Midlothian house prices take a slight knock

PA photo
PA photo

House prices dropped in Midlothian in June, with Land Registry figures showing an average price of £182, 697 – a 3.2 per cent decrease on May.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 1.1 per cent annual growth .

Over the month, the picture was worse than that across Scotland, where prices increased 0.7 per cent , and Midlothian underperformed compared to the 0.7 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Midlothian rose by £1,900 – putting the area 18th among Scotland’s 32 local authorities for annual growth.

The best annual growth in the country was the Western Isles, where properties increased on average by 12.3 per cent, to £116,000. At the other end of the scale, properties in the Shetland Islands dropped 23.4 per cent in value, giving an average price of £143,000.

Owners of detached houses fared worst in Midlothian in June – they dropped 4.3 per cent in price, to £322,031 on average . Over the last year, prices still rose by 0.5 per cent.

Among other types of property: Semi-detached homes were down 3.1 per cent monthly; up 1.9 per cent annually, with an average of £195,478.

Terraced homes were down 2.8 per cent monthly; up 1.7 per cent annually; £154,003 on average. Flats were down 2.5 per cent monthly; down 0.4 per cent annually; averaging £115,875.

First-time buyers in Midlothian spent an average of £153,800 on their property – £1,500 more than a year ago, and £34,200 more than in June 2014. By comparison, former owner-occupiers paid £211,300 on average in June – 37.4 per cent more than first-time buyers.

Buyers paid 20.3 per cent more than the average price in Scotland (£ 152,000) in June for a property in Midlothian.

Across Scotland, property prices are low compared to those across the UK, where the average cost £230,000.

The most expensive properties in Scotland were in Edinburgh – £263,000 on average, and 1.4 times as much as in Midlothian. Edinburgh properties cost 2.8 times as much as homes in East Ayrshire (£95,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.3 million could buy 14 properties in Burnley (average £89,000).

Average property price in June

Midlothian: £182,697

Scotland: £151,891

UK: £230,292

Annual growth to June

Midlothian: +1.1%

Scotland: +1.3%

UK: +0.9%

Best and worst annual growth in Scotland

Na h-Eileanan Siar: +12.3%

The Shetland Islands: -23.4%