Falkirk house prices increased in May

House prices increased slightly, by 0.5 per cent, in Falkirk in May, new figures show.

By The Newsroom
Friday, 22nd July 2022, 7:00 am
House prices increased slightly in Falkirk
House prices increased slightly in Falkirk

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 18.5 per cent over the last year.

The average Falkirk house price in May was £164,089, Land Registry figures show – a 0.5 per cent increase on April.

Over the month, the picture was different to that across Scotland, where prices increased 1.1 per cent, and Falkirk was lower than the 1.2 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Falkirk rose by £26,000 – putting the area third among Scotland’s 32 local authorities 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.

First-time buyers in Falkirk spent an average of £135,000 on their property – £20,000 more than a year ago, and £41,000 more than in May 2017.

By comparison, former owner-occupiers paid £196,000 on average in May – 45.5 per cent more than first-time buyers.

Owners of terraced houses saw the biggest rise in property prices locally in May – they increased 1.1%, to £135,066 on average.