Drop in Falkirk house prices, but long term trend remains upwards

House prices dropped slightly, by 0.5%, in Falkirk in January, new figures show.

Thursday, 25th March 2021, 4:20 pm

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 5.6% annual growth.

The average Falkirk house price in January was £139,604, Land Registry figures show – a 0.5% decrease on December.

Over the last year, the average sale price of property in Falkirk rose by £7,400 – putting the area 26th among Scotland’s 32 local authorities for annual growth.

Falkirk property prices showed a small decline

Owners of flats fared worst in Falkirk in January – they dropped 0.8% in price, to £80,489 on average. But over the last year, prices rose by 3.3%.

Among other types of property:

Detached: down 0.3% monthly; up 7% annually; £260,830 average

Semi-detached: down 0.2% monthly; up 6.1% annually; £152,619 average

Terraced: down 0.6% monthly; up 6% annually; £113,494 average

First-time buyers in Falkirk spent an average of £115,200 on their property – £5,500 more than a year ago, and £25,000 more than in December 2015.

By comparison, former owner-occupiers paid £166,500 on average in January – 44.5% more than first-time buyers.

Buyers paid 14.9% less than the average price in Scotland (£164,000) in January for a property in Falkirk. Across Scotland, property prices are low compared to those across the UK, where the average cost £249,000.

The most expensive properties in Scotland were in Edinburgh – £280,000 on average, and twice as much as in Falkirk.

Edinburgh properties cost 2.6 times as much as homes in East Ayrshire (£107,000 average), at the other end of the scale.

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