Midlothian house prices increased by more than average in June

Midlothian house prices increased by three per cent in June, higher than the national average rise, the latest figures show.

Thursday, 19th August 2021, 11:23 am
File photo. PA.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13.5 per cent annual growth.

The average Midlothian house price in June was £211,250, Land Registry figures show – a three per cent increase on May.

Over the month, the picture was better than that across Scotland, where prices increased 2.4 per cent, but Midlothian underperformed compared to the 4.5 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Midlothian rose by £25,000 – putting the area 11th among Scotland’s 32 local authorities for annual growth.

First-time buyers in Midlothian spent an average of £175,000 on their property – £20,000 more than a year ago, and £41,000 more than in June 2016.

By comparison, former owner-occupiers paid £248,000 on average in June – 41.1 per cent more than first-time buyers.

Buyers paid 21.4 per cent more than the average price in Scotland (£174,000) in June for a property in Midlothian. Across Scotland, property prices are low compared to those across the UK, where the average cost £266,000.