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Home arrow News arrow Europe arrow Falkirk is Scotland's top house price performer in 2011

Falkirk is Scotland's top house price performer in 2011

Monday, 02 January 2012

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The Scottish town of Falkirk experienced the biggest rise in house prices in Scotland and the second biggest gain across the UK in 2011, according to new research by Bank of Scotland.

Based on the Bank of Scotland's own house price data, the average selling price in Falkirk was 12% higher than in the previous year, increasing from £113,422 in 2010 to £126,548 in 2011.

Falkirk is within easy commuting distance of major commercial centres, lying almost equidistant between Edinburgh and Glasgow. The town also has relatively low average property prices, making it more affordable than many other areas close to Scotland's two largest cities.

Overall Scotland recorded a very mixed performance in 2011 with two towns in the UK top ten, Falkirk and Inverness, and two in the bottom ten, Dunfermline and Ayr.

Dunfermline, along with Kettering in Northamptonshire, experienced the largest fall in average selling prices in the UK in 2011, both recording declines of 15%.

The average Scottish house price is £140,005, down 3% on 2010 prices of £144,280. The average house price for the UK is down 4%, now at £172,400 in 2011 compared to £179,356 in 2010.

Woking in Surrey recorded the biggest rise in house prices among major UK towns and cities over the past year. The average selling price in Woking was 16% higher than in the previous year, increasing from £257,590 in 2010 to £299,654 in 2011. Woking is a large commuter town within easy reach of central London by rail.
 
Towns in London and the South East accounted for nine of the 20 towns recording the strongest price rises in 2011. Overall, 28% of the towns surveyed saw some increase in prices over the year.

The majority of worst performers were outside southern England. Nine of the ten towns that saw the biggest declines in property values are outside southern England, reflecting the generally weaker performance of the housing market outside the south.
 
‘There have been significant differences in performance in towns across Scotland in 2011. The ease of commuting to both Edinburgh and Glasgow, combined with the town's relatively low average property prices, has led to upward pressure on prices in Falkirk,’ said Nitesh Patel, housing economist at Bank of Scotland.
‘At the other end of the spectrum, difficult economic conditions and considerable pressure on household finances have resulted in house price falls in towns such as Dunfermline and Ayr,’ Patel added.

This story relates to: Property  property market  property prices  scotland  uk  [SEE ALL]


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