RoS: Edinburgh Homes End 2010 Up 3.9%

Submitted by edg on Tue, 1 Feb '11 8.53pm

Edinburgh no longer has the most expensive homes in Scotland, according to the latest quarterly report from government statistician the Registers of Scotland (RoS).

Edinburgh was overtaken by East Dunbartonshire as the local authority with the most expensive homes in Scotland. The average residential property in East Dunbartonshire was £216,644 for the period from October to December (RoS's third quarter).

The average Edinburgh house price rose to £216,597 compared to £208,449 at the end of 2009.

While home prices were up in the city by 3.9%, compared to a year ago, price gains have been eroded by the high rate of inflation, which ended last year at 4.8% RPI and 3.7% CPI. The average Edinburgh home also dropped 5.7% compared to the previous quarter, July to September 2010.

However, Edinburgh remains the largest market, with sales of over £428.6 million for the quarter, a decrease of 8.8% over the same quarter last year.

Edinburgh home prices also showed greater resilience compared to Scotland as a whole. The average Scottish home fell 1.7% from £158,213 to £155,618 compared with the same period the previous year. 

The total value of sales across Scotland registered in the quarter fell by 6.4% compared to the previous year to over £3.1 billion.

RoS statistics cover all residential sales, including sales for cash not involving a mortgage.