East Dunbartonshire house prices increased in April

House prices increased by 2% in East Dunbartonshire in April, new figures show.

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File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.
File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased by 2% in East Dunbartonshire in April, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 12.3% over the last year.

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An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

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    The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.

    In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.

    The average East Dunbartonshire house price in April was £260,038, Land Registry figures show – a 2% increase on March.

    Over the month, the picture was different to that across Scotland, where prices increased 3%, but East Dunbartonshire was above the 1.1% rise for the UK as a whole.

    Over the last year, the average sale price of property in East Dunbartonshire rose by £29,000 – putting the area 19th among Scotland’s 32 local authorities with price data for annual growth.

    The highest annual growth in the region was in the Orkney Islands, where property prices increased on average by 34.3%, to £221,000. At the other end of the scale, properties in the Shetland Islands lost 0.6% of their value, giving an average price of £188,000.

    First steps on the property ladder

    First-time buyers in East Dunbartonshire spent an average of £191,000 on their property – £19,000 more than a year ago, and £43,000 more than in April 2017.

    By comparison, former owner-occupiers paid £311,000 on average in April – 62.6% more than first-time buyers.

    Property types

    Owners of detached houses saw the biggest rise in property prices in East Dunbartonshire in April – they increased 2.5%, to £476,182 on average. Over the last year, prices rose by 16.9%.

    Among other types of property:

    Semi-detached: up 1.8% monthly; up 12.5% annually; £270,498 averageTerraced: up 2% monthly; up 11% annually; £193,864 averageFlats: up 1.5% monthly; up 8% annually; £137,059 average

    How do property prices in East Dunbartonshire compare?

    Buyers paid 38.4% more than the average price in Scotland (£188,000) in April for a property in East Dunbartonshire. Across Scotland, property prices are high compared to those across the UK, where the average cost £281,000.

    The most expensive properties in Scotland were in Edinburgh – £325,000 on average, and 1.2 times as much as more than in East Dunbartonshire. Edinburgh properties cost 2.9 times as much as homes in Inverclyde (£111,000 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 April

    East Dunbartonshire: £260,038Scotland:£187,954UK: £281,161

    Annual growth to April

    East Dunbartonshire: +12.3%Scotland: +16.2%UK: +12.4%

    Highest and lowest annual growth in Scotland

    The Orkney Islands: +34.3%The Shetland Islands: -0.6%