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House prices and the housing market are also seen as a barometer to the state of the economy. Housing is the biggest component of most household's wealth. Therefore it has a big impact on the economy. For example, a fall in house prices will reduce consumer confidence. This leads to lower levels of spending; people will be more reluctant to undertake risky investments and borrowing.
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
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.
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