Buddies boosted by house price increase
Cost of a home rises above the national average
Buddies selling their homes have been boosted by a price hike above the national average.
The annual house price growth in Renfrewshire saw a rise of nearly eight per cent by May, according to new figures.
This means the average price of a house in the area was £151,021.
In East Renfrewshire, the figure went up by nearly nine per cent to £270,787.
In neighbouring Inverclyde the figure was down by 3.4 per cent to £126,728, while in Glasgow the figure rose by 4.9 per cent to £157,426.
In the nation’s capital, Edinburgh, there was also a rise, this time by 10.6 per cent to £277,401.
Nationwide, the annual house price growth in Scotland in May stood at 5.8 per cent, more than triple the rate in England and Wales, and well above even the fastest growing region of the North West, where prices are up 3.7 per cent, according to the Your Move estate agency business.
The average home value in Scotland stood at £183,626 in May.
After a first quarter in which house prices grew almost 3.5 per cent, including 1.7 per cent in February alone, prices slowed in April and fell 0.2 per cent in May – the first monthly drop since last July, yet they remain up £6,681 this year and have risen more than £10,000 since last May.
Christine Campbell, Your Move managing director in Scotland, said:“After a very strong start to the year the market seems to be pausing for breath, yet with continued price increases it appears there is still strength in the market.”
At the bottom of the market, meanwhile, West Dunbartonshire and Na h-Eileanan Siar, the cheapest two areas in the country, have seen prices rise 12.2 per cent and 14.3 per cent respectively – the biggest increases outside the Shetland Islands, which also set a new peak price during the month, along with Orkney.
Overall, 20 of Scotland’s 32 areas saw prices increase during May, and 29 – more than nine out of ten – have seen prices rise in the last 12 months, according to Your Move.