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Daily Record
Daily Record
National
Tracy Carmichael

Renfrewshire house prices are up by almost ten per cent

Homeowners in Renfrewshire are almost £13,000 better off, thanks to the increasing value of properties.

Figures show the worth of a home in the area rose by an average £12,882 over the past year.

The area saw an average 9.7 per cent hike in the price of property over the 12 month period from March 2021 to this year.

Data from the Office for National Statistics has revealed that the price tag for the average property jumped from £132,922 to £145,804 over the period.

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It means the value of home is rising by just over £35 a day.

In East Renfrewshire, the increase was even higher - jumping 11.9 per cent.

The hike there means the average home now costs £282,390, compared to £252,465 a year before - an increase of £29,925 increase over the year or £82 per day.

Nathan Emerson, chief executive of Propertymark, which represents estate agents, said: “The year-on-year increase shows there is still plenty of momentum within the housing market. However, we are now seeing some signs of things starting to cool.

“But we keep coming back to the issue of low supply being the main driver of rising prices. Our member agents are telling us that it’s still an issue and that the number of people looking to buy remains far higher than the number of properties they have listed.

“This, coupled with incredibly low borrowing rates, is likely to maintain prices in the short to medium term.”

House price inflation is much higher in other parts of Scotland, according to the stats, released this month.

The largest growth was in Falkirk, where prices increased by 19.2 per cent.

Average prices in East Lothian rose by 16 per cent in the year to March. That was an increase from £248,479 to £288,178 – meaning, on average, house prices have grown by £39,699, or the equivalent of £109 a day.

In the city of Edinburgh, prices are up £37,134, or an average of £102 a day, going from £285,721 to £322,855.

UK average house prices increased by 9.8 per cent over the year to March, 2022, down from 11.3 per cent in February, 2022. The average UK house price was £278,000 in March ,2022, which is £24,000 higher than this time last year.

Mike Scott, chief analyst at national estate agency Yopa, also said the expectation was that month-on-month growth would resume in next month’s report, with the annual rate of growth staying around 10 per cent.

He said: “House prices cannot continue to defy gravity forever but the current shortage of homes for sale and high demand from people who are still re-evaluating their lives and priorities for the post-pandemic world are likely to continue to support prices for at least the rest of 2022 and we do not anticipate any significant falls in nominal house prices this year.

“However, with inflation continuing to rise and early signs that the housing market is beginning to cool off, it would not be surprising if we end the year with house prices rising more slowly than other prices, and so falling in real terms.”

House prices increased last year in all of Scotland’s council areas.

The lowest annual growth for the year to March 2022 was in City of Aberdeen, where average prices increased over the year by 0.1 per cent to £143,000.

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