South Lanarkshire house prices increased more than Scotland average in October

House prices increased by 2.5% – more than the average for Scotland – in South Lanarkshire in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.6% over the last year.

The average South Lanarkshire house price in October was £170,839, Land Registry figures show – a 2.5% increase on September.

Over the month, the picture was different to that across Scotland, where prices increased 1.1%, and South Lanarkshire was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in South Lanarkshire rose by £18,000 – putting the area eighth 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 37.9%, to £167,000. At the other end of the scale, properties in Aberdeen lost 3% of their value, giving an average price of £144,000.

Average UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."

First steps on the property ladder

First-time buyers in South Lanarkshire spent an average of £133,000 on their property – £13,000 more than a year ago, and £34,000 more than in October 2017.

By comparison, former owner-occupiers paid £209,000 on average in October – 57.7% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in South Lanarkshire in October – they increased 3.3%, to £338,310 on average. Over the last year, prices rose by 13.6%.

Among other types of property:

Semi-detached: up 2.6% monthly; up 13.1% annually; £194,728 averageTerraced: up 2.5% monthly; up 12.4% annually; £139,675 averageFlats: up 1.8% monthly; up 8.1% annually; £95,702 average

How do property prices in South Lanarkshire compare?

Buyers paid 12.3% less than the average price in Scotland (£195,000) in October 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 – £335,000 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 October

South Lanarkshire: £170,839Scotland:£194,874UK: £296,422

Annual growth to October

South Lanarkshire: +11.6%Scotland: +8.5%UK: +12.6%

Highest and lowest annual growth in Scotland

Na h-Eileanan Siar: +37.9%Aberdeen: -3%