House prices in Paisley soared by 15% in past year

Paisley has been recognised as the UK’s top property hotspot, with asking prices in the town soaring by 15% over the past year.

Lancaster and Wigan in northern England followed in second and third place in the listing compiled by Rightmove.

Rightmove said local estate agents in Paisley reported that access to nature and green spaces may have contributed to the rising prices of homes in the area. Both of these attributes are said to have become more important to some home movers during coronavirus lockdowns.

Curtis Chisholm, director at Cochran Dickie estate agency, said: “The demand for Paisley can be attributed to the fact that you can get more for your money here than in Glasgow’s West End or South Side, especially with the ease of commuting coupled with quality homes in very desirable addresses.

“Paisley is a very historical town with fabulous culture.”

The average asking price of a home in Paisley is currently £126,903, which is £16,183 more expensive than a year ago.

However, average asking prices in the town are £191,677 cheaper than the average across Britain, at £318,580. They are also £34,619 cheaper than the average across Scotland of £161,522.

London was excluded from the main research. However, the strongest asking price growth in London was in West Norwood, where asking prices increased by 12% annually – a slower rate than in Paisley but matching the 12% growth also recorded in Lancaster and Wigan.

All of the top 10 price hotspots outside London have average asking prices that are cheaper than the average across Britain. The most expensive location on the list is Newquay in Cornwall, with average asking prices at £294,381.

Within London, Chelsea (11% annual increase) and Purley (9% annual increase) came in second and third place respectively, after West Norwood.

Tim Bannister, Rightmove’s director of property data, said: “Demand for property in Paisley is very high at the moment, with searches for homes to buy in the town having risen by 44% compared to this time last year. Naturally, demand leads to rising prices and with swathes of rolling countryside on the doorstep, it makes sense that Paisley is such a popular destination for home-movers looking for more space.

“With regards to the other price hotspots in our table, it’s interesting that places in the North West are continuing to perform really strongly. A recent study of ours found that the biggest winners for property prices for all of 2020 were suburban areas in the North West, especially towns near Liverpool and Manchester, and this latest research illustrates that this trend is very much still alive.”

Tags: Rightmove

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