East Renfrewshire house prices dropped in February

House prices dropped by 1.4% in East Renfrewshire in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 1.3% annual growth.

The average East Renfrewshire house price in February was £280,591, Land Registry figures show – a 1.4% decrease on January.

Over the month, the picture was better than that across Scotland, where prices decreased 2.6%, but East Renfrewshire underperformed compared to the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in East Renfrewshire rose by £3,600 – putting the area 22nd among Scotland’s 32 local authorities with price data for annual growth.

The best annual growth in the region was in the Shetland Islands, where property prices increased on average by 24.5%, to £217,000. At the other end of the scale, properties in Aberdeen lost 6.6% of their value, giving an average price of £132,000.

Winners and Losers

Owners of detached houses fared worst in East Renfrewshire in February – they dropped 1.6% in price, to £512,059 on average. But over the last year, prices rose by 3.1%.

Among other types of property:

First steps on the property ladder

First-time buyers in East Renfrewshire spent an average of £204,600 on their property – £1,300 more than a year ago, and £37,300 more than in February 2018.

By comparison, former owner-occupiers paid £328,100 on average in February – 60.4% more than first-time buyers.

How do property prices in East Renfrewshire compare?

Buyers paid 55.6% more than the average price in Scotland (£180,000) in February for a property in East Renfrewshire. Across Scotland, property prices are high compared to those across the UK, where the average cost £288,000.

The most expensive properties in Scotland were in Edinburgh – £320,000 on average, and 1.1 times as much as more than in East Renfrewshire. Edinburgh properties cost 2.8 times as much as homes in Inverclyde (£115,000 average), at the other end of the scale.

The highest property prices across the UK were in 160.

Factfile

Average property price in February

• East Renfrewshire: £280,591
• Scotland:£180,287
• UK: £287,506

Annual growth to February

• East Renfrewshire: +1.3%
• Scotland: +1%
• UK: +5.5%

Best and worst annual growth in Scotland

• The Shetland Islands: +24.5%
• Aberdeen: -6.6%