Property in Edinburgh falls 11%

Posted: 19 Nov 2008 11:55:57 GMT

House prices in Edinburgh have fallen 11 per cent over the last 12 months, research has shown.

Figures from the Edinburgh Solicitors Property Centre (ESPC) show that prices in October 2008 were 11 per cent lower than those recorded in the same month one year previously.

Despite the significant falls residents will no doubt be relieved to hear that at £192,225, Edinburgh property is still more valuable than the UK average.

Neil Harrison, marketing and planning manager at the ESPC, has hinted, however, that prices will likely continue falling in the year ahead.

"It's very much a buyers' market at the moment. There's certainly an excess of supply over demand. The natural consequence is prices will come down further," he said.

"If you're downsizing, then the market is not working in your favour. But if you're moving up the ladder, then the property you're moving into will cost less."

Those hoping to make a quick sale may be able to offer a more competitive price if they choose to sell without an estate agent.

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