House prices in city increase by 30% 
over last ten years

Edinburgh house prices are up 30% despite the recession. Picture: Jane Barlow
Edinburgh house prices are up 30% despite the recession. Picture: Jane Barlow
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HOUSE prices in Edinburgh have risen by almost 30 per cent over the past decade, despite the recession.

But experts today said properties in the Capital were selling at reasonable, affordable prices and the cost of buying a family home in the Capital was less than many would expect.

Statistics from the Registers of Scotland showed average house prices across the country have risen by 36 per cent since 2004.

In Edinburgh, they increased by 28.8 per cent over the period, compared with a massive 98.6 per cent in Aberdeen and the smallest increase, 9.6 per cent, in Glasgow.

East Lothian saw property prices increase by 35.5 per cent, Midlothian by 38.7 per cent and West Lothian 28.6 per cent.

Across Scotland, a total of £148.7 billion was spent on residential property although the number of sales dropped by almost a third.

The number of houses sold for over £1 million more than doubled from 56 in 2004-05 to 123 in 2013-14.

Over the ten years, 647 properties in Edinburgh were sold for more than £1 million out of 1291 in Scotland as a whole.

Kenny Crawford, of Registers of Scotland, said there were “real signs of recovery” since the 2008 downturn.

Meanwhile, new figures from ESPC showed the average house price in Edinburgh in the three months to April 2014, was £200,895, a rise of one per cent compared to the same period a year ago.

And ESPC said the figures on the price of family homes were particularly revealing.

During the first four months of this year, 12 per cent of three-bedroom houses sold in Edinburgh went for less than £150,000, with 40 per cent bought for £200,000 or less.

David Marshall, business development manager with ESPC, said with Nationwide reporting annual house price inflation across the UK recently topping ten per cent, concerns had been expressed that rises were becoming excessive.

But he said much of the growth has been driven by the London market while house price rises here had been far more modest.

Mr Marshall said: “People’s views on the property market are often influenced by what’s happening at a national level. However, the reality is that at a local level trends can vary significantly. Even within a city like Edinburgh it’s important to drill down beyond broad averages to get a better understanding of what’s happening with prices in your area.

“Our figures show that there are a many family homes selling at very reasonable, affordable prices. Potential buyers are pleasantly surprised to discover that there are many areas of Edinburgh, the Lothians and Fife where it’s possible to find a home that meet all of their requirements for substantially less than they might expect.”