North Lanarkshire house prices dropped slightly in September

House prices dropped slightly, by 0.5%, in North Lanarkshire in September, new figures show.

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped slightly, by 0.5%, in North Lanarkshire in September, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 9.4% over the last year.

The average North Lanarkshire house price in September was £139,419, Land Registry figures show – a 0.5% decrease on August.

Over the month, the picture was similar to that across Scotland, where prices decreased 0.9%, but North Lanarkshire was lower than 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 £12,000 – putting the area 17th 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 30.1%, to £162,000. At the other end of the scale, properties in Aberdeen lost 2.4% of their value, giving an average price of £145,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

First steps on the property ladder

First-time buyers in North Lanarkshire spent an average of £114,300 on their property – £9,200 more than a year ago, and £30,600 more than in September 2017.

By comparison, former owner-occupiers paid £171,600 on average in September – 50.2% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices North Lanarkshire in September – they dropped 1% in price, to £284,333 on average. But over the last year, prices rose by 11.3%.

Among other types of property:

Semi-detached: down 0.3% monthly; up 10.4% annually; £155,169 averageTerraced: down 0.4% monthly; up 9.6% annually; £115,183 averageFlats: down 0.5% monthly; up 6.3% annually; £79,180 average

How do property prices in North Lanarkshire compare?

Buyers paid 27.4% less than the average price in Scotland (£192,000) in September for a property in North Lanarkshire. Across Scotland, property prices are low compared to those across the UK, where the average cost £295,000.

The most expensive properties in Scotland were in Edinburgh – £337,000 on average, and 2.4 times as much as more than in North Lanarkshire. Edinburgh properties cost 2.6 times as much as homes in Inverclyde (£130,000 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 September

North Lanarkshire: £139,419Scotland:£191,941UK: £294,559

Annual growth to September

North Lanarkshire: +9.4%Scotland: +7.3%UK: +9.5%

Highest and lowest annual growth in Scotland

Na h-Eileanan Siar: +30.1%Aberdeen: -2.4%