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Edinburgh house prices continue to fall

Fourth quarter surge in mortgage lending is boost for FLS scheme supporters. Picture: Getty

Fourth quarter surge in mortgage lending is boost for FLS scheme supporters. Picture: Getty

HOUSE prices in the capital are continuing to fall, with the average selling price of properties in the last three months 6.1 per cent down on the same period last year.

• Properties currently selling for an average of 5.1 per cent lower than their Home Report valuation price

• Average selling price between September and November was £206,161, down from last year’s figure of £219,501.

Figures from the ESPC show the average selling price of properties sold in Edinburgh between September and November was £206,161 - compared to £219,501 in the same period last year.

Estate agents report properties are currently selling for an average of 5.1 per cent lower than their Home Report valuation price.

One bedroom flats continue to be the most difficult to sell - with less than one in five making their home valuation price. And with mortgage brokers still reluctant to lend the number of people wishing to sell flats is still greater than the numbers who wish to buy.

There have been similar falls in average prices across the Lothians. In Midlothian a 4.3 per cent fall means the average house price in the area is now £163,826. In East Lothian a drop of 7.2 per cent has brought the average house price down to £187,394 while in West Lothian the average price has fallen 7 per cent - down from £155,165 a year ago to £144,324 today.

 

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