HOUSE prices are continuing to rise, despite the impact of the cost-of-living crisis.

Latest figures from the UK House Price Index show average values in both Renfrewshire and East Renfrewshire have seen significant increases over just 12 months.

The average value of a home in Renfrewshire in December was £153,208 – up by almost £10,000 compared to a year earlier.

And prices have continued to climb even more steeply in East Renfrewshire, where the average value was £293,315 – an increase of almost £30,000.
That made East Renfrewshire the third most expensive place in Scotland to buy a house, behind only Edinburgh (£329,797) and East Lothian (£317,707).

The cheapest place to snap up a property was Inverclyde, where the average price was just £124,993.

The percentage increase for Renfrewshire and East Renfrewshire over the 12-month period was 5.7% and 10.1% respectively.

Across Scotland as a whole, the average house price in December was £187,224, which is up by 5.7% compared to a year earlier.

Latest figures also show that the number of homes sold locally has dropped as many potential buyers struggle to find their dream property.

Just 331 homes were sold in Renfrewshire in October, compared to 421 in the same month in 2021.

In East Renfrewshire, the total fell from 164 to 157.

A spokesperson for Registers of Scotland, which provides data for the UK House Price Index, said: “In Scotland, detached houses showed the largest annual percentage change out of all property types, increasing by 8.8% in the 12 months to December 2022 to £343,000.

“Flats and maisonettes showed the lowest annual percentage change, which increased by 2.4% in the year to December 2022 to an average price of £126,000.”

Property experts have said fluctuations in mortgage rates are having an impact on the housing market.

Rates jumped last autumn following the UK Government’s mini-budget, amid market turmoil.

Since then, the mortgage market has been settling down, although rises in the Bank of England base rate will put an upward pressure on the cost of borrowing generally.

Helena Marston, chief executive of online estate agent Purplebricks, said: “With mortgage rates falling, especially five-year fixed-rate products, buyers have more mortgage options than they did at the back end of 2022.”