Midlothian house prices increased in June

House prices increased by 1.5 per cent in Midlothian in June, new figures show.
PAPA
PA

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.9 per cent over the last year.

The average Midlothian house price in June was £236,167, Land Registry figures show – a 1.5 per cent increase on May.

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Over the month, the picture was different to that across Scotland, where prices increased 2.2 per cent, but Midlothian was above the one 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 23rd among Scotland’s 32 local authority areas with price data for annual growth.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

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First-time buyers in Midlothian spent an average of £194,000 on their property – £18,000 more than a year ago, and £55,000 more than in June 2017.

By comparison, former owner-occupiers paid £279,000 on average in June – 43.9 per cent more than first-time buyers.

Buyers paid 22.8 per cent more than the average price in Scotland (£192,000) in June for a property in Midlothian.

Owners of detached houses saw the biggest rise in property prices in Midlothian in June .

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They increased 1.7 per cent, to £449,221 on average. Over the last year, prices rose by 16.7 per cent.

The highest annual growth in the country was in the Orkney Islands, where property prices increased on average by 29.3 per cent, to £218,000. At the other end of the scale, properties in Aberdeen gained 2.1 per cent in value, giving an average price of £147,000.