HOUSE prices in areas surrounding Celtic and Rangers football grounds have plunged over the past decade.

Property prices near Parkhead have fallen by 14 per cent since 2008, while Ibrox prices have decreased by eight per cent.

Along with St Mirren, where there has also been a 14 per cent drop, the three stadiums are the only Premiership grounds in Scotland where average house prices are under £100,000.

Research by Bank of Scotland found that house prices near to Motherwell, Hamilton Academical and Hibernian grounds have increased by over a fifth.

But near Celtic Park, the average house price currently stands at £97,810.

Close to Ibrox, the average home sells for around £88,572 - in comparison to £148,274 in Motherwell.

The Parkhead stadium is located in the heart of the area designated to benefit from the Commonwealth legacy.

As previously reported by the Evening Times, some 400 new posts were supposed to be created at a major new shopping and hotel complex next to the new velodrome and Emirates Arena.

Initially scheduled to open in time for the Games, the project collapsed in a legal row between developers and Glasgow City Council.

A report by the Scottish Government later found that transport improvements had been made during the Games and there was increase in neighbourhood satisfaction and environmental quality following the event.

Ibrox was also expected to benefit from the Commonwealth Games but little has transpired.

In order to meet rising demand for housing in the Ibrox and Govan area, a development of 152 new homes on a derelict site, bounded by Broomloan Road, Skene Road and Paisley Road West was given the green light back in 2016.

But the lack of amenities has been linked to falling house prices.

Industry expert Marc Taylor, founding director at Tay Letting which lets more than 700 properties across the city, said: “When it comes to buying a home, local amenities, convenient transport links and good schools will always be the most important factors.

“Proximity to a stadium is fairly inconsequential in comparison.

“It’s a very exciting time for the property market in Glasgow and there’s definitely potential for growth around Parkhead and Ibrox in the next few years. “

Graham Blair, Mortgages Director at Bank of Scotland added: “Living next to a Scottish Premiership ground will always hold appeal for loyal fans. However some supporters will need to fork out more than others to live near their team’s home ground.

“For example, Hibs fans will need considerably more than Celtic or Rangers fans for a home where they can hear the match day buzz.

“Football will always be well loved in Scotland, and given that house price rises near some of our Premiership stadiums have far outstripped house prices in the rest of the country, it seems that those who live near the stadiums at the moment could be in luck if they ever decided to move home.”