Scottish house prices lifted by 1% to £224,497 in the year to September, data from Walker Fraser Steele shows, signalling that the market is “stabilising” in the region. 

Home prices were 0.4% higher, up £965, in the month, compared to a 0.6% uplift in August. 

The price of an average home in Scotland has risen by £2,260, over the year, which contrasts with a fall of £12,750, or 3.4%, in England and Wales over the same period. 

Over the course of the year the Na h-Eileanan Siar local authority, in the Outer Hebrides, saw the biggest rise, soaring 20.4% to £186,660. 

The biggest fall came in East Ayrshire, which was down 8.2% to £147,950 over the last 12 months. 

However, transactions across the nation are 13% lower compared to the same nine months in 2022. 

Walker Fraser Steele regional development director Scott Jack says: “Prices appear to be stabilising for now. 

“There are several factors underpinning this market. The affordability issues faced by buyers with much higher costs of mortgage finance have affected transaction levels across the UK generally.  

“The number of properties coming to the market remains relatively low, with sellers holding steady for a fuller recovery. However, demand in some areas continues to outpace supply, resulting in a slight upward pressure on prices overall.  

Jack adds: “Looking forward, any positive changes in the Chancellor’s Autumn Statement [due tomorrow] to support the housing market in England and Wales may give impetus to changes in Scotland which could in turn encourage a more positive outlook.”