The County You Live, Work And Play
Value Of Homes Fall
The total market value of homes across Lanarkshire has fallen by over £655million in the last decade. And official figures reveal that North Lanarkshire fared worse in the region during the ten years from 2005 to 2015, with property dropping 39 per cent.
The situation in neighbouring South Lanarkshire was slightly better.
But prices still dropped by 30 per cent.
In 2005/06 the total market value across the county was £1,883,687,390 – going down to £1,228,476,245 in 2014/15.
North Lanarkshire properties were worth £869,547,092 a decade ago, with the figure now at £527,555,972.
The total market value in South Lanarkshire was £1,014,140,298 in 2005/06, and that now stands at £700,920,273.
However, the average price of a house has gone up across Lanarkshire during the decade.
In North Lanarkshire the 2005/06 figure was £96,413 and that has risen by 18 per cent to £114,388.
And in South Lanarkshire the average figure has risen by 14 per cent from £114,502 a decade ago to the current £131,013.
Over the decade, the number of sales decreased across Lanarkshire.
In North Lanarkshire they dropped 48 per cent over the period from 9019 to 4612.
And in South Lanarkshire they fell by 39 per cent from 8857 to 5350.
Nationally, average residential house prices grew steadily between 2005-06 and 2007-08, with fairly stable prices between 2007-08 and 2013-14, and then an increase in 2014-15.
Although the total market value for Scotland decreased by 12 per cent over the 10 years, the value in 2014-15 was up by 41 per cent when compared with the value five years earlier in 2009-10.
Registers of Scotland is the non-ministerial government department which is responsible for compiling and maintaining public registers relating to land, property, and other legal documents. Data is based on all property sales, even those which do not involve a mortgage, and as such the 10-year property market report provides a highly comprehensive picture of the sector and how it is performing.
Registers of Scotland director of commercial Services Kenny Crawford said: “During the course of the last 10 years covered by this report, the Scottish property market has seen a mix of highs and lows. Despite the financial crash of 2007-08, the final quarter of 2014-15 achieved the highest average price of the decade at £173,830, and the number of residential properties sold for over a million pounds increased by 70 per cent.
“While prices rose, volumes fell, down 35 per cent in ten years.
“The number of sales being registered with a mortgage in 2014-15 fell by 45 per cent when compared with 2005-06, and rose by 9.5 per cent when compared with 2013-14.
“Cash sales now equate to 35.6 per cent of the market, as compared to 17.6 per cent in 2005-06.
“Activity in the property market gives us an insight into what’s going on in the Scottish economy, which is possible thanks to Registers of Scotland’s digital Land Register.”