Tuesday, September 29, 2020
UK

Renfrewshire property prices continue to rise

property prices

There has been annual growth in the average cost of a home in both Renfrewshire and East Renfrewshire, according to the latest figures by Registers of Scotland

First-time buyers are finding it increasingly difficult to clamber onto the housing ladder as property prices in Renfrewshire continue to grow.

Latest figures show annual growth in the average cost of a home in both Renfrewshire and East Renfrewshire.

Those looking to buy a property in Renfrewshire during December could expect to pay £123,630 – more than £2,000 higher than in December the previous year, when the figure stood at £121,574.

This represents an annual increase of 1.7 per cent.

And growth in the housing market has been more rapid in East Renfrewshire, where the property boom saw the average price reach £226,751.

This is more than £7,000 higher than the December 2018 figure of £219,496, which represents a 3.3 per cent hike.

Only Edinburgh (£269,603) and East Lothian (£234,507) were more expensive locations in Scotland for the average property price.

The new data, from Registers of Scotland, also shows the average house price for Scotland as a whole in December was £151,603 – up by 2.2 per cent from the previous year.

Detached homes showed the biggest increase out of all property types, rising by 5.4 per cent in the year to December.

By contrast, the average price of flats and maisonettes was slightly down on the previous year.

Renfrewshire and East Renfrewshire were among 25 out of 32 local authority areas in Scotland that witnessed price growth.

Of the seven council areas where prices fell, the biggest drop was recorded in Aberdeen, where average values were down by 3.4 per cent.

Janet Egdell, accountable officer with Registers of Scotland, said, in 2019, average house prices in Scotland grew faster than the UK annual rate. The largest increase, excluding local authorities with very low sales transactions, was in Inverclyde, where the average price increased by 10.1 per cent.

Detached properties saw the largest price rise over the year, increasing by an average of £13,732, or 5.4 per cent, to £265,909. The average price of flats and maisonettes was down by 0.1 per cent in the year to December 2019, to £107,905, said Egdell.

Important:
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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