THE price of a first home in Renfrewshire has more than doubled in the past 20 years, latest figures show.

According to research by leading mortgage provider Halifax, the average price of a first home in the area has rocketed from £64,565 in 1999 to a current level of £157,440 – a rise of 144 per cent and more than £90,000.

However, the study also shows Renfrewshire is in the bottom 10 in the UK when it comes to percentage increase in first home prices – and the rise is well below the Scottish average of 212 per cent over the past two decades.

The cost of a first home now outstrips the increase seen in the value of the average UK property, with the average price standing at £231,442.

Commenting on the statistics, Russell Galley, managing director at Halifax, said: “The rise in house prices in London since the turn of the century is well documented and a sharp decrease in affordability just shows how quickly the market has moved.

“Conversely, there are bargains to be had elsewhere, such as in Scotland, where prices have been slightly more subdued and properties compared to earnings are comparatively affordable.”

Mr Galley also stressed that new buyers continue to be “hugely important” to the overall health of the UK’s housing market.

He added: “Despite a shortage of homes and the ongoing challenge of raising deposits, we know that the number of first-time buyers is moving in the right direction.”

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