BIG Fall In Terraced House Prices

Wednesday, 01 February 2012 |

LATEST figures show a 50 per cent drop in the price of terraced homes in Inverclyde.

The massive fall saw terraced homes selling for an average of £54,000 in the last three months of 2011, compared with £106,000 the year before.

At the same time, the number of terraced houses which were sold more than doubled from 44 to 92.

The figures were released by the Registers of Scotland who could not give any particular reason for the massive changes.

The large fall in terraced house prices affected the average property price in the area which fell 12 per cent, the biggest fall in Scotland.

In the last three months of 2011, homes were selling for an average of just under £105,000, down from £119,000 for the same period the year before.

The number of houses sold in Inverclyde in October, November and December increased by 17 per cent, from 253 to 297. The total value of those sales was about £31.1million, up just over £1milllion (3.3per cent) on the same period in 2010.

There was a big increase – 42 per cent – in the number of detached houses sold between October and December 2011 – up from 38 to 54. They were selling on average for £217,000, down 3 per cent on the £224,000 average the year before.

Semi-detached houses increased in price by 9.4 per cent from £115,000 to £125,000 but the number sold was down more than a quarter from 45 to 33.

The price of flats fell 3.4per cent from £88,000 to £84,000. There were 118 flats sold in the last quarter of 2011, compared with 126 in the same period the year before.