East Renfrewshire house prices increased in May
House prices increased by 2.2% in East Renfrewshire in May, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.1% over the last year.
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Hide AdThe average East Renfrewshire house price in May was £293,102, Land Registry figures show – a 2.2% increase on April.
Over the month, the picture was different to that across Scotland, where prices increased 3%, and East Renfrewshire was above the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in East Renfrewshire rose by £11,000 – putting the area 10th among Scotland’s 32 local authorities with price data for annual growth.
The highest annual growth in the region was in East Lothian, where property prices increased on average by 16.1%, to £339,000. At the other end of the scale, properties in the Shetland Islands lost 7.1% of their value, giving an average price of £188,000.
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Hide AdFirst steps on the property ladder
First-time buyers in East Renfrewshire spent an average of £213,600 on their property – £6,700 more than a year ago, and £44,000 more than in May 2018.
By comparison, former owner-occupiers paid £342,900 on average in May – 60.6% more than first-time buyers.
Property types
Owners of flats saw the biggest rise in property prices in East Renfrewshire in May – they increased 2.8%, to £148,039 on average. Over the last year, prices rose by 2.2%.
Among other types of property:
- Detached: up 2.2% monthly; up 6.3% annually; £537,386 average
- Semi-detached: up 1.7% monthly; up 3.7% annually; £290,405 average
- Terraced: up 2.2% monthly; up 3.5% annually; £220,011 average
How do property prices in East Renfrewshire compare?
Buyers paid 52.2% more than the average price in Scotland (£193,000) in May for a property in East Renfrewshire. Across Scotland, property prices are low compared to those across the UK, where the average cost is £286,000.
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Hide AdThe most expensive properties in Scotland were in East Lothian – £339,000 on average, and 1.2 times the price as in East Renfrewshire. East Lothian properties cost 2.8 times the price as homes in Inverclyde (£123,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in May
- East Renfrewshire: £293,102
- Scotland:£192,518
- UK: £285,861
Annual growth to May
- East Renfrewshire: +4.1%
- Scotland: +3.2%
- UK: +1.9%
Highest and lowest annual growth in Scotland
- East Lothian: +16.1%
- The Shetland Islands: -7.1%