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Annual house prices in Edinburgh record first rise in 2012

House prices also rose across the Lothians – most notably in Midlothian where an annual increase of 7.0% took the average house price from £161,267 between February and April last year to £172,582 this year. In Dunfermline, prices fell by 5.1% annually bringing the average house price in the town to £131,570.

The first three months of the year had seen an increase in the number of homes sold and this trend continued into April with sales across Edinburgh and the Lothians up by 12% annually.

Commenting on the results David Marshall, business analyst with ESPC, said: “Sellers whose homes have been on the market for a while are now showing a willingness to accept a lower offer for their property where previously they had often been holding out until they received a figure in line with their Home Report valuation. One in five homes sold over the last three months were secured for more than 10% below their Home Report valuation, with most of these being properties that had been on the market for more than four months. At the same time, sellers who are bringing their homes to the market today are being more realistic in setting their asking price and the result is that we’ve seen a rise in the number of sales being agreed.

“Activity levels are still some way below what we would have seen at the peak of the market but the number of sales we’ve seen so far in 2012 has been significantly higher than in the last few years. Competition amongst sellers remains high so we don’t expect to see prices rise over the course of the year but the number of properties being bought and sold should continue to show improvement which will be good news for those looking to move home.

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