North Lanarkshire house prices increased in January

House prices increased by 1.5% in North Lanarkshire in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.2% annual growth.

The average North Lanarkshire house price in January was £130,217, Land Registry figures show – a 1.5% increase on December.

Over the month, the picture was less good than that across Scotland, where prices increased 2.2%, but North Lanarkshire outperformed the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in North Lanarkshire rose by £14,000 – putting the area 11th among Scotland’s 32 local authorities with price data for annual growth.

The best annual growth in the region was in the Orkney Islands, where property prices increased on average by 19.3%, to £191,000. At the other end of the scale, properties in Aberdeen gained just 0.4% in value, giving an average price of £145,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in North Lanarkshire in January – they increased 1.6%, to £268,833 on average. Over the last year, prices rose by 16.6%.

Among other types of property:

Semi-detached: up 1.5% monthly; up 13.9% annually; £144,484 averageTerraced: up 1.5% monthly; up 10.8% annually; £106,172 averageFlats: up 1.6% monthly; up 8% annually; £74,415 average

First steps on the property ladder

First-time buyers in North Lanarkshire spent an average of £106,000 on their property – £11,000 more than a year ago, and £24,000 more than in January 2017.

By comparison, former owner-occupiers paid £161,000 on average in January – 51% more than first-time buyers.

How do property prices in North Lanarkshire compare?

Buyers paid 28.8% less than the average price in Scotland (£183,000) in January for a property in North Lanarkshire. Across Scotland, property prices are low compared to those across the UK, where the average cost £274,000.

The most expensive properties in Scotland were in Edinburgh – £310,000 on average, and 2.4 times as much as more than in North Lanarkshire. Edinburgh properties cost 2.5 times as much as homes in East Ayrshire (£122,000 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 January

North Lanarkshire: £130,217Scotland:£182,786UK: £273,762

Annual growth to January

North Lanarkshire: +12.2%Scotland: +10.8%UK: +9.6%

Best and worst annual growth in Scotland

The Orkney Islands: +19.3%Aberdeen: +0.4%