by Gerry Braiden© The Herald
Originally published: 07.07.2007

Due largely to its easy commuting distance from Glasgow, which is just nine miles away along the M8, and a spate of new developments, it became an attractive proposition both for those seeking an escape from the financial shackles of a mortgage in the city and investors seeking buyto-let properties.

HBOS's latest findings on the cut-price cost of flats are expected to have a similar effect.

A spokeswoman for the bank, which is also the UK's largest mortgage provider, said: "Bellshill saw a 70 per cent surge in house prices in 2004 which was the largest growth anywhere in the UK. It is increasingly popular with firsttime buyers and commuters who can't afford to live in Glasgow.

"It is encouraging that there is still a good stock of affordable housing in the area and flats are particularly popular with first time buyers and key workers."

Yesterday, the town's estate agents' windows had a number of bargain properties under £70,000.

But when The Herald inquired about those under the £64,000 mark estate agent staff were quick to point out the flats were already under offer and had found prospective buyers within days of going on the market.

Paul Fox's estate agency occupies a prime site on Bellshill's Main Street. He agrees that the town is still better value than most in Scotland and believes the £64,000 flat is still to be found in Bellshill.

But he insists the impact of the 2004 rise continues to be felt within the town. Mr Fox, whose last one-bedroom flat sold for £68,500, said: "The problem we have is there are very few flats coming on to the market. Ex-local authority properties go very quickly, new builds slightly less so.

"We've also had an influx of investors from down south and Northern Ireland snapping flats up to rent. Yes, we sometimes get flats selling for £64,000, but these would be occasional one bedroom flats. Somewhere around £79,000 or £80,000 is more regular. It tends to be 10 per cent to 15 per cent above the asking price."

Further down Main Street is Prospect Properties, run by Charlie McMillan. He believes the new position as the UK's cheapest town for flats may inject a touch of realism to sellers in Bellshill.

He said: "After the last survey there were all sorts of expectations of what a house could sell for in Bellshill. People were often so unrealistic. This could bring people back down to earth."

"The Polish workers at Eurocentral business park need somewhere to live and investors have spotted this and bought up properties in a big way. When you're talking over £110,000 for an ex-local authority house, even Bellshill is now difficult for young people to get a foot on the ladder."