City homes top property price league

PROPERTIES in Edinburgh have topped the country's price league, with the average cost of a home in the city standing at more than £250,000, according to the latest figures.

The figures from the house price monitor from Lloyds TSB Scotland show house prices fell across the country during the last quarter, but increased by almost five per cent from the beginning of last year.

The average cost of a home in Scotland is now 162,119, with properties in Edinburgh at 257,354.

Donald MacRae, chief economist at Lloyds TSB Scotland, said: "The Scottish housing market has adjusted to the recession with a halving of sales and a period of volatile price movement over the last three years.

"Average house prices in Scotland now are very close to the levels of 12 months ago.

"The pattern of quarterly falls, followed by quarterly increases to give virtually static house prices over the year, looks likely to be repeated during 2011."

The average detached home or bungalow in Scotland now costs 257,524, while flat costs average 128,084.