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Lanarkshire town comes top in Scotland for house price increases

Two Lanarkshire towns have been named among the top 20 UK locations for the biggest increase in house prices during 2021.

Motherwell recorded the steepest increase anywhere in Scotland, with average prices up 17.3 per cent according to latest data from the Bank of Scotland. Along with the highest percentage increase, the North Lanarkshire town also saw the largest increase in cash terms at £26,103, rising from £151,105 to £177,118.

Ranking seventh in the UK overall, Motherwell was joined by nearby Hamilton at number 20. House prices in the main administrative centre of South Lanarkshire Council rose by 13.7% with the typical home now costing £159,167, an increase of £19,225.

Overall, more areas in Scotland saw higher rates of growth and fewer recorded falls. In 2020, just two towns saw prices rise above the UK average, while this year there have been 15. Conversely, last year seven towns saw prices fall back, compared to just two this year.

Graham Blair, mortgages director with the Bank of Scotland, said many towns within easy reach of key cities experienced some of the biggest increases. For example, both Paisley and Livingston outperformed their more metropolitan neighbours.

Scotland’s 10 towns and cities with the highest growth in average house price, 2020-21

 

Town        Average Price    Average Price    One year          One year

                             2020                 2021                change (£)        change (%)

Motherwell       £151,015         £177,118            £26,103               17.3%

Hamilton          £139,951         £159,176            £19,225               13.7%

Dumfries          £154,021         £175,002            £20,982               13.6%

Kilmarnock      £146,351         £165,534            £19,183               13.1%

Elgin                  £168,331         £188,730            £20,400               12.1%

Perth                 £191,300         £214,310            £23,009               12.0%

Paisley              £138,036        £154,363             £16,327                11.8%

Dundee             £171,918        £191,407             £19,488                11.3%

Livingston        £174,756        £189,480             £14,724                 8.4%

Aberdeen         £200,810        £217,678             £16,868                 8.4%

Scotland          £191,017       £207,778              £16,761                8.8%

Source: Bank of Scotland, 12 months to October

 

“Scottish house prices have enjoyed another bumper year, with growth outperforming the UK average and properties in almost every town now worth more than 12 months ago,” Mr Blair said. “The feedback we’re getting from customers matches what we see in the data.

“Prolonged working from home has influenced where people want to live and the type of property they want to own. So while our major cities continue to be attractive, with commuting now less of a priority, areas that offer more space and better affordability have experienced increasing demand from buyers.”

Airdrie and Coatbridge were the only two Scottish towns to record a decline in prices, down 3.8% and 2.3% respectively at £150,874 and £145,880. The most expensive place to buy in Scotland remains Edinburgh with an average house price of £293,406, up 7% or £19,160 on last year. 

 

 

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