The average house price in Midlothian saw a 4% increase in September, reaching £241,645 according to the Land Registry. This growth contrasts the broader Scottish market, where prices slightly declined by 0.2%, and significantly diverges from the 0.5% decrease seen across the UK.
Yearly Trends and Regional Comparisons
Over the past year, the average sale price in Midlothian has escalated by £5,600. This ranks Midlothian ninth among Scotland’s 32 local authorities in terms of annual price growth. In comparison, East Lothian leads the region with a striking 15.2% increase in property prices, while the Orkney Islands observed an 8.4% decrease in value.
First-Time Buyers vs. Owner-Occupiers
First-time buyers in Midlothian are currently facing average property costs of £197,500, which is slightly higher than the previous year. This figure also shows a significant increase from five years ago.
Comparing with Experienced Homeowners
On the other hand, those who have previously owned a property paid an average of £286,800 in September, which is 45.2% more than the amount spent by first-time buyers.
Property Types and Their Value Trends
Detached houses in Midlothian saw the most substantial increase in September, with a 5.6% rise in prices, amounting to an average of £469,465. Over the year, these properties experienced a 7.9% growth.
Other Property Types
- Semi-detached houses: These properties saw a 3.9% increase in September, with an annual growth of 2.8%, averaging at £263,294.
- Terraced houses: Prices went up by 3.2% monthly, but saw a slight annual decrease of 0.3%, with an average price of £198,707.
- Flats: Experienced a 3% monthly increase but a 1.5% annual decrease, averaging at £138,040.
Midlothian in the Scottish and UK Context
Properties in Midlothian are priced 23.7% higher than the Scottish average of £195,000. However, when compared to the UK average of £291,000, Midlothian’s market appears more affordable. The most expensive properties in Scotland were found in East Lothian, with an average price of £348,000.