HOUSE prices are continuing to rocket, despite the cost-of-living crisis, latest figures show.

According to the UK House Price Index, average prices in both Renfrewshire and East Renfrewshire have soared by 10% over just 12 months.

The average value of a home in Renfrewshire in January was £149,396 – up by almost £15,000 compared to a year earlier.

And prices have climbed even more steeply in East Renfrewshire, where the average value was £272,600 – an increase of almost £25,000.

That made East Renfrewshire the third most expensive place in Scotland to buy a house, behind only Edinburgh (£310,281) and East Lothian (£280,068).

The cheapest place to snap up a property was East Ayrshire, where the average price was just £122,000.

Across Scotland as a whole, the average house price in January was £182,786, which is up by almost 11% compared to a year earlier.

Latest figures also show that the number of homes sold locally dropped in the year from November 2020 to November 2021 as many potential buyers struggled to find their dream property.

Just 353 homes were sold in Renfrewshire in November last year, compared to 479 in the same month in 2020.

In East Renfrewshire, the total fell from 198 to 158.

Robert Gardner, chief economist at leading mortgage lender Nationwide, said: “The housing market has retained a surprising amount of momentum given the mounting pressure on household budgets and the steady rise in borrowing costs.

“A combination of robust demand and limited stock of homes on the market has kept upward pressure on prices.

“The continued buoyancy of housing demand may in part be explained by strong labour market conditions.

“The unemployment rate has continued to trend down in recent months from already low levels.

“Wage growth has accelerated, though it is running below inflation.

“The significant savings accrued during lockdowns is also likely to have helped prospective homebuyers raise a deposit.”