3 Oct

Edinburgh house prices up 10%

Edinburgh house prices up 10%

House prices in Edinburgh have continued to rise over the last quarter, despite turbulence in financial markets and the bank run on lenders Northern Rock.

According to figures from the Edinburgh Solicitors Property Centre (ESPC), the average price of property in Edinburgh rose by 11.2 per cent in the three months to October.

The price growth means that the average property in the Scottish capital is now priced at £221,986 - compared with £199,615 for the equivalent period last year.

The survey also showed that demand from first-time buyers for property in the Gorgie and Dalry areas of the city remains robust.
Consequently, price growth in these two areas is even more marked at 20 per cent, taking the average price of a one-bedroom flat to £126,330.

Commenting on the study's results, David Marshall, ESPC business analyst, said: "The Northern Rock situation created a degree of uncertainty among buyers, however, this has not resulted in a cooling in the market."

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