Are house prices falling in Edinburgh? Check the local property market with our interactive tool

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The latest news on Edinburgh house prices rising and falling, according to the latest official data

The UK housing market continues to face choppy waters. House prices are slowing, fewer viewings are taking place, and mortgage approvals are at their lowest level outside of the pandemic since 2009. Official house price data for December has failed to alleviate concerns about the market slowdown, with prices now falling month-on-month across the UK - although they are still rising on an annual basis.

It follows a disastrous mini-budget under the short-lived premiership of Liz Truss who, alongside her chancellor Kwasi Kwarteng, sent mortgage interest rates spiralling after the prospect of massive tax cuts spooked financial markets.

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But what do the official figures say about property prices in Edinburgh – are they rising, or is our area one of the dozens across the UK where prices started to tumble last month? We have all the answers for you here, alongside an interactive chart that will let you explore what the statistics are telling us about the local property market.

Are Edinburgh house prices rising or falling? Latest data from the ONS (Photos: Getty Images)Are Edinburgh house prices rising or falling? Latest data from the ONS (Photos: Getty Images)
Are Edinburgh house prices rising or falling? Latest data from the ONS (Photos: Getty Images)

Are house prices rising or falling in Edinburgh?

The Office for National Statistics (ONS) and HM Land Registry published the latest official house price data on Wednesday (February 15), known as the UK House Price Index. This showed average house prices in Edinburgh stood at £329,797 in December, -1.9% lower than in November, when prices were at £333,160. However, the average house price is 6.6% higher than in December 2021, when the average was £309,327.

The UK House Price Index is based on property sales rather than asking prices or mortgage data, and is therefore considered the most reliable barometer of UK house sale activity.

Across the UK, house prices have risen by 9.8% in the last year, from £268,115 to £294,329. While prices may be much higher than last year, the rate of inflation has slowed – prices were up 10.6% in the year to November, and 12% in the year to October. The ONS said some of the recent annual inflation rates have been volatile due to fluctuations in prices during 2021. For instance, there was a sharp fall in average prices in October 2021 following the end of the Stamp Duty holiday, which made year-on-year growth in October 2022 particularly high.

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Alongside an average cost, the House Price Index data also offers a more detailed view of the housing market, with average prices published for detached, semi-detached, and terraced homes, flats, and prices faced by first-time buyers.

Our sister title NationalWorld has created an interactive chart which shows how house prices have fared for different types of property in Edinburgh and other council areas over the last five years.

The biggest year-on-year growth came in West Lancashire where prices were up by 23.8%, followed by Blaenau Gwent in Wales, on 23.3%. Prices were down in just seven councils, all but one of which (Aberdeen, where prices were down 4.9% year-on-year) were in London.

On a monthly basis however, over 170 local authority areas saw house prices fall. Across the UK as a whole, semi-detached properties saw the strongest growth, with prices up by 11.2% year-on-year. Prices for flats meanwhile were up by only 6.4%.

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Average property prices in Edinburgh and how much house prices have risen

In Edinburgh, property prices for various types of home were as follows:

Detached homes - average price of £781,059, up from £694,012 since December 2021

Semi-detached homes - average price of £474,243, up from £430,645 in December 2021

Terraced homes - average price of £380,200, up from £340,977 in December 2021

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Flats - average price of £246,109, up from £236,307 in December 2021

You can look up more information about property prices in Edinburgh and elsewhere over time in the charts on the website. This includes an interactive graph showing house prices over the last 20 years in every local area.