Average city home price drops for first time in 37 years

The average house price in Edinburgh has dropped for the first time in 37 years, according to figures released today.

The Edinburgh Solicitors Property Centre (ESPC) recorded the 6.5% downturn showing the average property price in the city is now 201,517.

Property sales have also dropped by 60% with just 400 homes sold in August.

Both new statistics were recorded by comparing August's records to the same month the previous year.

The slowdown in sales has led to an increase in the number of properties for sale on the market.

Currently there are around 3400 homes advertised for sale in Edinburgh compared with just over 2000 at this time last year.