City’s average house price falls by £10k

Edinburgh house prices have dropped on average  by �10,000
Edinburgh house prices have dropped on average by �10,000
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The average house price in Edinburgh has fallen by over £10,000 in the last year, according to a national market index.

The fall is double the £5000 average drop in values experienced across Scotland.

Edinburgh remains the most expensive place to buy in Scotland with the average house price in the Capital now standing at £207,672, according to figures released in the Scotland House Price Index by LSL Property Services.

Low savings, fewer successful mortgage applications, particularly from first-time buyers, and inflation are contributing to the decline in the market, the survey shows.

Increases have been seen in the last year in around a fifth of local authority areas including East Renfrewshire, Dundee and Inverclyde, but elsewhere has seen consistent falls in prices.