South Lanarkshire house prices increased more than Scotland average in August
House prices increased by 0.7% – more than the average for Scotland – in South Lanarkshire in August, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 12.5% over the last year.
The average South Lanarkshire house price in August was £168,747, Land Registry figures show – a 0.7% increase on July.
Over the month, the picture was similar to that across Scotland, where prices increased 0.2%, but South Lanarkshire was lower than the 0.9% rise for the UK as a whole.
Over the last year, the average sale price of property in South Lanarkshire rose by £19,000 – putting the area 14th 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 27.7%, to £166,000. At the other end of the scale, properties in Aberdeen gained 0.7% in value, giving an average price of £150,000.
An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.
But experts say expectations have changed significantly in recent weeks amid mortgage rate rises, with the likelihood of a dampening effect on house price growth.
According to figures from Moneyfacts.co.uk On Wednesday, the average two-year fixed-rate mortgage on the market has a rate of 6.52% and the average five-year fix is at 6.36%.
There are around 900 fewer mortgage products available than there were on the day of the mini-budget in September.
Chris Druce, senior research analyst at Knight Frank, said: “Current activity in the housing market is being shaped by mortgage status.
“Those that can are pushing on and securing deals ahead of further increases, while others have paused plans to digest events.
“With affordability set to be a growing barrier for many homebuyers in the coming months, we forecast house price growth will slow from here, with price falls in 2023.”
First steps on the property ladder
First-time buyers in South Lanarkshire spent an average of £131,000 on their property – £14,000 more than a year ago, and £33,000 more than in August 2017.
By comparison, former owner-occupiers paid £207,000 on average in August – 58% more than first-time buyers.
Owners of terraced houses saw the biggest rise in property prices in South Lanarkshire in August – they increased 0.8%, to £137,432 on average. Over the last year, prices rose by 12.5%.
Among other types of property:
Detached: up 0.6% monthly; up 15.6% annually; £335,017 averageSemi-detached: up 0.7% monthly; up 14.1% annually; £192,138 averageFlats: up 0.7% monthly; up 8.7% annually; £94,606 average
How do property prices in South Lanarkshire compare?
Buyers paid 13.6% less than the average price in Scotland (£195,000) in August for a property in South Lanarkshire. Across Scotland, property prices are lower than those across the UK, where the average cost £296,000.
The most expensive properties in Scotland were in Edinburgh – £338,000 on average, and twice as much as more than in South Lanarkshire. Edinburgh properties cost 2.6 times as much as homes in East Ayrshire (£129,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in August
South Lanarkshire: £168,747Scotland:£195,391UK: £295,903
Annual growth to August
South Lanarkshire: +12.5%Scotland: +9.7%UK: +13.6%
Highest and lowest annual growth in Scotland
Na h-Eileanan Siar: +27.7%Aberdeen: +0.7%