10:31 AM, 7th December 2011, About 10 years ago
House prices in Scotland have remained fairly constant, offering only small rises for larger properties and slight drops in smaller houses.
Edinburgh saw its average house price rise by 0.6% on a year ago, with the biggest rise coming in West Lothian at 6.2%. Elsewhere, properties in East Lothian and Dunfermline decreased.
There were big price drops on flats, up to 15% in some areas of Edinburgh. The larger, detached properties though saw rises of 6.5%.
David Marshall, business analyst with ESPC explained: “Since the credit crunch it’s been demand at the lower end of the market that’s been hit hardest. The large deposits required to access better mortgage rates remain a barrier for many first time buyers and demand from buy to let investors is still relatively subdued. As a result we’ve seen the value of smaller properties in most areas decline throughout much of 2011. The demand for family homes is comparatively strong meaning values of these properties have inched upwards recently.
“Overall, the number of homes on the market is higher than you would normally expect to see at this time of year and the number of people who are in a position to buy is still below pre-credit crunch levels meaning buyers remain in a position of relative strength in the market. Roughly 80% of properties selling are being secured for less than the Home Report valuation and sellers will probably have to show a willingness to negotiate with buyers if they are looking to secure a quick sale.”
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