House prices rise in Midlothian

Latest figures from ESPC, the leading property marketing firm in Edinburgh, the Lothians and Fife, have revealed that house prices in Midlothian rose by 9.9 per cent annually during the second quarter of 2012.

The rise means the average price of a property in Midlothian now stands at £177,278 – up from £161,350 last year. The number of homes sold was also ahead of levels seen last year, with completed sales up by 21.7 per cent compared to the second quarter of 2011.

Despite the increase in sales this year, there are still more people looking to sell than there are in a position to buy.

In most cases, sellers are accepting offers below home report valuation to secure a sale, with Midlothian properties selling for an average of 6.2 per cent below their valuation.

Commenting on the results, David Marshall, business analyst with ESPC, said: “We’ve seen a fairly consistent pattern so far this year, with the number of homes selling higher than in previous years. In most cases, we are seeing the average house price heading back to 2010 levels.”