Scottish Market Returning to 2009

Scottish Market Returning to 2009

14:22 PM, 7th September 2011, About 12 years ago

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"Scottish house prices have as much as 15% in the past 12 months"

The Scottish housing market is still on the slide as house prices have dropped on last years figures but back down to 2009 levels.

The research by Dunfermline-based ESPC found the average house price in Edinburgh for the past three months is 3.6% down on the same period last year. In Edinburgh’s suburbs, three bedroom semi-detached houses dropped by a massive 15.4%, down to £231,909 from £274,130.

While Dunfermline dropped by 1.7%, Midlothian and West Lothian saw a rise of 5.8% and 7.5% respectively. The upturn is seen to be only temporary though by ESPC. In the main, the prices have returned to 2009 levels.

Commenting on the Edinburgh prices, business analyst with ESPC David Marshall explained: “Generally what we’ve seen is falls this year offsetting rises in 2010 meaning prices are now back in line with, or heading towards, 2009 levels.

“One notable outlier in the figures this period is that the average price of a three bedroom semi-detached house in the city’s suburbs is now 15% lower than it was a year ago £231,909. This followed a 17% rise at this stage last year meaning that even here prices are just back in line with those recorded in 2009.”

He continued to explain the Lothian prices, “The number of homes selling is around half of what you would have seen at the peak of the market. Lower sales volumes mean that you can see some volatility in the regional figures leading to short-term shifts in price that do not reflect longer-term trends. This is what we’re seeing in Midlothian and West Lothian just now and in both instances I’d expect we’ll soon see prices starting to head back towards levels seen during the first half of 2009.”

Of the houses sold in Eastern Central Scotland, 68% were sold for less than the asking, up by  12% on last year. The amount of buyers in the market has dropped too leading buyer success in negotiations.

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