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Daily Record
Daily Record
National
Ross Thomson

Lanarkshire towns see house prices rocket in last 12 months

Two Lanarkshire towns have seen house prices rocket in the space of the last 12 months.

Airdrie and Hamilton both placed in the top 10 towns and cities where prices rose the most in 2021/22.

The North Lanarkshire town saw the average house price rise from £157,267 to £183,220, a rise of over 16 per cent which put it in sixth place.

Hamilton finished in ninth place with prices rising by 13.4 per cent from an average of £191,775 to £217,434.

The average Scottish home now costs £242,213, an increase of £23,814 (10.9%) on last year’s figure of £218,399.

However, as the increasing cost of living puts more pressure on household finances and rising interest rates impact mortgage affordability, there is expected to be more caution among both buyers and sellers – and therefore house prices are likely to fall next year.

Both Coatbridge and Motherwell were named in the bottom 10 of Scottish towns and cities who had the lowest growth in average house price.

Graham Blair, Mortgages Director, Bank of Scotland, told Lanarkshire Live : “Scottish house prices have continued to rise over the last 12 months, with properties in almost every area now worth more than a year ago.

“During 2022 it’s not been big cities leading the way. Unsurprisingly, Edinburgh remains the most expensive place to buy, but its rate of property price inflation was outstripped by a number of locations nearby.

“This is partly due to pandemic-driven shifts in housing preferences as buyers sought bigger properties further from major urban centres.

“Looking ahead to 2023 and house price growth is expected to slow in Scotland. However, it’s important to remember that this follows more than two years of rapid growth.

"A period of adjustment was always likely, particularly given the current economic environment.”

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