Average house price in Edinburgh dips below £200,000

Other areas of East Central Scotland saw very little movement in prices. In East Lothian, Midlothian and West Lothian the average price during the first three months of 2012 was within 2% of the figure recorded a year ago.

Recent months have seen an upturn in the number of homes selling and this continued in March. During the first three months of the year the number of completed sales was 12% higher than that recorded at the start of 2011.

David Marshall, business analyst with ESPC commented: “Recently we’ve seen an increased willingness from sellers to accept a slightly lower offer in order to get their sale completed. Over the last three months, over 80% of properties sold have been secured for less than their Home Report valuation, with homes going for an average of about 6% less than the valuation figure. As a result prices have either remained flat or inched down in most areas but the number of homes being sold has risen. Edinburgh has seen a slightly larger decrease in prices compared to last year but in most cases house values are now back in line with, or slightly above the levels we saw at the start of 2009.”

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