Edinburgh’s property market is remaining strong despite claims in the latest Lloyds TSB report that house prices have fallen in the city, according to the Capital’s leading solicitor estate agent.
Responding to the latest Lloyds TSB Scottish House Price Monitor, which claims Edinburgh house prices have fallen over the past three months, Warners estate agency partner Scott Brown said:
“We have actually seen prices stabilise and even increase very slightly in Edinburgh over the past few months. We are now at the point where house prices in many areas in the city have recovered to the levels that we saw a year ago.
“The Scottish House Price Monitor report has suggested that prices are down in the city and the volume of house sales across Scotland is currently down on the level from 2008. However, this does not seem to be the case in Edinburgh as, in recent weeks, we seen a marked increase in the number of property sales across the region.
“In October, we sold 61 properties, compared to just 43 over the same period in 2008 – so it’s clear that Edinburgh is bucking the trend as far as sales volumes are concerned.
“Of course, house prices and the number of sales are still well down on where they were at the peak of the market in 2007, so we still have a long way to go before we see a full recovery. However, we have certainly moved forward considerably from where we were 12 months ago when I look at the market in Edinburgh and Lothians.”
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Warners, which has four property shops in Edinburgh, has been the Capital’s leading property solicitor in terms of property sales and listings for the past decade.