North Lanarkshire house prices increased slightly in February

House prices increased slightly, by 1%, in North Lanarkshire in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.6% annual growth.

The average North Lanarkshire house price in February was £129,596, Land Registry figures show – a 1% increase on January.

Over the month, the picture was better than that across Scotland, where prices decreased 1.7%, and North Lanarkshire outperformed the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in North Lanarkshire rose by £13,000 – putting the area 18th among Scotland’s 32 local authorities with price data for annual growth.

The best annual growth in the region was in Na h-Eileanan Siar, where property prices increased on average by 22.7%, to £156,000. At the other end of the scale, properties in the Shetland Islands lost 1.6% of their value, giving an average price of £173,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in North Lanarkshire in February – they increased 1.6%, to £268,704 on average. Over the last year, prices rose by 16%.

Among other types of property:

Semi-detached: up 1% monthly; up 12.9% annually; £143,402 averageTerraced: up 0.7% monthly; up 10.1% annually; £105,627 averageFlats: up 0.7% monthly; up 7.5% annually; £73,934 average

First steps on the property ladder

First-time buyers in North Lanarkshire spent an average of £106,000 on their property – £10,000 more than a year ago, and £26,000 more than in February 2017.

By comparison, former owner-occupiers paid £160,000 on average in February – 51.2% more than first-time buyers.

How do property prices in North Lanarkshire compare?

Buyers paid 28.3% less than the average price in Scotland (£181,000) in February for a property in North Lanarkshire. Across Scotland, property prices are low compared to those across the UK, where the average cost £277,000.

The most expensive properties in Scotland were in Edinburgh – £315,000 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 North Ayrshire (£120,000 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 February

North Lanarkshire: £129,596Scotland:£180,822UK: £276,755

Annual growth to February

North Lanarkshire: +11.6%Scotland: +11.7%UK: +10.9%

Best and worst annual growth in Scotland

Na h-Eileanan Siar: +22.7%The Shetland Islands: -1.6%