House prices increased slightly, by 0.6%, in North Lanarkshire in April, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 13.2% over the last year.
An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.
In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.
The average North Lanarkshire house price in April was £132,424, Land Registry figures show – a 0.6% increase on March.
Over the month, the picture was different to that across Scotland, where prices increased 3%, and North Lanarkshire was lower than the 1.1% 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 16th 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 34.3%, to £221,000. At the other end of the scale, properties in the Shetland Islands lost 0.6% of their value, giving an average price of £188,000.
First steps on the property ladder
First-time buyers in North Lanarkshire spent an average of £108,000 on their property – £11,000 more than a year ago, and £27,000 more than in April 2017.
By comparison, former owner-occupiers paid £164,000 on average in April – 51.9% more than first-time buyers.
Owners of detached houses saw the biggest rise in property prices in North Lanarkshire in April – they increased 1.3%, to £277,486 on average. Over the last year, prices rose by 18.9%.
Among other types of property:
Semi-detached: up 0.8% monthly; up 14.9% annually; £147,220 averageTerraced: up 0.6% monthly; up 11.4% annually; £107,832 averageFlats: down 0.1% monthly; up 8.6% annually; £74,769 average
How do property prices in North Lanarkshire compare?
Buyers paid 29.5% less than the average price in Scotland (£188,000) in April for a property in North Lanarkshire. Across Scotland, property prices are low compared to those across the UK, where the average cost £281,000.
The most expensive properties in Scotland were in Edinburgh – £325,000 on average, and 2.5 times as much as more than in North Lanarkshire. Edinburgh properties cost 2.9 times as much as homes in Inverclyde (£111,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in April
North Lanarkshire: £132,424Scotland:£187,954UK: £281,161
Annual growth to April
North Lanarkshire: +13.2%Scotland: +16.2%UK: +12.4%
Highest and lowest annual growth in Scotland
The Orkney Islands: +34.3%The Shetland Islands: -0.6%