County house prices up after Brexit vote
‘Leave’ result has no negative impact on July stats
Brexit does not appear to have burst the Lanarkshire housing bubble, as prices continue to rise.
The government has released the property figures for July 2016 – the first full month of data since the June 23 referendum on leaving the EU.
Both the year-on-year and monthto-month figures continue to show that house prices are rising.
The average South Lanarkshire home cost £117,667 in July 2016 – a 6.4 per cent rise from the July 2015 figure of £110,587.
And house prices had a faster growth in July than they did in June – when prices were rising at annual rate of five per cent and the average price was £114,289.
The average North Lanarkshire home cost £101,800 in July 2016 – a 6.3 per cent rise from the July 2015 figure of £95,787.
House prices there also sped up in July compared to June – when prices were up 1.6 per cent year-on-year and the average price was £97,875.
Both North and South Lanarkshire lag behind the average Scotland-wide house price, which is £143,711 – a rise of 3.4 per cent on the previous year’s figure of £139,051.
For the previous month of June 2016, the average Scottish home cost £143,282 –which was a 4.6 per cent rise on the June 2015 figure of £136,923.
The government figures were released by Registers of Scotland as part of their involvement in the new UK House Price Index, which is published every month.
And the latest monthly figures for sales volume show there were 430 sales in South Lanarkshire, compared to 404 in North Lanarkshire. There were 7131 sales across Scotland. The report also revealed that the average price for a new build property in Scotland is £202,588, an increase of 11.1 per cent on the previous year, while the average price for an existing resold property is £141,280 – an increase of three per cent on the previous year.
The average price for a property purchased by a former owner occupier is £171,764 – an increase of 3.7 per cent on the previous year.
The average price for property purchased by a first time buyer is £116,547 – an increase of three per cent on the previous year.
The average price for a cash sale is £132,677, an increase of 3.3 per cent on the previous year, while the average price for property purchased with a mortgage is £148,807, an increase of 3.4 per cent on the previous year.
The average UK house price was £217,000 in July 2016. This is £17,000 higher than in July 2015 and £1000 higher than last month, according to figures from the Office for National Statistics.
However, the speed of UK house price growth slowed in July, from 9.7 per cent in the year to June to 8.3 per cent in the year to July.