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Edinburgh house prices fall for first time in 40 years

Jude Buttle

House prices in Edinburgh have fallen for the first time in nearly 40 years, according to a study by property professionals.

A market review by the Edinburgh Solicitors Property Centre (ESPC) revealed an annual fall of 6.5%, taking the average price of homes in the Scottish capital to £201,517.

In a world of fluctuating times and credit crunch concerns, the Edinburgh property market seemed as safe as houses.

The Edinburgh market has traditionally been resilient due to its impressive stock of period properties, a growing population and a limited number of new homes coming on the market, mainly due to land and building limitations.

There had never been an annual fall in prices in Edinburgh since 1971, The Scotsman newspaper reported, but now the unimaginable has happened and prices are down.

The figures will come as a blow to estate agents around the rest of Scotland, as many will now be concerned that if prices in the solid Edinburgh property market are falling, where next?