Falkirk house prices dropped more than Scotland average in September

House prices dropped by 1.2 per cent across the district in September. But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 8.5 per cent over the last year.

The average Falkirk house price in September was £162,901, Land Registry figures show – a 1.2 per cent decrease on August. Over the month, the picture was similar to that across Scotland, where prices decreased 0.9 per cent, and Falkirk was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Falkirk rose by £13,000 – putting the area 19th among Scotland’s 32 local authorities with price data for annual growth. The highest annual growth in the region was in Na h-Eileanan Siar, where property prices increased on average by 30.1 per cent, to £162,000. At the other end of the scale, properties in Aberdeen lost 2.4per cent of their value, giving an average price of £145,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic. But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices". The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

First-time buyers in Falkirk spent an average of £134,000 on their property – £10,000 more than a year ago, and £37,000 more than in September 2017. By comparison, former owner-occupiers paid £195,000 on average in September – 45.4 per cent more than first-time buyers.

Owners of detached houses saw the biggest fall in property prices Falkirk in September – they dropped 1.6 per cent in price, to £309,577 on average. But over the last year, prices rose by 9.6 per cent.

Among other types of property: semi-detached – down 0.9 per cent monthly, up 9.1 per cent annually, £179,472 average; terraced – down 1 per cent monthly; up 9.6 per cent annually, £134,414 average; flats: down 1.1 per cent monthly, up 6.3 per cent annually, £90,900 average

Buyers paid 15.1 per cent less than the average price in Scotland (£192,000) in September for a property in Falkirk. Across Scotland, property prices are lower than those across the UK, where the average cost £295,000.

The most expensive properties in Scotland were in Edinburgh – £337,000 on average, and 2.1 times as much as more than in Falkirk. Edinburgh properties cost 2.6 times as much as homes in Inverclyde (£130,000 average), at the other end of the scale. The highest property prices across the UK were in Kensington and Chelsea.