Inverclyde sees biggest drop in house prices in Scotland

Figures from the Walker Fraser Steele Acadata House Price Index show that the area saw house prices decrease by 16.2 per cent, falling from £153,831 in March 2022 to £128,883 in March 2023.

The average dropped by 6.6 per cent between February and March this year alone.

A total of ten local authorities recorded an annual drop in prices.

The largest increase was seen in Clackmannanshire, where prices are up by 15.8 per cent.

Average prices in neighbouring Renfrewshire were up by 2.2 per cent, with North Ayrshire’s rising 4.6 per cent.

On average, house prices in Scotland as a whole have remained static between February and March.

Walker Fraser Steele's statistics details house price changes across Scotland (Image: Walker Fraser Steele)

Scott Jack, regional development manager at Walker Fraser Steele, said: ““Given the economic headwinds facing the Scottish housing market, this month’s data is all the more remarkable.

“Confidence generally in the market has held up relatively well with year-on-year house prices up by 1.3%.

“As we have noted before, the longer days of Spring have traditionally seen growth in housing sales in March in Scotland and this year is no exception.

“The affordability challenges that have deterred buyers in the first quarter of the year may be easing very slightly especially for those who choose to move and take fixed rate mortgages that protect from further rises.

“Despite the cost of living crisis, many agents are reporting plenty of enquiries for purchases and the right kind of properties for sale are still in short supply in many areas.

“Notwithstanding the return to the office country and village houses remain popular and in short supply. Home movers still want access to outdoor space, which, together with the need for a home office, are among homebuyers’ most popular requirements.”