Area's house prices on the up

Lisa Hodge • Published 5 Aug 2010 14:00

HOUSE prices in Inverclyde have shot up by more than eight per cent since last year.

The average property price in the area has gone from £114,614 between April and June 2009 to £123,903 in the same period in 2010 - a whopping rise of around 8.1 per cent.

The growth marks the first year-on-year increase in Scotland since 2007.

According to the figures, which were released by the registers of Scotland (RoS), the Inverclyde growth rate is higher than the national average, which is 5.3 per cent.

Experts in Inverclyde today welcomed the news, saying there had already been a boost to house sales.

Carol Knox is the valuer for estate agents Best Move in Greenock.

She said the rise is breathing new life into the one-time collapsed housing market.

She said: "The growth is very welcome within the industry.

"It's already helping to sell houses, because people are more willing to put their houses on the market now. Not only will they get a decent price for their own

property, they know they will not be paying over the odds for another."

Carol says along with lower interest rates and better deals on mortgages and deposits, buyers are finally finding their way out of the recession.

She said: "There are better mortgage deals and lower interest rates, but also, we are coming out of the recession and people are recognising that fact.

"Also, people are realising that if they sell their house for less than they expect, they will be buying one within their budget, so it all levels out."

According to the figures, East Lothian enjoyed the highest rise in house prices with a 17.9 per cent hike. In the Orkney Islands, prices were 8.5 per cent down.

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This article appeared in Greenock Telegraph 05 Aug 10

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