House prices

House prices continue to rise despite the cost of living crisis

HOME prices continue to soar, despite the cost of living crisis, according to the latest figures.

According to the UK House Price Index, average values ​​in Renfrewshire and East Renfrewshire have seen double-digit increases in just 12 months.

The average value of a home in Renfrewshire in May was £150,865, up more than £13,000 from the previous year.

And prices soared even more steeply in East Renfrewshire, where the average value was £282,546, an increase of over £30,000.

This made East Renfrewshire the third most expensive place in Scotland to buy a house, behind only Edinburgh (£321,679) and East Lothian (£305,323).

The cheapest place to buy property was Inverclyde, where the average price was just £112,837.

The percentage increase for Renfrewshire and East Renfrewshire over the 12 month period was 10% and 12.6% respectively.

Across Scotland, the average house price in May was £187,517, an increase of more than 11% on the previous year.

The latest figures also show that the number of homes being sold locally has fallen as many potential buyers struggle to find their dream property.

Just 347 homes were sold in Renfrewshire in March this year, compared to 475 in the same month in 2021.

In East Renfrewshire, the total fell from 223 to 136 during this period.

A spokesman for Registers of Scotland, which provides data for the UK House Price Index, said: ‘In Scotland, detached houses posted the biggest increase of any property type, rising by 13, 6% in the year to May 2022 to reach £332,000.

“The lowest annual change of any property type was in apartments and maisonettes, which rose 8.2% in the year to May 2022 to £129,000.”