This is what the pandemic has done to house prices in Falkirk district

The region’s house prices were on the rise as the country headed into lockdown

Thursday, 21st May 2020, 4:45 pm
Property prices rose in Falkirk in March
Property prices rose in Falkirk in March

House prices in Falkirk increased by more than the Scottish average in March, as the country went into lockdown.

The latest boost contributed to the longer term trend for the district, which has seen property prices locally achieve 9.5 per cent annual growth.

The new Land Registry figures show the average Falkirk house price in March was £131,712 – a 1.4 per cent increase on February.

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It seems the local property market is faring better than elsewhere in Scotland with the national average for March seeing prices rise by 0.4 per cent.

Across the UK as a whole, there was a drop of 0.2 per cent.

In the last 12 months, the average sale price of property in Falkirk has risen by £11,000 – putting the area fourth among Scotland’s local authorities for annual growth.

The Scottish Borders has seen the highest increase in annual growth, with properties increasing on average by 12.3 per cent to £163,000.

Owners of detatched houses saw the biggest improvement in property prices in the Falkirk district in March – with an increase of 2.1 per cent to £246,129 on average.

Semi-detatched properties were up 1.5 per cent for the month to £143,385 – an annual increase of 10.1 percent, while terraced homes rose to an average price of £105,942 which is a monthly increase of 0.9 per cent and 9.3 per cent annually.

Flats saw a 1.1 per cent monthly increase to £76,924, taking the annual rise to 7.4 per cent.

The figures show first time buyers locally spent an average of £108,700 on their property – £8800 more than a year ago and £23,600 more than in March 2015.

By comparison, former owner-occupiers paid £157,100 on average in March – 44.5 per cent more than first time buyers.

The latest figures come as house sales in Scotland reached a standstill due to the coronavirus pandemic.

With the Scottish Government advising against the moving of house during lockdown sales dried up during April.

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