House prices in Paisley soar as town named property hotspot

Paisley has been named as Britain’s top property hotspot, with asking prices in the area surging by 15% over the past year.

According to a study conducted by Rightmove, local estate agents reported that access to nature and green spaces may have contributed to rising prices.

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.

All of the top ten 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.

Rightmove’s director of property data Tim Bannister 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.”

Top ten asking price hotspots outside of London according to Rightmove

1. Paisley, Renfrewshire, £126,903, 15%

=2. Lancaster, Lancashire, £197,790, 12%

=2. Wigan, Greater Manchester, £175,202, 12%

=4. Bishop Auckland, County Durham, £135,736, 11%

=4. Keighley, West Yorkshire, £195,175, 11%

=4. Pudsey, West Yorkshire, £225,530, 11%

=4. Newquay, Cornwall, £294,381, 11%

=4. Neath, South Glamorgan, £160,541, 11%

=9. Wallasey, Merseyside, £174,003, 10%

=9. Liverpool, Merseyside, £175,300, 10%