North Lanarkshire house prices increased in June

House prices increased by 1.8% in North Lanarkshire in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 12.1% over the last year.

The average North Lanarkshire house price in June was £136,839, Land Registry figures show – a 1.8% increase on May.

Over the month, the picture was similar to that across Scotland, where prices increased 2.2%, but North Lanarkshire was above the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in North Lanarkshire rose by £15,000 – putting the area 22nd among Scotland’s 32 local authorities with price data for annual growth.

The highest annual growth in the region was in the Orkney Islands, where property prices increased on average by 29.3%, to £218,000. At the other end of the scale, properties in Aberdeen gained 2.1% in value, giving an average price of £147,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in North Lanarkshire spent an average of £112,000 on their property – £11,000 more than a year ago, and £26,000 more than in June 2017.

By comparison, former owner-occupiers paid £169,000 on average in June – 51.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in North Lanarkshire in June – they increased 2.1%, to £283,019 on average. Over the last year, prices rose by 16.5%.

Among other types of property:

Semi-detached: up 1.7% monthly; up 13.5% annually; £151,485 averageTerraced: up 2% monthly; up 11.2% annually; £112,574 averageFlats: up 1.6% monthly; up 7.5% annually; £77,611 average

How do property prices in North Lanarkshire compare?

Buyers paid 28.8% less than the average price in Scotland (£192,000) in June for a property in North Lanarkshire. Across Scotland, property prices are low compared to those across the UK, where the average cost £286,000.

The most expensive properties in Scotland were in Edinburgh – £327,000 on average, and 2.4 times as much as more than in North Lanarkshire. Edinburgh properties cost 2.8 times as much as homes in Inverclyde (£116,000 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 June

North Lanarkshire: £136,839Scotland:£192,249UK: £286,397

Annual growth to June

North Lanarkshire: +12.1%Scotland: +11.6%UK: +7.8%

Highest and lowest annual growth in Scotland

The Orkney Islands: +29.3%Aberdeen: +2.1%