Average house prices in Scotland have edged up by 0.4% annually to £220,736 in February, according to the latest index from Walker Fraser Steele and Acadata.

But the change marks a slight decline of 0.2% compared to £221,130 in January.

Of all Scottish regions, Inverclyde recorded the strongest annual growth rate at 11.4% with prices reaching £149,211, up from £133,941 in February last year.

The city of Edinburgh overtook East Renfrewshire as the local authority area with the highest house prices, at £329,976.

East Renfrewshire had higher average house prices a year ago at £339,167, but they have since dropped by 4.4% to £324,203.

South Ayrshire saw the steepest decline in prices, down by 5.7% year on year to £197,126.

West Dunbartonshire had the lowest average prices at £143,908, down by 3.9% on last year to drop below Inverclyde in the rankings.

Walker Fraser Steele regional development director Scott Jack says the monthly fall in the national average house price is the fifth in a row.

But he says: “Given just how many headwinds the market and home buyers have faced, the total reduction in prices – since they peaked in June 2023 at £223,800 – only amounts to £3,000, or 1.4%.

“Housing remains remarkably resilient and we are also expecting some of the better market news of recent weeks may positively impact pricing in the coming months.

“Mortgage approvals across the UK are up 39% compared to the same period last year and this should feed into better completion figures and support prices.

“The signs of improvement are already there with 18 local authority areas seeing prices rises in February – two more than in the previous month. “Notably Edinburgh also saw prices rise in February.

“It’s also worth noting that on an annual basis, Scotland’s rate of growth turned positive in February 2024, up by £920, or +0.4% from one year earlier.”