South Lanarkshire house prices dropped slightly in November

House prices dropped slightly, by 0.7%, in South Lanarkshire in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 7.8% over the last year.

The average South Lanarkshire house price in November was £167,066, Land Registry figures show – a 0.7% decrease on October.

Over the month, the picture was similar to that across Scotland, where prices decreased 1.2%, but South Lanarkshire was lower than the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in South Lanarkshire rose by £12,000 – putting the area 15th 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 South Lanarkshire spent an average of £129,600 on their property – £8,700 more than a year ago, and £31,700 more than in November 2017.

By comparison, former owner-occupiers paid £205,200 on average in November – 58.3% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices South Lanarkshire in November – they dropped 1.4% in price, to £93,142 on average. But over the last year, prices rose by 4.1%.

Among other types of property:

Detached: up 0% monthly; up 9.8% annually; £332,967 averageSemi-detached: down 0.6% monthly; up 9.2% annually; £190,473 averageTerraced: down 0.7% monthly; up 8.8% annually; £136,455 average

How do property prices in South Lanarkshire compare?

Buyers paid 12.8% less than the average price in Scotland (£191,000) in November for a property in South Lanarkshire. Across Scotland, property prices are lower than those across the UK, where the average cost £295,000.

The most expensive properties in Scotland were in Edinburgh – £334,000 on average, and twice as much as more than in South 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

South Lanarkshire: £167,066Scotland:£191,492UK: £294,910

Annual growth to November

South Lanarkshire: +7.8%Scotland: +5.5%UK: +10.3%

Highest and lowest annual growth in Scotland

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