House prices rise by £4,500 in a year
It’s a cash boost for Renfrewshire homeowners
Homeowners in Renfrewshire have pocketed almost £4,500 on the value of their houses in the last year, new figures show.
The price tag of a home locally rose to £117,232 in June 2017, compared with £112,781 in the same month of 2016.
Info from the Registers of Scotland reveals the local authority area witnessed a welcome rise of 3.9 per cent, worth £4,451 to owners.
And the increase in the Paisley area is even higher than the average rise across Scotland, where property values only increased by only 2.9 per cent on June of 2016.
Bosses said things are looking up for property owners as the market looks towards the autumn.
Registers of Scotland business development and information director Kenny Crawford said: “Average prices in June continued their upward trend when compared with June 2016.
“There have been increases in every month since March 2016 when compared with the same month of the previous year.
“Sales volumes figures for April 2017 showed an increase in Scotland of 16.0 per cent when compared with April 2016. However, volumes in April 2016 were lower than usual, a possible effect of the introduction of changes to the Land and Buildings Transaction Tax that came into effect on April 1, 2016.”
The average price of a property in Scotland in June 2017 was £144,253 – up from £140,234 the year before.
Paisley’s neighbouring council area, East Renfrewshire, enjoyed a bump in property prices of 4.1 per cent, with the average home valued at £216,722 up from £208,262 in the same month of last year.
Renfrewshire’s bigger neighbouring council, Glasgow, witnessed a big rise of 8.5 per cent, with the average house prince going up to £123,609 from £113,948 on last year.
Inverclyde saw property prices go up one per cent, with the average cost of a house now sitting at £103,626 up from £102,577 in June 2016.
The number of houses being sold in Renfrewshire has also increased, with 281 properties changing hands in June, up from 249 on June in 2016, the latest month for which data is published by Registers.
This represents a 12.9 per cent increase on sales compared to 2016.
The biggest property losers live in Aberdeen, where unlucky owners saw prices fall by 10 per cent to £163,847.
Data shows price increases were recorded in 29 out of 32 local authorities in June 2017, compared to the previous year.
Buyers using cash to purchase a house went up by 5.1 per cent on the previous year, while those taking out a mortgage remained almost the same with a 0.1 per cent increase.
The average price for property purchased by a first- time buyer was £116,315 — an increase of 2.5 per cent on the previous year.
Average house prices in the UK increased by 4.9 per cent in the year to June, with the typical home now costing £223,257.