ESPC House Price Report - September 2012
- The average house price in Edinburgh between July and September was £211,704 - down 2.3% annually.
- East Lothian saw prices rise by 4.2% on an annual basis, but falls were observed in Midlothian and West Lothian.
- In Dunfermline the average house price is down 3.6% year-on-year and now stands at £131,634.
- Across East Central Scotland 25.0% of properties sold in the last three months achieved Home Report valuation, up slightly from 21% last year.
- Properties are currently selling for an average of 4.2% below their Home Report valuation.
Latest house price figures from ESPC show that the average price of a property in Scotland's Capital between June and September was £211,704. This marked a decrease of 2.3% from the same period last year when the average house price stood at £216,673.
Outwith Edinburgh there was a mixed picture for house prices with areas that had seen rises last year observing falls this year and vice versa. For example, although East Lothian saw an annual rise of 4.2% this year, this followed a decline of 10.6% in 2011. Conversely, Midlothian saw a rise of 11.4% a year ago balanced by an annual fall of 7.3% this year.
David Marshall, business analyst with ESPC explained: "Regional house prices continue to show some volatility due to lower sales volumes in these areas, but where you see sharper rises or falls, these tend to be offsetting similar movements in the opposite direction a year ago. This is also the case when you drill down to specific areas within Edinburgh. For example the average price of a one bedroom flat in Leith Walk and Easter Road jumped by 9.0% between 2010 and 2011 but came down again by 14.7% this year."
Following a fast start to the year which had seen sales rise to their highest level since 2008, the number of homes sold across East Central Scotland has eased over the last three months and is now back in line with 2011 levels. The number of properties available for sale continues to exceed normal market levels, leaving buyers in a position of relative strength in the market. Over the last three months the percentage of sales where the Home Report valuation was achieved - while higher than it was a year ago - remains low at just 25.0%. Properties sold in the three months to September were secured for an average of 4.2% below valuation.
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