Property prices fall by 6% as downturn hits home

HOUSE prices have fallen by more than 6 per cent in Edinburgh over the past year, with one-bedroom flats proving the hardest to sell.

Properties are also selling for 5 per cent less than their home valuation price, according to the ESPC. The average price of homes sold in the capital in the past three months was £206,161, compared with £219,501 in the same period last year.

One of the biggest falls was in the average price of a three-­bedroom semi in the suburbs, which was down 8.6 per cent.

But there was a slight rise in the number of homes selling for more than the home report valuation, estate agents said.

A separate report by the Royal Institution of Chartered Surveyors also found an increase in
interest from buyers looking for a new home last month.