Midlothian house prices dropped in July

House prices dropped by 1.6 per cent in Midlothian in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 9.4 per cent annual growth.

The average Midlothian house price in July was £232,850, Land Registry figures show –a 1.6 per cent decrease on June.

Over the month, the picture was worse than that across Scotland, where prices increased 0.6 per cent, and Midlothian underperformed compared to the two per cent rise for the UK as a whole.

Midlothian house prices dropped in July, according to the latest figures.

Across the UK, the average house price leapt by 15.5 per cent in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Midlothian rose by £20,000 – putting the area 26th among Scotland’s 32 local authorities with price data for annual growth.

Owners of detached houses fared worst in Midlothian in July – they dropped two per cent in price, to £440,283 on average. But over the last year, prices rose by 12.9 per cent.

First-time buyers in Midlothian spent an average of £192,000 on their property – £14,000 more than a year ago, and £53,000 more than in July 2017.

By comparison, former owner-occupiers paid £275,000 on average in July – 43.5 per cent more than first-time buyers.