Good news for sellers, but can first-time buyers afford to get a foot on the property ladder?

The average price of a property in Scotland has smashed through the £200,000 barrier for the first time ever. That’s right, according to the latest figures from the UK House Price Index, owning a piece of Scotland now sets you back a cool £200,000 on average.

This new record represents a hefty 5.4% jump in prices compared to this time last year. That’s significantly higher than the average increase seen across the whole of the UK, which stands at a more modest 2.8%, with an average price of £293,000.

Scottish Property Market Steaming Ahead

Looking at the month-on-month figures, Scottish house prices climbed by 1.2%. Even after accounting for seasonal adjustments, there’s still a healthy 0.8% rise.

It’s not all sunshine and roses though. The number of homes actually being bought and sold has taken a bit of a dip. In June 2024, there were 8,493 residential sales in Scotland – that’s 7.9% fewer than the same period last year.

Where are Prices Soaring (and Falling) the Most?

The biggest winners in the Scottish property lottery are homeowners in East Renfrewshire. They’ve seen a 11.2% boost to their property values, with average prices now sitting at £306,000.

On the flip side, folks in Argyll and Bute haven’t been so lucky. Their homes have dipped slightly in value, down by 0.4% to an average of £189,000.

Edinburgh Still Top of the Property Ladder

As always, Edinburgh remains the most expensive place to buy a property, with an average price tag of £339,000. At the other end of the scale, if you’re looking for a bargain, head to East Ayrshire, where you can snap up a home for an average of just £131,000.