North Lanarkshire house prices dropped in November

House prices dropped by 1.1% in North Lanarkshire in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1% over the last year.

The average North Lanarkshire house price in November was £137,634, Land Registry figures show – a 1.1% decrease on October.

Over the month, the picture was different to that across Scotland, where prices increased 1.1%, and North Lanarkshire was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in North Lanarkshire rose by £1,300 – putting the area 15th among Scotland’s 32 local authorities with price data for annual growth.

The highest annual growth in the region was in Na h-Eileanan Siar, where property prices increased on average by 10.5%, to £175,000. At the other end of the scale, properties in the Orkney Islands lost 12.4% of their value, giving an average price of £189,000.

First steps on the property ladder

First-time buyers in North Lanarkshire spent an average of £112,170 on their property – £200 more than a year ago, and £24,420 more than in November 2018.

By comparison, former owner-occupiers paid £170,640 on average in November – 52.1% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in North Lanarkshire in November – they dropped 1.7% in price, to £112,546 on average. Over the last year, prices dropped by 0.4%.

Among other types of property:

• Detached: up 0% monthly; up 4.5% annually; £289,178 average
• Semi-detached: down 0.8% monthly; up 2% annually; £154,083 average
• Flats: down 1.5% monthly; down 0.9% annually; £77,181 average

How do property prices in North Lanarkshire compare?

Buyers paid 29.1% less than the average price in Scotland (£194,000) in November for a property in North Lanarkshire. Across Scotland, property prices are low compared to those across the UK, where the average cost is £285,000.

The most expensive properties in Scotland were in Edinburgh – £345,000 on average, and 2.5 times the price as in North Lanarkshire. Edinburgh properties cost 2.7 times the price as homes in North Ayrshire (£128,000 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 November

• North Lanarkshire: £137,634
• Scotland:£194,006
• UK: £284,950

Annual change to November

• North Lanarkshire: +1%
• Scotland: +2.2%
• UK: -2.1%

Highest and lowest annual growth in Scotland

• Na h-Eileanan Siar: +10.5%
• The Orkney Islands: -12.4%