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House Prices In SLC Increase
The South Lanarkshire property market has been given a massive boost after it was revealed the average house price rocketed in a three-month period that witnessed an incredible £228million of sales.
Figures for the latest quarter reveal the average property in the area is worth £141,664 – up 8.7 per cent from £130,331 on the same period the year before.
The numbers are for July to September 2015, and are also up 2.5 per cent on the previous quarter (April to June) when the average house price was £138,237.
However, the news was not as encouraging in North Lanarkshire where the cost of an average residential property for the latest quarter of the year was up 0.4 per cent from the same period in 2014 – rising from £119,346 to £119,851.
And that also equated to a drop of 2.1 per cent on the previous quarter (April to June 2015) when the average price was £122,413.
Across Scotland, the average house price for July to September 2015 was £169,397 – a drop of 0.5 per cent on the 2014 figure of £170,182. That was also a drop on the previous quarter, down 0.6 per cent from £168,393.
The government figures were released by Registers of Scotland and revealed the volume of residential sales in Scotland rose 6.5 per cent in the second quarter of 2015-16, compared to the same period in the previous year.
A total of 28,019 properties were submitted for registration between July and September, the highest volume of sales for any quarter since quarter one of 2008-09.
John King, the business development director of Registers of Scotland, said: “As well as a significant increase in the volume of sales, we’ve seen the total value of sales across Scotland rise by six per cent on the previous year to £4.74 billion. Like volumes, this represents the highest value of sales for any quarter since quarter one of 2008-09.
“By comparison, prices are largely unchanged, with the average property price at £169,397, a decrease of 0.5 per cent compared to the previous year. The variation across local authority areas is fairly consistent, with the largest decrease at 4.4 per cent. This is shared by Angus and East Lothian, which saw house prices fall to £155,303 and £213,870 respectively.”
The number of property sales in South Lanarkshire for July to September 2015 shot up by 11.9 per cent on the 2014 figure, from 1444 to 1616. That also equated to a 11.1 per cent increase on the previous quarter, up from 1454.
In North Lanarkshire, the year-on-year number of sales for the latest quarter were up 12 per cent from 1196 to 1339. However, there was no movement from the figure for the previous quarter, which was also 1339.
Across Scotland, the year-on-year number of property sales for the period was up 6.5 per cent from 26,318 to 28,019 – which was a 13.2 per cent on the previous quarter’s figure of 24,748.
The total value of residential sales for the quarter in South Lanarkshire was £228,929,134 – a year-on-year rise of 21.6 per cent from £188,198,250. That equates to a quarterly rise of 13.9 per cent from £200,996,350.
In North Lanarkshire, the total value of residential sales for the quarter was up 12.4 per cent on last year’s figure, from £142,738,123 to £160,480,041. However, that was a quarterly dip of 2.1 per cent from £163,910,821.
Across Scotland, the year-on-year value of sales were up 6 per cent from £4,4 billion to £4.7 billion. That was a quarterly rise of 13.9 per cent from £4.1 billion.
The average price for a detached house in South Lanarkshire is £220,648, up 4.5 per cent from £211,216 the previous year. That was a quarterly rise of 0.4 per cent, from £219,855. There were 463 actual sales, up 22.8 per cent year-on-year from 377, which is a 8.2 per cent rise on the previous quarter’s total of 428.
In North Lanarkshire the average price for a detached house is £198,716, which is a 1.4 per cent drop form the 2014 figure of £201,509. That signals a 1.7 drop on the previous quarter’s figure of £202,235. There were 358 actual sales, up 5 per cent year-on-year from 341. That is a 3 per cent drop on the previous quarter’s figure of 369.
Across Scotland the average price for a detached house is £245,547, down 0.9 per cent from the previous year’s figure of £247,751 – a 0.2 per cent drop on the previous quarter’s figure of £246,045.
The average price for a semi-detached house in South Lanarkshire is currently £141,157, up 6.8 per cent year-on-year from £132,222, which is a 7.4 per cent rise on the previous quarter’s total of £131,435. There were 356 actual sales, up a massive 18.3 per cent year-on-year from 301, which is an even bigger 21.5 per cent rise on the previous quarter’s tally of 293.
In North Lanarkshire the average price for a semi-detached house is £114,471, up 1.4 year-on-year from £112,842 – but down 4.1 per cent from the previous quarter’s £119,354. There were 327 actual sales, up 23.4 per cent year-on-year from 265. That is a 6.9 per cent rise on the previous quarter’s figure of 306.
Across Scotland, the average price for a semi-detached house is £159,854, up 2 per cent year-on-year from £156,777 – a 3.1 per cent rise on the previous quarter’s £155,036.
The average price for a terraced property in South Lanarkshire is now £96,043, up 1.3 year-on-year from £94,842. That is a quarterly dip of 1.7 per cent from £97,677. There were 409 actual sales, up 12.4 per cent year-on-year from 364 – a quarterly rise of 22.8 per cent from 333.
In North Lanarkshire, the average price for a terraced property dropped 0.8 per cent year-on-year from £84,302 to £83,631 – a quarterly drop of 3.1 per cent from £86,269. There were 348 actual sales, up 10.5 per cent from 315 – a quarterly drop of 3.6 per cent from 361.
Across Scotland, the average price for a terraced house is £137,607, down 3.1 per cent year-on-year from £141,977 – a quarterly drop of 1.1 per cent from £139,068.
The average price for a flat in South Lanarkshire is £ 83,314, down 0.2 per cent year-on-year from £83,477. That equates to a quarterly drop of 1.4 per cent from £84,530. There were 388 actual sales, down 3.5 per cent year-on-year from 402 – a quarterly drop of 3 per cent from 400.
In North Lanarkshire, the average price for a flat is £64,554, up 1.8 per cent year-on-year from £63,417 – a quarterly dip of 7.7 per cent from £69,904. There were 306 actual sales, up 11.3 per cent from 275 – a quarterly rise of 1 per cent from 303.
Across Scotland, the average price for a flat is £134,377, a 2.4 per cent drop year-on-year from £137,750 – a quarterly rise of 0.9 per cent from £ 133,208.
The figures cover all residential sales between £20,000 and £1 million, including sales for cash not involving a mortgage.