South Lanarkshire house prices increased in May
House prices increased by 2.8% in South Lanarkshire in May, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.4% over the last year.
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Hide AdThe average South Lanarkshire house price in May was £163,804, Land Registry figures show – a 2.8% increase on April.
Over the month, the picture was similar to that across Scotland, where prices increased 3%, and South Lanarkshire was above the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in South Lanarkshire rose by £2,300 – putting the area 17th among Scotland’s 32 local authorities with price data for annual growth.
The highest annual growth in the region was in East Lothian, where property prices increased on average by 16.1%, to £339,000. At the other end of the scale, properties in the Shetland Islands lost 7.1% of their value, giving an average price of £188,000.
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First-time buyers in South Lanarkshire spent an average of £127,100 on their property – £1,200 more than a year ago, and £29,100 more than in May 2018.
By comparison, former owner-occupiers paid £201,200 on average in May – 58.2% more than first-time buyers.
Property types
Owners of flats saw the biggest rise in property prices in South Lanarkshire in May – they increased 3.4%, to £92,402 on average. Over the last year, prices rose by 0.3%.
Among other types of property:
- Detached: up 2.7% monthly; up 3.2% annually; £327,079 average
- Semi-detached: up 2.3% monthly; up 2.1% annually; £186,533 average
- Terraced: up 2.6% monthly; up 0.5% annually; £131,894 average
How do property prices in South Lanarkshire compare?
Buyers paid 14.9% less than the average price in Scotland (£193,000) in May for a property in South Lanarkshire. Across Scotland, property prices are low compared to those across the UK, where the average cost is £286,000.
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Hide AdThe most expensive properties in Scotland were in East Lothian – £339,000 on average, and 2.1 times the price as in South Lanarkshire. East Lothian properties cost 2.8 times the price as homes in Inverclyde (£123,000 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 May
- South Lanarkshire: £163,804
- Scotland:£192,518
- UK: £285,861
Annual growth to May
- South Lanarkshire: +1.4%
- Scotland: +3.2%
- UK: +1.9%
Highest and lowest annual growth in Scotland
- East Lothian: +16.1%
- The Shetland Islands: -7.1%