Homeowners are £5k richer
Average property values rocket
Householders in Paisley have pocketed almost £5,000 on the value of their homes in the last year, new data shows.
The price of a home in Renfrewshire rose to £113,650 in May 2017, compared with £108,792 in the same month of 2016.
Figures from the Registers of Scotland reveals the local authority area witnessed a welcome increase of 4.5 per cent, worth £4,858 to owners.
And the bump in the Paisley area is even greater than the average rise across Scotland, where property values only increased by 3.5 per cent on May of 2016.
And things are continuing to look up for property owners as we move through the summer.
Registers of Scotland business development and information director Kenny Crawford said: “Average prices in May continued their upward trend when compared with May 2016.
“There have been increases in every month since March 2016 when compared with the same month of the previous year.”
The average price of a property in Scotland in May 2017 was £143,106.
Paisley’s neighbouring council area, East Renfrewshire, enjoyed only a small rise in property prices of 1.5 per cent, with the average home valued at £203,821, up from £200,793 in the same period of last year.
Although Renfrewshire’s bigger neighbouring council, Glasgow, witnessed a major bump of 6.9 per cent, with the average house price increasing to £119,487 from £111,788.
Inverclyde saw property prices go up 3.4 per cent, with the average cost of a house now sitting at £105,555 up from £102,095 in May 2016.
The biggest property losers live in Aberdeen, where unlucky owners saw prices fall by 7.8 per cent to £164,277.
While the biggest price increase was recorded in Perth and Kinross, where owners saw the average price increase by 7.6 per cent to £182,254.
The number of houses being sold in Renfrewshire has also increased, with 329 properties changing hands in March 2017, the latest month for which data is published by Registers.
This is considerably higher than 210 sales in February 2017.
Data shows price increases were recorded in 27 out of 32 local authorities in May 2017, compared to the previous year.
Buyers using cash to purchase a house went up by 5.2 per cent on the previous year, while those taking out a mortgage also went up by 3.3 per cent.
The average price for property purchased by a first time buyer was £115,571 — an increase of two per cent on the previous year.
Average house prices in the UK increased by 4.7 per cent in the year to May, with the typical home now costing £220.713.