Mixed fortunes on West Lothian and Falkirk house prices

House prices increased by 2.5 per cent in Falkirk in February, but were down by 1.8 per cent in West Lothian– more than the average for Scotland – new figures show.

By Kevin Quinn
Friday, 15th April 2022, 5:00 am

But the drop in West Lothian does not reverse the longer-term trend, which has seen property prices in the area achieve 14.1 per cent annual growth.

The average West Lothian house price in February was £197,463, Land Registry figures show – a 1.8 per cent decrease on January. Over the month, the picture was similar to that across Scotland, where prices decreased 1.7 per cent, but West Lothian under-performed compared to the 0.5 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in West Lothian rose by £24,000 – putting the area seventh among Scotland’s 32 local authorities with price data for annual growth.

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Stock photo. PA

The boost in the Falkirk council area contributes to the longer-term trend, which has seen property prices in the area achieve 13.8 per cent annual growth.

The average Falkirk house price in February was £155,723, Land Registry figures show – a 2.5 per cent increase on January – better than the average across Scotland and the UK.

Over the last year, the average sale price of property in Falkirk rose by £19,000 – putting the area eighth in Scotland for annual growth.

Owners of flats fared worst in West Lothian in February – they dropped 2.4 per cent in price, to £109,500 on average. But over the last year, prices rose by 8.6 per cent.

Owners of detached houses saw the biggest improvement in property prices in Falkirk in February – up 3.2 per cent, to £300,690 on average. Over the last year, prices rose by 17.7 per cent.

First-time buyers in West Lothian spent an average of £158,000 on their property – £18,000 more than a year ago, and £47,000 more than in February 2017. By comparison, former owner-occupiers paid £235,000 on average in February – 48.7 per cent more than first-time buyers.

First-time buyers in Falkirk spent an average of £128,000 on their property – £15,000 more than a year ago, and £36,000 more than in February 2017. By comparison, former owner-occupiers paid £187,000 on average in February – 46 per cent more than first-time buyers.