London 26/11/07-House prices in Edinburgh have fallen by 5.6% for the past three months, but that’s the only part of Scotland that has had a drop in prices over that period. Although prices have fallen, over the past year they have still grown substantially. At the beginning of November, prices in Edinburgh were 18% higher than a year ago, and they are the highest in Scotland with an average price of £220,066.
According to news reports on the Scotsman.com, prices in Scotland have continued to rise, despite the drop in the capital. Experts predict that prices will slow their growth, but it does not look as if they will fall. Glasgow prices have slowed considerably, growing less than 1% for the last three months and 6% for the year to date.
Although the slowdown in prices will probably affect the rest of Scotland, a spokesman for Lloyds TSB Scotland isn’t too worried about a major market shift: “We’ve seen indications of a slight drop in Edinburgh this quarter, but that happens and the next quarter it could go up again due to the fluctuations in the market.”
Lloyds’ Chief Economist, Professor Donald MacRae, said: “There is no evidence of any crash in Scottish house prices. Rather, the Scottish housing market continues to show robust annual increases in excess of inflation. However, the slight decline in the quarter in Edinburgh prices may yet be replicated around Scotland when interest rate rises and increases in the cost of borrowing take full effect.”
Prices in other Scottish markets have risen substantially over the past year. Aberdeen now has an average home price of £207,315, significantly higher than the national average of £168,559. There has been a 34% increase over the over the past 12 months in Aberdeen, with a 4% increase over the past three. Dundee has also seen major growth, with a 17% increase over the last year.
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