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May 24, 2024For much of the UK, the last couple of years have been about waiting for the housing market to recover. It may have been the case of a bubble, but fingers tend to point to the mini-budget. Yet, for Scottish homeowners, much of this was avoided.
In fact, Scottish house prices as a whole have held well and even increased in many reports. The house price inflation over the last year, from March 2023 to March 2024, was far larger in Scotland than in England, Wales, or Northern Ireland. Scottish houses hit an average price of £192,000. This is an increase of 6.7 per cent. In England, there was only a 1.0 per cent rise.
Still, price rises in the rest of the UK are making headlines this spring. With many English homeowners looking to downsize, move away from cities, and find nicer surroundings, some want to come to Scotland. It increases the pool of potential buyers for Scottish sellers. So, now might be the time for a Renfrewshire homeowner to jump into the market.
Ideal selling conditions for Renfrewshire homeowners
Back in December 2021, Paisley earned itself quite the title. It was named in Scotland’s top ten towns with the highest growth in house prices. The surge saw house prices jump from around £138,000 to over £154,000. Over the last year, it’s clear that the rise has held. The two major house price finders put the average price over the last 12 months at between £156,000 and £167,000. Detached houses even go for as much as £290,000.
This means that Paisley is a bit back from the rest of Renfrewshire. For the council area, house prices averaged between £175,000 and £195,000. That said, the average price for East Renfrewshire was reportedly even higher in 2023 alone. According to the list of average house prices by region in Scotland, East Renfrewshire lands third. The £309,000 average is a clear third place. It’s only behind East Lothian (£329,000) and the City of Edinburgh (£338,000). Either way, prices are holding strong in the local area.
Cashing in on consistent growth
Typically, house prices rise across the UK from the spring through to the middle of the summer. So, if 2024 is the year to sell, June and July are the best months to do so. It’s when there’ll be the most buyers, generally speaking. Of course, you don’t always have to wait for buyers. Anyone who wants to capitalise on house price bumps and sell a house fast can do so online. Would-be sellers can easily get a free cash offer. After that, there aren’t any hidden fees, and sellers can choose their own selling timeframe. It’s a way to ensure that your sale isn’t the problem on the chain. It’ll be sold, and then you can wait until your ideal next home is all sorted and ready to receive you. Average house prices in Scotland did edge up again by 0.4 per cent in February, but that was a 0.2 per cent decline on January.
You should only sell your house when you’re ready to. Should that be this summer, the conditions seem good to do so.
