Mixed fortunes for average local house prices

PA photo
PA photo

House prices dropped slightly in West Lothian in June but rose at a higher rate than the nation average in the Falkirk region, new figures show.

But the West Lothian drop does not reverse the longer-term trend, which has seen property prices in the area achieve 0.5 per cent annual growth.

The average West Lothian house price in June was £159,723, Land Registry figures show – a 0.9 per cent decrease on May.

Over the month, the picture was worse than that recorded across Scotland, where prices increased by 0.7 per cent, and West Lothian underperformed compared to the 0.7 per cent rise for the UK as a whole.

The average Falkirk Council area house price in June was £124,612– a 1.3 per cent increase on May.

Over the month, the picture was better than that across Scotland, where prices increased 0.7 per cent, and Falkirk outperformed the 0.7 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Falkirk rose by £2,900 – putting the area 15th among Scotland’s 32 local authorities for annual growth.

The average sale price of property in West Lothian rose by £820 – putting the area 20th among Scotland’s 32 local authorities for annual growth.

The boost in Falkirk contributes to the longer-term trend, which has seen property prices in the area achieve 2.4 per cent annual growth .

The best annual growth in Scotland was in the Western Isles, where properties increased on average by 12.3 per cent, to £116,000. At the other end of the scale, properties in the Shetland Islands dropped 23.4 per cent in value, giving an average price of £143,000.

Owners of detached houses fared worst in West Lothian in June – they dropped 1.9 per cent in price, to £273,267 on average . Over the last year, prices rose by 0.3 per cent.

First-time buyers in West Lothian spent an average of £ 130,210 on their property – £770 more than a year ago, and £24,360 more than in June 2014.

First-time buyers in Falkirk spent an average of £104,000 on their property – £2,400 more than a year ago, and £16,000 more than in June 2014.

Buyers paid 5.2 per cent more than the average price in Scotland (£152,000) in June for a property in West Lothian. Buyers paid 18 per cent less than the average price in Scotland in June for a property in Falkirk.

Across Scotland, property prices are low compared to those across the UK, where the average cost £230,000.

The most expensive properties in Scotland were in Edinburgh – £263,000 on average, and 1.6 times as much as in West Lothian. Edinburgh properties cost 2.8 times as much as homes in East Ayrshire (£95,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.3 million could buy 14 properties in Burnley (average £89,000).

LATEST HOUSE PRICES FACTS AND FIGURES FOR SCOTLAND:

Average property price in June: Falkirk: £124,612, West Lothian: £159,723, Scotland: £151,891, UK: £230,292.

Annual growth to June: Falkirk: +2.4 per cent, West Lothian: +0.5 per cent, Scotland: +1.3 per cent, UK: +0.9 per cent.

Best and worst annual growth in Scotland: Western Isles: +12.3 per cent, The Shetland Islands: -23.4 per cent.