North Lanarkshire house prices increased slightly in November

House prices increased slightly, by 0.5%, in North Lanarkshire in November, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.6% over the last year.

The average North Lanarkshire house price in November was £138,607, Land Registry figures show – a 0.5% increase on October.

Over the month, the picture was different to that across Scotland, where prices decreased 1.2%, and North Lanarkshire was above the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in North Lanarkshire rose by £11,000 – putting the area 12th 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 26.9%, to £164,000. At the other end of the scale, properties in Aberdeen lost 4.7% of their value, giving an average price of £140,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in North Lanarkshire spent an average of £113,300 on their property – £8,300 more than a year ago, and £28,000 more than in November 2017.

By comparison, former owner-occupiers paid £171,100 on average in November – 51.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in North Lanarkshire in November – they increased 1.3%, to £287,059 on average. Over the last year, prices rose by 11.1%.

Among other types of property:

Semi-detached: up 0.7% monthly; up 9.7% annually; £154,355 averageTerraced: up 0.5% monthly; up 9.2% annually; £114,486 averageFlats: down 0.2% monthly; up 4.6% annually; £77,815 average

How do property prices in North Lanarkshire compare?

Buyers paid 27.6% less than the average price in Scotland (£191,000) in November 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 – £334,000 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 (£127,000 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 November

North Lanarkshire: £138,607Scotland:£191,492UK: £294,910

Annual growth to November

North Lanarkshire: +8.6%Scotland: +5.5%UK: +10.3%

Highest and lowest annual growth in Scotland

Na h-Eileanan Siar: +26.9%Aberdeen: -4.7%