Britons looking to snap up homes in the UK will be pleased to know that property prices have decreased since this time last year - albeit by a small amount. Between January 2023 and January 2024, the annual price change for a property in the UK was -0.6 per cent, according to GOV.uk's most recent House Price Index.
Despite this, one UK country has seen property prices jump by almost 5 per cent in the past year. Britons buying in Scotland should expect to pay more for a house this year.
The average price of a property in Scotland is £190,328, which has seen a 1.3 per cent monthly increase and a 4.8 per cent annual increase.
This means that at the same time last year, the average property price in Scotland was around £181,192.
Britons buying property in Scotland should be aware of price jumps
Houses in Edinburgh / For sale signs
As for homes in England, according to the House Price Index, the average property price is £298,575, increasing by 0.4 per cent from December to January.
However, the price saw a 1.5 per cent drop annually, meaning that in January 2023, the average price was around £303,053.
In Wales, the average property price is £213,063, having fallen by 0.1 per cent in December 2023.
Its annual change was -0.8 per cent, meaning a year ago the average property price was £214,767.
Annual price change
England: -1.5 per cent
Northern Ireland (Quarter 4 - 2023): 1.4 per cent
Scotland: 4.8 per cent
Wales: -0.8 per cent
East Midlands: -1.9 per cent
East of England: -2.2 per cent
London: -3.9 per cent
North East: -3.1 per cent
North West: 1.0 per cent
South East: -3.1 per cent
South West: -0.6 per cent
West Midlands Region: 0.6 per cent
Yorkshire and The Humber: -0.7 per cent
In Northern Ireland, the average property price is £177,611, falling by 0.9 per cent monthly and rising by 1.4 per cent annually.
This means that in December 2023, the average property price would have been around £175,124.
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The average price of a property in Scotland is £190,328 after a 4.8 per cent annual increase
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According to the latest property data, Britons hoping to buy in England and Wales will find that homes are cheaper than they were this time last year.
However, in Northern Ireland and Scotland, prices have gone up, quite significantly in Scotland especially.
Despite the annual increase for properties in Scotland, it still boasts some of the cheapest houses in the UK.
Those searching for a property in the northeast of England and in Scotland will get the most for their money, according to the latest Rightmove House Price Index.