A NEW report on house prices has revealed the area's recent property boom has come to a shuddering halt.

According to the UK House Price Index, average values in Renfrewshire and East Renfrewshire have risen by just over 1% in the past year.

The average value of a home in Renfrewshire in February was £147,096 – up by less than £2,000 compared to a year earlier.

Growth was also slow in East Renfrewshire, where the average value was £280,591 – an increase of around £3,000.

Despite this, East Renfrewshire was the third most expensive place in Scotland to buy a house, behind only Edinburgh (£319,723) and East Lothian (£295,699).

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The cheapest place to snap up a property was Inverclyde, where the average price was just £115,299.

The percentage increase for Renfrewshire and East Renfrewshire over the 12-month period was 1.2% and 1.3% respectively.

Across Scotland as a whole, the average house price in February was £180,287, which is up by exactly 1% 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 304 homes were sold in Renfrewshire in December, compared to 345 in the same month in 2021.

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In East Renfrewshire, the total fell from 147 to 131.

A spokesperson for Registers of Scotland, which provides data for the UK House Price Index, said: "In Scotland, detached houses showed the highest annual percentage change out of all property types, increasing by 2% in the 12 months to February 2023 to £325,000.

"Flats and maisonettes showed the lowest annual percentage change, which decreased by 0.5% in the 12 months to February 2023 to an average price of £123,000.

"The highest annual percentage change was in Moray, where average house prices increased by 10.1% in the 12 months to February 2023 to £188,000.

"The lowest annual percentage change was in City of Aberdeen, where average house prices decreased by 6.6% in the 12 months to February 2023 to £132,000."