Sales totalled£790m across South Lanarkshire
The Rutherglen and Cambuslang property market has been given a boost as it was revealed the average house price rose seven per cent in a year that witnessed an incredible £ 790million of sales across South Lanarkshire.
The latest annual figures cover the whole of 2015 and show the value of the average house has shot up from £128,683 in 2014 to £138,017.
And 5,724 sales went through over the 12-month period – a 4.1 per cent rise on the previous year’s total of 5498.
The government figures were released by Registers of Scotland and show that South Lanarkshire is performing well against the housing market’s rate of increase across the country.
In South Lanarkshire the average house rose in value by 7.3 per cent from £128,683 to £138,017 while the number of sales rose by 4.1 per cent from 5,498 to 5,724.
The market value shot up 11.7 per cent from £ 707,497,491 to £790,010,205.
Homeowners in Castlemilk, King’s Park, Croftfoot and Toryglen were also likely to see an increase in the value of their properties during 2015.
The average house price in Glasgow was £138,995, up 5.9 per cent from £131,250 in 2014.
There were 11,616 sales in 2015 across the city, compared with 10,353 the year before, with the total market value rising by 18.8 per cent from over £1.3billion to over £1.6bn.
In terms of house prices however, both councils fall below the Scottish average of 169,402, which was a 3.6 per cent increase from 2014.
The volume of sales across the whole of Scotland went up 4.5 per cent from 93,525 to 97,701 while the total market value went up 8.2 per cent from £ 15.2billion to £16.5billion.
Registers of Scotland’s director of commercial services, Kenny Crawford, said: “The total value of the residential property market continues to make a significant contribution to the Scottish economy. In 2015, the market totalled £16.5 billion, an increase of 8.2 per cent on the previous year.
“The City of Edinburgh property market represented over 17.2 per cent of this figure, bringing in over £2.8billion to the Scottish economy. This is significantly larger than the next biggest property market, Glasgow, with 9.8 per cent of the market at £1.6 billion.”
The local authority area with the highest average price was the City of Edinburgh, where the average price for the year was £238,036, an increase of 4.9 per cent on 2014. The highest annual change in average price was in West Lothian, rising 9.1 per cent to £161,014 in 2015. The only local authority area to show a slight decrease in average price was East Renfrewshire, down 0.6 per cent to £227,369.
The statistics cover all residential sales between £20,000 and £1 million, including those that did not involve a mortgage.