North Lanarkshire house prices increased in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased by 2.2% in North Lanarkshire in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.8% annual growth.

The average North Lanarkshire house price in March was £132,532, Land Registry figures show – a 2.2% increase on February.

Over the month, the picture was better than that across Scotland, where prices remained static, and North Lanarkshire outperformed the 0.3% 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 16th among Scotland’s 32 local authorities with price data for annual growth.

The best annual growth in the region was in Falkirk, where property prices increased on average by 19.2%, to £162,000. At the other end of the scale, properties in Aberdeen gained just 0.1% in value, giving an average price of £143,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in North Lanarkshire in March – they increased 2.7%, to £277,046 on average. Over the last year, prices rose by 17.4%.

Among other types of property:

Semi-detached: up 2.5% monthly; up 13.5% annually; £147,378 averageTerraced: up 2% monthly; up 9.9% annually; £107,776 averageFlats: up 1.5% monthly; up 7.1% annually; £74,908 average

First steps on the property ladder

First-time buyers in North Lanarkshire spent an average of £108,000 on their property – £10,000 more than a year ago, and £28,000 more than in March 2017.

By comparison, former owner-occupiers paid £164,000 on average in March – 51.8% more than first-time buyers.

How do property prices in North Lanarkshire compare?

Buyers paid 26.9% less than the average price in Scotland (£181,000) in March for a property in North Lanarkshire. Across Scotland, property prices are low compared to those across the UK, where the average cost £278,000.

The most expensive properties in Scotland were in Edinburgh – £323,000 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 March

North Lanarkshire: £132,532Scotland:£181,415UK: £278,436

Annual growth to March

North Lanarkshire: +11.8%Scotland: +8%UK: +9.8%

Best and worst annual growth in Scotland

Falkirk: +19.2%Aberdeen: +0.1%