House prices in one Glasgow suburb rose by a staggering £2,500 a day in February

A new report claims house prices are soaring so quickly that properties in one part of Scotland went up £2500 every day between January and February this year.

The astonishing rise was detected in the East Renfrewshire suburb of Giffnock, just south of Glasgow, where stone-built semi detached houses are now selling for £750,000.

When it comes to the area’s detached homes, property firm Walker Fraser Steele said that these went up in value by £70,000 in the 28 days to the end of February.

One five-bed luxury villa which was advertised for £1,650,000 sold for £1,950,000 – fully £300,000 over the asking price.

Stone-built homes like this one in Giffnock saw values soar in February

Walker Fraser Steele concede it is this sale which may have resulted in the area’s average price being artificially inflated.

Speaking of Scotland as a whole, the firm’s regional development director Scott Jack said that the country continues to see record house price growth.

The average price paid for a house in Scotland in February this year reached £218,702 – a level £16,600 higher than at the same time last year.

Mr Jack said:”This continues the trend from January and, on a monthly basis, this means prices in February rose by 1.5 per cent- the highest increase in a month since August last year.“The reasons for this strong performance remain constant across the UK. We are still seeing the results of people choosing to change the way in which they work and where they choose to do this.“While inflation and interest rates are rising - albeit it at different paces - we still enjoy relatively low borrowing costs. The supply of desirable property remains constrained so there is a lot of competition for the most desirable property.“It seems that the pandemic’s impact on our ability to spend, which includes disposable income for socialising and holidays, has meant people have saved for more fundamental things such as a house purchase.

“Also, the rise in house prices during the period means that existing homeowners have benefitted from an increase in the equity in their homes meaning they can move up the ladder.”

Edinburgh remains the most expensive place to buy a home, at an average of £323,295 while neighbouring East Lothian comes in second at £317,357.

East Renfrewshire is now in third position, at an average of £313,399, helped in large part by an astonishing 9.3 per cent rise in February alone.

The council district includes Newton Mearns and Whitecraigs, which are among the costliest places to purchase a property in Scotland.

Demand is high in East Renfrewshire due to excellent schooling, both denominational and non-denominational, and its handy transport links via the M77 and several rail stations to Glasgow.

Mark Jamieson, of Corum Property, said buyers were moving into Giffnock from Glasgow’s west end and the nearby city suburb of Pollokshields.

He said:”Local businesses have done a superb job, marketing the area as ‘Giffnock Village’.

“Young families love the idea of that bygone era, wheeling their baby in the pram down to the local butcher.

“The area also has excellent educational facilities and parents are keen to see their children go through good pre-school, primary and secondary teaching.”