Average home price falls 9%

EDINBURGH's average house price fell nine per cent in the last quarter wiping out gains made over the summer.

Prices rallied by 8.7 per cent in the months leading up to August, before tailing off sharply to November leaving the Capital lagging behind the year-on-year national average, according to Lloyds TSB.

The average Capital house price is now 211,555, 3.9 per cent higher than at the depth of the recession in 2009. This compares to an average Scottish national rise of 4.6 per cent.

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The Capital's gains pale in comparison to Aberdeen which saw a 15.3 per cent rise year-on-year, Dundee which saw a 5.6 per cent rise, and the South -West which rose 5.2 per cent.