Lloyds Banking Group PLC : Falkirk is Scotland's top house price performer in 2011
12/30/2011 | 12:59pm
PRESS RELEASE
NOT FOR BROADCAST OR PUBLICATION BEFORE 00:01 HRS SATURDAY
31ST DECEMBER 2011
The Bank of Scotland Town House Price Survey of the UK is
compiled using information sourced from the company's
own extensive housing statistics database and surveys 130
post- towns across the UK.
FALKIRK IS SCOTLAND'S TOP HOUSE PRICE PERFORMER IN
2011
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 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 20111.
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.
Mixed fortunes north of the border
Scotland recorded a very mixed performance in 2011 with two
towns in the UK top ten - Falkirk (12%) and Inverness (9%) -
and two in the bottom ten - Dunfermline (-
15%) and Ayr (-13%).
Perth (6%) and Edinburgh (4%) also feature in the 20 towns in
the UK with the biggest price rises in 2011.
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 (£144,280). The average house price for the UK is
down 4%, now at £172,400 in 2011 compared to
£179,356 in 2010.
Key UK Findings
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 20111. Woking is a large commuter town within
easy reach of central London by rail.
London and South East lead the way
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.
Majority of worst performers 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.
More…/
Bank of Scotland plc is registered in Scotland no. SC327000.
Registered office: The Mound, Edinburgh EH1 1YZ. Authorised
and regulated by the Financial Services Authority.
As part of the Lloyds Banking Group, Bank of Scotland is
proud to be an Official Partner of the London 2012 Olympic
Games and Paralympic Games.
Nitesh Patel, housing economist at Bank of Scotland,
commented, "There have been significant
differences in performance in towns across Scotland in 2011.
Four Scottish towns feature in the UK top 20, led by Falkirk.
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.
"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."
Editors' Notes:
1The prices quoted in this release are taken
from the Bank of Scotland House Price database and refer to
average prices for the twelve months to December of each
year. Prices are arithmetic average prices of houses -
otherwise known as crude averages - on which an offer of
mortgages has been granted. These prices are not standardised
and therefore can be affected by changes in the sample from
year to year. UK house prices have fallen by an average of 4%
between 2010 and 2011 on this basis with an average price of
£172,400 in
2011.
Table 1: 20 Towns with biggest increase in average house
prices, 2010-2011
Source: Bank of Scotland; * 12 months to December
Lloyds Banking Group plc is registered in Scotland no. 95000.
Registered office: Henry Duncan House, 120 George Street,
Edinburgh EH2 4LH
Table 2: 10 Towns with biggest fall in average house prices,
2010-2011
Source: Bank of Scotland; * 12 months to December
"This report is prepared from information that we
believe is collated with care, however, it is only intended
to highlight issues and it is not intended to be
comprehensive. We reserve the right to vary our methodology
and to edit or discontinue/withdraw this, or any other
report. Any use of this report for an individual's own
or third party commercial purposes is done entirely at the
risk of the person making such use and solely the
responsibility of the person or persons making such reliance.
"
For further information, contact:
Name Zoe Redhead, Bank of Scotland Press Office
Tel: 0131 655 5405
Email: ZoeRedhead@bankofscotland.co.uk
Web: www.lloydsbankinggroup.com/media.asp
Lloyds Banking Group plc is registered in Scotland no. 95000.
Registered office: Henry Duncan House, 120 George Street,
Edinburgh EH2 4LH
