North Lanarkshire house prices increased in October

House prices increased by 1.3% in North Lanarkshire in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.4% over the last year.

The average North Lanarkshire house price in October was £140,331, Land Registry figures show – a 1.3% increase on September.

Over the month, the picture was different to that across Scotland, where prices decreased 0.5%, and North Lanarkshire was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in North Lanarkshire rose by £4,600 – putting the area eighth among Scotland’s 32 local authorities with price data for annual growth.

The highest annual growth in the region was in Clackmannanshire, where property prices increased on average by 11.2%, to £180,000. At the other end of the scale, properties in the Shetland Islands lost 10.7% of their value, giving an average price of £185,000.

First steps on the property ladder

First-time buyers in North Lanarkshire spent an average of £114,600 on their property – £3,000 more than a year ago, and £24,900 more than in October 2018.

By comparison, former owner-occupiers paid £173,600 on average in October – 51.5% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in North Lanarkshire in October – they increased 2.2%, to £293,186 on average. Over the last year, prices rose by 7%.

Among other types of property:

How do property prices in North Lanarkshire compare?

Buyers paid 26.6% less than the average price in Scotland (£191,000) in October for a property in North Lanarkshire. Across Scotland, property prices are low compared to those across the UK, where the average cost is £288,000.

The most expensive properties in Scotland were in Edinburgh – £344,000 on average, and 2.4 times the price as in North Lanarkshire. Edinburgh properties cost 2.7 times the price as homes in East Ayrshire (£128,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

• North Lanarkshire: £140,331
• Scotland:£191,233
• UK: £287,782

Annual change to October

• North Lanarkshire: +3.4%
• Scotland: +0.2%
• UK: -1.2%

Highest and lowest annual growth in Scotland

• Clackmannanshire: +11.2%
• The Shetland Islands: -10.7%