North Lanarkshire house prices increased in May

House prices increased by 2.7% in North Lanarkshire in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.1% over the last year.

The average North Lanarkshire house price in May was £136,810, Land Registry figures show – a 2.7% increase on April.

Over the month, the picture was similar to that across Scotland, where prices increased 3%, and North Lanarkshire was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in North Lanarkshire rose by £5,400 – putting the area ninth among Scotland’s 32 local authorities with price data for annual growth.

The highest annual growth in the region was in East Lothian, where property prices increased on average by 16.1%, to £339,000. At the other end of the scale, properties in the Shetland Islands lost 7.1% of their value, giving an average price of £188,000.

First steps on the property ladder

First-time buyers in North Lanarkshire spent an average of £111,900 on their property – £4,000 more than a year ago, and £22,800 more than in May 2018.

By comparison, former owner-occupiers paid £168,700 on average in May – 50.7% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in North Lanarkshire in May – they increased 3.1%, to £77,874 on average. Over the last year, prices rose by 2.9%.

Among other types of property:

• Detached: up 2.5% monthly; up 6.2% annually; £283,191 average
• Semi-detached: up 2.3% monthly; up 4.7% annually; £152,209 average
• Terraced: up 2.7% monthly; up 3.3% annually; £111,698 average

How do property prices in North Lanarkshire compare?

Buyers paid 28.9% less than the average price in Scotland (£193,000) in May for a property in North Lanarkshire. Across Scotland, property prices are low compared to those across the UK, where the average cost is £286,000.

The most expensive properties in Scotland were in East Lothian – £339,000 on average, and 2.5 times the price as in North Lanarkshire. East Lothian properties cost 2.8 times the price as homes in Inverclyde (£123,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in May

• North Lanarkshire: £136,810
• Scotland:£192,518
• UK: £285,861

Annual growth to May

• North Lanarkshire: +4.1%
• Scotland: +3.2%
• UK: +1.9%

Highest and lowest annual growth in Scotland

• East Lothian: +16.1%
• The Shetland Islands: -7.1%