South Lanarkshire house prices dropped slightly in August

House prices dropped slightly, by 0.6%, in South Lanarkshire in August, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.4% over the last year.

The average South Lanarkshire house price in August was £165,174, Land Registry figures show – a 0.6% decrease on July.

Over the month, the picture was different to that across Scotland, where prices increased 1.2%, and South Lanarkshire was lower than the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in South Lanarkshire rose by £590 – putting the area 14th 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 15.4%, to £337,000. At the other end of the scale, properties in the Shetland Islands lost 7.6% of their value, giving an average price of £182,000.

First steps on the property ladder

First-time buyers in South Lanarkshire spent an average of £128,080 on their property – £300 less than a year ago, but £27,600 more than in August 2018.

By comparison, former owner-occupiers paid £203,010 on average in August – 58.5% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in South Lanarkshire in August – they dropped 1% in price, to £92,906 on average. Over the last year, prices dropped by 0.8%.

Among other types of property:

• Detached: down 0.2% monthly; up 2.4% annually; £328,926 average
• Semi-detached: down 0.2% monthly; up 1% annually; £188,292 average
• Terraced: down 0.7% monthly; down 0.8% annually; £133,727 average

How do property prices in South Lanarkshire compare?

Buyers paid 14.9% less than the average price in Scotland (£194,000) in August for a property in South Lanarkshire. Across Scotland, property prices are low compared to those across the UK, where the average cost is £291,000.

The most expensive properties in Scotland were in East Lothian – £337,000 on average, and twice the price as in South Lanarkshire. East Lothian properties cost 2.7 times the price as homes in East Ayrshire (£124,000 average), at the other end of the scale.

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

Factfile

Average property price in August

• South Lanarkshire: £165,174
• Scotland:£194,156
• UK: £291,044

Annual growth to August

• South Lanarkshire: +0.4%
• Scotland: +1.1%
• UK: +0.2%

Highest and lowest annual growth in Scotland

• East Lothian: +15.4%
• The Shetland Islands: -7.6%