Ireland, Scotland, NI House Prices Increase in 2024

Residential property prices across the UK showed varied trends in December 2024, with Ireland experiencing an 8.7% year-on-year increase, while Scotland saw a mixed picture with a 0.5% decrease on a non-seasonally adjusted basis but a 1.2% increase seasonally adjusted. The average house price in Scotland rose by 6.9% to £189,000 over the year, with 31 out of 32 local authority areas reporting price increases. In Northern Ireland, house prices also grew by 9% during 2024, reaching an average of just over £183,000, the highest since early 2008. Factors contributing to rising prices in Northern Ireland include a lack of new housing supply due to infrastructure constraints. The UK overall recorded a slight decrease in house prices of 0.1% month-on-month but a 4.6% annual increase. These trends highlight the regional disparities and challenges within the UK housing market.