Property Prices

Property Prices

In the third quarter of 2012 (July to September), West Lothian saw a year-on-year fall of –13.0%, bringing in the area to £151,030 whilst in Midlothian a –7.3% annual fall means that the average selling price of a property in the area now stands at £165,780. The average house price in Edinburgh over the same period was £211,704 — down 2.3% annually. East Lothian bucked the trend and saw prices rise by 4.2% on an annual basis.

According to Edinburgh Solicitors Property Centre (ESPC): “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”.

In general, buyers are having more success than sellers in the house sales market. Currently there are more people looking to sell than there are in a position to buy meaning that competition among sellers is still high.  Properties sold in the three months to September were secured for an average of 4.2% below valuation.