Sales are on the up
Property boost for Lanarkshire
South Lanarkshire’s property market has been given a boost as it was revealed the average house price rose seven per cent over the last year.
The latest available figures, for January 2016, show the value of the average house has shot up from £112,279 to £120,145.
Meanwhile, the property market in neighbouring North Lanarkshire experienced a slightly smaller boom at the beginning of the year, with the average house price rising 5.2 per cent from £95,353 to £100,335.
The figures come from government statistics released by Registers of Scotland as part of their involvement in the new UK House Price Index, which is published every month.
Across Scotland as a whole, the average property was worth £142,233 – up four per cent from last year’s figure of £136,790.
And the latest monthly report shows there were 535 sales in South Lanarkshire during the month of November, and another 476 in North Lanarkshire. There were 8594 sales across Scotland. Due to the time between completion and registration of sales, volume figures for the most recent two months are not available.
Registers of Scotland director of commercial services Kenny Crawford said: “Average prices continue to hold steady. January 2017 has continued the general upward trend seen in 2016, when every month – with the exception of March – showed an increase in average price when compared with the same month of the previous year.”
The report also revealed that the average price for a new build property in Scotland is £227,593, an increase of 25.7 per cent on the previous year, while the average price for an existing resold property is £138,950 – an increase of three per cent on the previous year.
The average price for a property purchased by a former owner occupier is £170,921 – an increase of 4.3 per cent on the previous year.
The average price for property purchased by a first time buyer is £114,617 – an increase of 3.6 per cent on the previous year.
The average price for a cash sale is £131,289 – an increase of 3.8 per cent on the previous year, while the average price for property purchased with a mortgage is £147,289, an increase of 4.1 per cent on the previous year.
Average prices continue to hold steady. January 2017 has continued the general upward trend seen in 2016