East Renfrewshire house prices increased more than Scotland average in July

House prices increased by 1.7% – more than the average for Scotland – in East Renfrewshire in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.5% annual growth.

The average East Renfrewshire house price in July was £295,374, Land Registry figures show –a 1.7% increase on June.

Over the month, the picture was better than that across Scotland, where prices increased 0.6%, but East Renfrewshire underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in East Renfrewshire rose by £40,000 – putting the area sixth among Scotland’s 32 local authorities with price data for annual growth.

The best annual growth in the region was in the Orkney Islands, where property prices increased on average by 26.9%, to £222,000. At the other end of the scale, properties in Aberdeen gained just 0.8% in value, giving an average price of £149,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in East Renfrewshire in July – they increased 1.9%, to £149,569 on average. Over the last year, prices rose by 11.4%.

Among other types of property:

Detached: up 1.3% monthly; up 19% annually; £538,985 averageSemi-detached: up 1.8% monthly; up 15.8% annually; £292,725 averageTerraced: up 1.8% monthly; up 14.6% annually; £222,493 average

First steps on the property ladder

First-time buyers in East Renfrewshire spent an average of £215,000 on their property – £26,000 more than a year ago, and £51,000 more than in July 2017.

By comparison, former owner-occupiers paid £346,000 on average in July – 60.5% more than first-time buyers.

How do property prices in East Renfrewshire compare?

Buyers paid 53.1% more than the average price in Scotland (£193,000) in July for a property in East Renfrewshire. Across Scotland, property prices are high compared to those across the UK, where the average cost £292,000.

The most expensive properties in Scotland were in Edinburgh – £329,000 on average, and 1.1 times as much as more than in East Renfrewshire. Edinburgh properties cost 2.6 times as much as homes in Inverclyde (£125,000 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 July

East Renfrewshire: £295,374Scotland:£192,966UK: £292,118

Annual growth to July

East Renfrewshire: +15.5%Scotland: +9.9%UK: +15.5%

Best and worst annual growth in Scotland

The Orkney Islands: +26.9%Aberdeen: +0.8%