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Edinburgh house prices down 1.1% annually

Commenting on the latest figures David Marshall, business analyst with ESPC said: “There has been very little change in the factors affecting the market over the last year or so and consequently trends have been fairly consistent. The market for smaller properties continues to face the greatest difficulties as the impact of lending restrictions has a more pronounced effect on buyers here. Conditions are comparatively favourable for sellers of larger, family homes although across the board the number of homes selling is still well below that recorded prior to the credit crunch.
“The likelihood is that 2012 will see a continuation of recent trends. Sellers of smaller properties will still find the market more challenging. The falls we’ve seen in prices since 2007 will offer some first-time buyers who had previously been priced out of the market an affordable way onto the property ladder.
“Most homes are selling for a little below Home Report valuation, so those wishing to secure a quick sale will probably have to show a willingness to accept a slightly lower offer but when they come to buy their next property they should be able to use market conditions to their advantage to secure their next home for less than they may have expected.

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