Although price corrections are becoming inevitable in the UK property market following the effects of the pandemic, these dips are slight and house prices are still rising.
Latest figures from the website ‘Home’ have shown that we are seeing extraordinarily low levels of property on the market and the level of unsold property has never been so low. Given that property levels don’t appear to be meeting demand, any fall in prices will be slight.
The current raft of cheap mortgage deals still available following the unexpected move from the Bank of England not to increase interest rates this month. House prices have dropped just 0.4% since last month.
More significant price corrections are being seen in the southern regions of the UK with a fall of 1.2% in the South West and 0.8% in the South East.
Across much of the UK, the scarcity of good quality homes for sale continues to support house prices and rents. However, Scotland is now indicating sub-inflation growth. It is expected that house prices and rents will continue to rise for most markets due to the vast amount of recent credit expansion. Any rise in availability of homes for sale appears unlikely, and any significant mortgage rate rises appear unlikely.
East Renfrewshire
According to Rightmove, properties in East Renfrewshire had an overall average price of £290,188 over the last year. Overall, sold prices in East Renfrewshire over the last year were 9% up on the previous year and 11% up on the 2018 peak of £261,208.
Government statistics show that in Scotland as a whole, in July 2021 the average price of a property in Scotland was £177,166, the annual price change of a property in Scotland was 14.6%, and the monthly price change of a property in Scotland was 2.0%.
Estimates for the most recent months are provisional and are likely to be updated as more data is incorporated into the index. Read the revision policies.