East Renfrewshire house prices dropped in October

House prices dropped by 3.1% in East Renfrewshire in October, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 4.5% over the last year.

The average East Renfrewshire house price in October was £286,369, Land Registry figures show – a 3.1% decrease on September.

Over the month, the picture was different to that across Scotland, where prices increased 1.1%, and East Renfrewshire was lower than the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in East Renfrewshire rose by £12,000 – putting the area 30th among Scotland’s 32 local authorities with price data for annual growth.

The highest annual growth in the region was in Na h-Eileanan Siar, where property prices increased on average by 37.9%, to £167,000. At the other end of the scale, properties in Aberdeen lost 3% of their value, giving an average price of £144,000.

Average UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."

First steps on the property ladder

First-time buyers in East Renfrewshire spent an average of £209,200 on their property – £7,100 more than a year ago, and £43,000 more than in October 2017.

By comparison, former owner-occupiers paid £334,700 on average in October – 60% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices East Renfrewshire in October – they dropped 3.9% in price, to £144,488 on average. But over the last year, prices rose by 1.2%.

Among other types of property:

Detached: down 2.3% monthly; up 6.4% annually; £520,381 averageSemi-detached: down 3.1% monthly; up 4.9% annually; £284,933 averageTerraced: down 3.2% monthly; up 5.1% annually; £217,256 average

How do property prices in East Renfrewshire compare?

Buyers paid 47% more than the average price in Scotland (£195,000) in October for a property in East Renfrewshire. Across Scotland, property prices are high compared to those across the UK, where the average cost £296,000.

The most expensive properties in Scotland were in Edinburgh – £335,000 on average, and 1.2 times as much as more than in East Renfrewshire. Edinburgh properties cost 2.6 times as much as homes in Inverclyde (£127,000 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 October

East Renfrewshire: £286,369Scotland:£194,874UK: £296,422

Annual growth to October

East Renfrewshire: +4.5%Scotland: +8.5%UK: +12.6%

Highest and lowest annual growth in Scotland

Na h-Eileanan Siar: +37.9%Aberdeen: -3%