South Lanarkshire house prices increased slightly in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased slightly, by 0.5%, in South Lanarkshire in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13.9% annual growth.

The average South Lanarkshire house price in March was £158,931, Land Registry figures show – a 0.5% increase on February.

Over the month, the picture was better than that across Scotland, where prices remained static, and South Lanarkshire outperformed 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 £19,000 – putting the area eighth among Scotland’s 32 local authorities with price data for annual growth.

The best annual growth in the region was in Falkirk, where property prices increased on average by 19.2%, to £162,000. At the other end of the scale, properties in Aberdeen gained just 0.1% in value, giving an average price of £143,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in South Lanarkshire in March – they increased 1%, to £319,015 on average. Over the last year, prices rose by 19.1%.

Among other types of property:

Semi-detached: up 0.8% monthly; up 15.5% annually; £180,524 averageTerraced: up 0.4% monthly; up 12.6% annually; £127,969 averageFlats: down 0.1% monthly; up 9.2% annually; £89,313 average

First steps on the property ladder

First-time buyers in South Lanarkshire spent an average of £123,000 on their property – £14,000 more than a year ago, and £28,000 more than in March 2017.

By comparison, former owner-occupiers paid £196,000 on average in March – 58.8% more than first-time buyers.

How do property prices in South Lanarkshire compare?

Buyers paid 12.4% less than the average price in Scotland (£181,000) in March for a property in South Lanarkshire. Across Scotland, property prices are lower than those across the UK, where the average cost £278,000.

The most expensive properties in Scotland were in Edinburgh – £323,000 on average, and twice as much as more than in South Lanarkshire. Edinburgh properties cost 2.8 times as much as homes in Inverclyde (£116,000 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 March

South Lanarkshire: £158,931Scotland:£181,415UK: £278,436

Annual growth to March

South Lanarkshire: +13.9%Scotland: +8%UK: +9.8%

Best and worst annual growth in Scotland

Falkirk: +19.2%Aberdeen: +0.1%