw negligible movement in the monthly house price, with January’s transaction figures telling a story of a market whose home movers are doing so out of necessity rather than discretion. This may change as rates settle but for now the impact of prices is clear. The January average house price figure stands at £221,693, which only differs by -£19 from the revised figure for December.

However, as we have noted before, it is only when we look under the bonnet of the national headline that we can see there has been considerable variation at a local level. 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.

He added : “On an annual basis there is a slightly larger movement in values, with prices in January 2024 having increased by £520, or +0.2%, compared to a fall in December 2023 of -£670, or -0.3%, over the year. This positive movement may herald a slightly broader improvement as lower mortgage rates, alongside expectations of Bank of England interest rate cuts in the second half of the year, should help buyer confidence in the short term.”