House prices in one Scottish area 'rising by £524 a week"

East Renfrewshire, home to some of Glasgow’s most affluent commuter suburbs, saw the biggest increase year-on-year with prices increasing by an average of £524 a week for a year. 

The sharp rise in house prices is a boon to homeowners, but it means that first-time buyers dream of homeownership may be further away than ever.  

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Analysis by property firm DJ Alexander Ltd, which is the largest lettings and estate agency in Scotland, found that the average house price rose by £13,001 in Scotland last year, based on figures between September 2023 and August 2024. 

This would mean the average price for a home rose from £186,970 to £199,971. Scottish House price growth is outstripping that in England and Wales, where prices rose by £8,508 over the same period. 

Across Scotland there were substantial variations in price rises with East Renfrewshire recording the highest increase of £27,270, West Lothian higher by £18,919; Edinburgh rising by £17,661; Midlothian up £15,410; and the Borders up by £15,324. 

House prices are rising in Scotland (Image: Yui Mok) There was only one area which experienced a fall in value over the last year which was Argyll and Bute, where prices were down £1,747.  

The next four lowest increases were in Dumfries and Galloway which rose £665; Fife increased by £1,795; East Dunbartonshire up £1,985; and Aberdeen higher by £2,238. 

David Alexander, the chief executive officer of DJ Alexander Scotland, said: “The Scottish housing market continues to be remarkably resilient.  

“An increase of £13,001 equates to a 6.9% rise over the year at a time when interest rates were high and there were concerns over the performance of the economy.  

“The average price of a Scottish home will soon be above £200,000 for the first time ever and shows a market which remains resilient and growing.” 

He added: “Even more astonishing is the fact that while almost every part of Scotland recorded an increase in average prices eight areas had an average price rise of over £10,000 during the twelve-month period. In East Renfrewshire prices have increased by £524 a week for the entire year.” 

“The biggest increases have all occurred around our two main cities in the central belt where demand seems to be far outstripping supply. People are still drawn to live and work in or near Edinburgh or Glasgow with all of the work, leisure, and entertainment benefits they offer.  

“With the exception of Highland which had a near £10,000 increase all of the static prices and the single price faller are once again in rural areas such as Argyll and Bute and Dumfries and Galloway.” 

Mr Alexander concluded: “The Scottish housing market continues to outperform our neighbours south of the Border and produce really quite strong growth. Normally you would expect annual increases of between two to three per cent but average property prices in Scotland are running at double that rate of growth.  

“With interest rates likely to fall in the coming months, employment remaining high, and the anticipation of higher economic growth I believe these increases in Scottish house prices are likely to continue in the coming year.”