Property prices in Paisley soar in last year

Property prices in Paisley have soared by more than NINE per cent in the last year, new statistics reveal.

The average cost of a home in Renfrewshire rose to £122,046 in January 2018, compared with £111,715 in the same month of 2017.

Data released by the Registers of Scotland (ROS) shows residents witnessed a 9.2 per cent hike, worth an incredible £10,331 to every family.

The Pa i s l e y a rea’s performance out-stripped many other districts as well as trumping the Scottish national average of 7.3 per cent.

Registers of Scotland operations director and accountable officer, Janet Egdell, said: “Average prices in Scotland continued their upward trend in January with an increase of 7.3 per cent when compared to January 2017.

“Average prices have been steadily increasing each month since March 2016, when compared with the same month of the previous year.”

However, the number of houses changing hands in the Paisley area has continued to slow down with only 292 sales recorded in November 2017, down from 325 in November 2016, which represents a 10.2 per cent cent decrease.

It is also down from 308 property sales in October last year.

ROS bosses said it takes up to eight weeks for a sale to be registered so data published is the latest available.

Across the country the volume of sales also fell by 1.9 per cent.

Neighbour ing East Renfrewshire saw a 0.1 per cent decrease in property prices, with the average home valued at £ 217,020, down from £217, 313 in the same month of last year.

Glasgow witnessed a rise of 8.2 per cent, with the average house price going up to £127,725 from £118,007 on last year.

While Inverclyde saw prices climb by two per cent with values going to £98,654 from£ 96,700 on the previous year.

The biggest property losers live in the Western Isles where prices fell by 13.6 per cent to £ 96,025 from £ 111,097 the year before.

The average price of a property in Scotland in January 2018 was £148,512.

This compares to a UK average of £225,621, which was an increase of 4.9 per cent on January in the previous year.