East Renfrewshire house prices dropped in August

House prices dropped by 1.2% in East Renfrewshire in August, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.8% annual decline.

The average East Renfrewshire house price in August was £286,227, Land Registry figures show – a 1.2% decrease on July.

Over the month, the picture was different to that across Scotland, where prices increased 1.2%, 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 fell by £15,000 – 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 East Lothian, where property prices increased on average by 15.4%, to £337,000. At the other end of the scale, properties in the Shetland Islands lost 7.6% of their value, giving an average price of £182,000.

First steps on the property ladder

First-time buyers in East Renfrewshire spent an average of £208,000 on their property – £13,000 less than a year ago, but £41,000 more than in August 2018.

By comparison, former owner-occupiers paid £335,000 on average in August – 60.7% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in East Renfrewshire in August – they dropped 1.9% in price, to £144,527 on average. Over the last year, prices dropped by 6.8%.

Among other types of property:

• Detached: down 1% monthly; down 2.4% annually; £523,213 average
• Semi-detached: down 0.8% monthly; down 5.2% annually; £284,186 average
• Terraced: down 1.3% monthly; down 5.8% annually; £215,438 average

How do property prices in East Renfrewshire compare?

Buyers paid 47.4% more than the average price in Scotland (£194,000) in August for a property in East Renfrewshire. Across Scotland, property prices are low compared to those across the UK, where the average cost is £291,000.

The most expensive properties in Scotland were in East Lothian – £337,000 on average, and 1.2 times the price as in East Renfrewshire. East Lothian properties cost 2.7 times the price as homes in East Ayrshire (£124,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

• East Renfrewshire: £286,227
• Scotland:£194,156
• UK: £291,044

Annual change to August

• East Renfrewshire: -4.8%
• Scotland: +1.1%
• UK: +0.2%

Highest and lowest annual growth in Scotland

• East Lothian: +15.4%
• The Shetland Islands: -7.6%