Average House Price In Inverclyde Is The Lowest In Scotland
Average house prices in Inverclyde are now the lowest in the country according to a new survey.
Walker Fraser Steele, a leading firm of chartered surveyors, says property prices in the area dropped 3.8 percent to an average of £143,821 from June to July, which is the lowest of all 32 local authority areas.
However, prices here are up 3.5 percent compared to July last year.
Some areas surrounding the district have also seen drops in property values, with Renfrewshire homes costing £177,341 on average – a 5.7 percent decrease.
West Dunbartonshire was just above Inverclyde in the league table. Its average price rose by 2.4 percent to £145,722.
Nationally Scotland recorded a 0.4 percent decline in prices between June and July.
While the country is up 0.3 percent from July last year for average prices, this represents the lowest annual growth since before the Covid pandemic.
Scott Jack, regional development director at Walker Fraser Steele, said: “With the end of interest rate rises perhaps in sight, we may yet see better news in the coming months for house price growth.
“But for now, the picture in July is less rosy as the housing market contracted due to the persistent challenges from rising interest rates, cost of living increases, and affordability pressures.”
Despite sales in Scotland increasing since the start of the year, the total amount of homes purchased is still around 10 percent lower than in 2022, with bank rates sitting around 5.25 percent, the highest figure in the last 15 years.
Bob Pannell, Acadata senior housing analyst, said: “This pattern of subdued market prices and turnover may continue for some while.
“Nevertheless, with continuing strong earnings growth and financial markets beginning to look forward to official interest rates peaking, there are grounds for optimism that Scotland’s housing market will see a soft landing and subsequent recovery.”