Latest prices in Inverclyde for flats and apartments
The latest figures show that the average price for a Flat & Apartment property in Inverclyde has now reached £89,076 as of Feb 2024. This value is based upon the average value of completed property transactions in the month of February.
Average prices for a Flat & Apartment property have increased substantially over the longer term in Inverclyde. Back in January 2004, prices for this type of property averaged £57,545 based on sales at the time. Fast forward to January 2024, and averages reached £88,365 - representing a growth of 54% over 20 years.
This substantial double-digit percentage rise in Flat & Apartment property values far outpaced broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep price inflation seen for Flat & Apartment homes in Inverclyde over the past 2 decades.
Our data is sourced directly from HM Land Registry and their UK House Price Index report. This dataset is updated several times a year and we always attempt to have the most up to data information available.
The UK HPI uses sales data collected on residential housing transactions, whether for cash or with a mortgage. Properties have been included in England and Wales since January 1995, in Scotland since January 2004, and in Northern Ireland since January 2005, Data is available at a national and regional level, as well as counties, local authorities and London boroughs.
Flat & Apartment prices in Inverclyde over the last 12 months
Date
Price
Apr 2023
£79,936
Apr 2023
£79,936
May 2023
£85,867
Jun 2023
£89,329
Jul 2023
£87,374
Aug 2023
£88,801
Sep 2023
£89,667
Oct 2023
£88,730
Nov 2023
£88,581
Dec 2023
£86,151
Jan 2024
£88,365
Feb 2024
£89,076
Recent trends for prices in Inverclyde
The latest figures from February 2024 indicate the property market in Inverclyde continues to show rising price trends. Compared to January, 2024, average prices increased by 1.5% to £126,828. On an annual basis, average property prices have increased 13.8% since 12 months ago.
In terms of sales activity, there were 84 residential property transactions completed in Inverclyde during February, 2024. Of these purchases, 43 were financed with a mortgage while 41 were all-cash sales. For cash buyers, average prices have changed by 1.4% since January, 2024, coming in at around £114,004. For properties purchased with a mortgage, the average price changed by 1.5% since January, 2024, to £134,590.
Compared to the overall picture in its national parent Scotland, the average property price in Inverclyde are lower than the current national average of £187,807. While Inverclyde saw a change of 1.5% over the last month, Scotland as a whole recorded a percentage change of -0.6% in average property values. And on an annual basis, prices across Scotland have grown by 5.6%, less than the 13.8% yearly change seen in Inverclyde.
Interested in purchasing a property in Inverclyde? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in Inverclyde by housing type
Prices last recorded in February, 2024
average
£126,828
detached
£297,635
flat
£89,076
semi-detached
£149,510
terraced
£119,426
Prices by housing type in Inverclyde
Recent data shows that price growth has varied across different property types in Inverclyde over the last year. For terraced houses, property prices changed by 1.5% between February 2024 and January 2024 to reach £119,426, and changed by 14% over the last 12 months. The annual change was less than the 4.7% change seen for terraced homes in Scotland overall.
Meanwhile, semi-detached properties saw a rise in average prices locally, taking them to £149,510 in January 2024. This represents a 1.6% change from the same month last year.This is outperforming the 6.4% annual change in semi-detached values across the country.
Detached homes in Inverclyde gained 1.9% month-over-month to reach an average of £297,635. Annually, detached property values have changed by 15.7%. This is stronger price growth compared to Scotland's 7.3% change for detached houses over the year.
For apartments and flats, average prices increased by 1.4% between February and January 2024, hitting £89,076. Over the last 12 months, apartment values have changed by 13%, surpassing Scotland's flat and apartment growth rate of 4.7%.
Overall, semi-detached properties have seen the strongest price momentum locally over the past year, with a change of 16%, while flat properties lagged, with a change of 13%.
Recent purchases in Inverclyde
According to data from HM Land Registry, there were 84 completed property purchases in the area of Inverclyde in February 2024. Of these sales, 41 were recorded as cash purchases whilst 43 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by 14.3% and the percentage of properties purchased with cash has changed by 13.1%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
Use one of the following links to find more specific information about the type of property you're looking for in inverclyde.
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