East Renfrewshire house prices increased slightly in November

House prices increased slightly, by 0.5%, in East Renfrewshire in November, new figures show.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices increased slightly, by 0.5%, in East Renfrewshire in November, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.8% over the last year.

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The average East Renfrewshire house price in November was £294,420, Land Registry figures show – a 0.5% increase on October.

Over the month, the picture was different to that across Scotland, where prices decreased 1.2%, and East Renfrewshire was above the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in East Renfrewshire rose by £24,000 – putting the area 11th 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 26.9%, to £164,000. At the other end of the scale, properties in Aberdeen lost 4.7% of their value, giving an average price of £140,000.

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The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

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First-time buyers in East Renfrewshire spent an average of £214,000 on their property – £15,000 more than a year ago, and £48,000 more than in November 2017.

By comparison, former owner-occupiers paid £345,000 on average in November – 60.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in East Renfrewshire in November – they increased 1.2%, to £538,064 on average. Over the last year, prices rose by 10.9%.

Among other types of property:

Semi-detached: up 0.5% monthly; up 9.5% annually; £293,159 averageTerraced: up 0.3% monthly; up 9.5% annually; £222,723 averageFlats: down 0.3% monthly; up 5% annually; £147,675 average

How do property prices in East Renfrewshire compare?

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Buyers paid 53.8% more than the average price in Scotland (£191,000) in November for a property in East Renfrewshire. Across Scotland, property prices are high compared to those across the UK, where the average cost £295,000.

The most expensive properties in Scotland were in Edinburgh – £334,000 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 (£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 November

East Renfrewshire: £294,420Scotland:£191,492UK: £294,910

Annual growth to November

East Renfrewshire: +8.8%Scotland: +5.5%UK: +10.3%

Highest and lowest annual growth in Scotland

Na h-Eileanan Siar: +26.9%Aberdeen: -4.7%