Inverclyde Records Biggest Annual Drop in House Prices in Scotland
Walker Fraser Steele’s House Price Index has published figures showing a 16.2% decrease in house prices within Inverclyde from last year’s figures, the largest out of all local authorities in Scotland.
The average house price in Inverclyde was recorded as £153,831 in March 2022 and fell to £128,883 in March 2023.
The report shows a 6.6% decrease between February and March alone.
A total of ten local authorities in Scotland recorded an annual drop in prices.
The largest annual increase was seen in Clackmannanshire, where prices are up by 15.8%.
Prices in neighbouring Renfrewshire were up by 2.2%, with North Ayrshire’s increasing by 4.6%.
On average, house prices in Scotland as a whole have remained static between February and March.
Walker Fraser Steele March 2023 House Price Index, produced by AcaData.
Scott Jack, regional development manager at Walker Fraser Steele, said:
“Given the economic headwinds facing the Scottish housing market, this month’s data is all the more remarkable.
“Confidence generally in the market has held up relatively well with year-on-year house prices up by 1.3%.
“As we have noted before, the longer days of Spring have traditionally seen growth in housing sales in March in Scotland and this year is no exception.
“The affordability challenges that have deterred buyers in the first quarter of the year may be easing very slightly especially for those who choose to move and take fixed rate mortgages that protect from further rises.
“Despite the cost-of-living crisis, many agents are reporting plenty of enquiries for purchases and the right kind of properties for sale are still in short supply in many areas.
“Notwithstanding the return to the office country and village houses remain popular and in short supply. Home movers still want access to outdoor space, which, together with the need for a home office, are among homebuyers’ most popular requirements.”
This article appeared in the Greenock Telegraph.