East Renfrewshire house prices increased slightly in August
House prices increased slightly, by 0.1%, in East Renfrewshire in August, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 13.6% over the last year.
The average East Renfrewshire house price in August was £299,791, Land Registry figures show – a 0.1% increase on July.
Over the month, the picture was similar to that across Scotland, where prices increased 0.2%, and East Renfrewshire was lower than the 0.9% rise for the UK as a whole.
Over the last year, the average sale price of property in East Renfrewshire rose by £36,000 – putting the area ninth 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 27.7%, to £166,000. At the other end of the scale, properties in Aberdeen gained 0.7% in value, giving an average price of £150,000.
An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.
But experts say expectations have changed significantly in recent weeks amid mortgage rate rises, with the likelihood of a dampening effect on house price growth.
According to figures from Moneyfacts.co.uk On Wednesday, the average two-year fixed-rate mortgage on the market has a rate of 6.52% and the average five-year fix is at 6.36%.
There are around 900 fewer mortgage products available than there were on the day of the mini-budget in September.
Chris Druce, senior research analyst at Knight Frank, said: “Current activity in the housing market is being shaped by mortgage status.
“Those that can are pushing on and securing deals ahead of further increases, while others have paused plans to digest events.
“With affordability set to be a growing barrier for many homebuyers in the coming months, we forecast house price growth will slow from here, with price falls in 2023.”
First steps on the property ladder
First-time buyers in East Renfrewshire spent an average of £218,000 on their property – £24,000 more than a year ago, and £54,000 more than in August 2017.
By comparison, former owner-occupiers paid £351,000 on average in August – 61.1% more than first-time buyers.
Owners of flats saw the biggest rise in property prices in East Renfrewshire in August – they increased 0.4%, to £152,037 on average. Over the last year, prices rose by 10.2%.
Among other types of property:
Detached: down 0.3% monthly; up 16.3% annually; £545,786 averageSemi-detached: down 0% monthly; up 13.8% annually; £297,083 averageTerraced: up 0.3% monthly; up 13.2% annually; £226,265 average
How do property prices in East Renfrewshire compare?
Buyers paid 53.4% more than the average price in Scotland (£195,000) in August 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 – £338,000 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 East Ayrshire (£129,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in August
East Renfrewshire: £299,791Scotland:£195,391UK: £295,903
Annual growth to August
East Renfrewshire: +13.6%Scotland: +9.7%UK: +13.6%
Highest and lowest annual growth in Scotland
Na h-Eileanan Siar: +27.7%Aberdeen: +0.7%